Medical Marijuana Market Size By Application (Pain Management {Neuropathic Pain, Cancer Pain}, Muscle Spasms, Nausea, Anorexia, Seizures), By Route of Administration (Inhalation, Oral, Topical), By Distribution Channel (Dispensaries, Online), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025

Published Date: Oct 2019  |  Report ID: GMI2836  |  Authors: Sumant Ugalmugale, Rupali Swain

Report Format: PDF   |   Pages: 150   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry trends

Medical Marijuana Market size surpassed USD 5 billion in 2018 and is set to register over 29% CAGR up to 2025.
 

Medical Marijuana Market

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Medical cannabis, also referred to as medical marijuana, is the unprocessed, whole or extract of marijuana plant used for treating illness or symptoms of various conditions. Although, the U.S. FDA is yet to approve cannabis plant as medicine, scientific research and study of the plant’s chemicals have led to FDA approval of two medications. These medications consist of THC (Tetrahydrocannabinol) and are used to treat chemotherapy-induced nausea. Since 2014, more than 20 countries have legalized the use of cannabis for various medical purposes. With increasing number of R&D activities for discovery of medicinal use of cannabis plant, more number of countries are expected to legalize the use of medical cannabis in the future.
 

The use of cannabis in medicine can be traced back to late 1840’s when it was tested for its analgesic and sedative properties. These properties were used to relieve pain of rheumatism and minimize the convulsions. Due to implementation of The Marijuana Tax Act in 1937, the prescription of cannabis for medical use came to a stand-still. In 1996, the state of California became the first state in the U.S. to allow the use of marijuana to treat arthritis, anorexia, chronic pain among other disorders. Currently, medical cannabis market is in its nascent stage in large number of countries. However, the market is estimated to possess high growth potential due to increasing legalization demand. Although, uniform regulations are required to safeguard the patients’ health.
 

Medical Marijuana Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 5 Billion (USD)
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Forecast Period 2019 to 2025 CAGR: 29% 2025 Value Projection: 59 Billion (USD)
Pages: 150 Tables, Charts & Figures: 222
Geographies covered (17): U.S., Canada, Germany, Italy, France, Spain, UK, The Netherlands, Denmark, Ireland, Argentina, Brazil, Chile, Colombia, Mexico, Australia, Israel
Segments covered: Application, Route of Administration, Distribution Channel and Region
Companies covered (15): ABcann Medicinals, Inc., Aphria, Inc., Aurora Cannabis, Inc., Cannabis Sativa Inc., Canopy Growth Corporation, Emerald Health Therapeutics Inc., Green Relief Inc., GW Pharmaceuticals, Insys Therapeutics, Inc., Maricann Group, Inc., mCig, Inc., Medical Marijuana, Inc., The Cronos Group Inc., Tilray, United Cannabis, The Supreme Cannabis Company
Growth Drivers:
  • Increasing application of marijuana for a myriad of medical conditions and symptoms
  • Growing demand for medical marijuana legalization in several countries
  • Rising number of R&D and clinical trial activities
Pitfalls & Challenges:
  • Few side effects might hinder the market growth
  • Difficulty in medical marijuana business banking

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Research on marijuana's potential for medicinal use is on an upsurge

Various government organization and private companies are undertaking several initiatives to explore medical applications of cannabis. For instance, in September 2019, the U.S. government announced funding worth USD 3 million to study the application of marijuana for relieving pain. This initiative is majorly aimed to reduce the overuse of opioid and combat the nationwide opioid addiction crisis. Moreover, presence of large number of companies in the U.S. will further drive the investigational research on medical marijuana, thus propelling industry growth.
 

However, irregularities and non-uniformity of cannabis testing standards will hamper market growth. Furthermore, lack of awareness among the developing nations coupled with absence of enough safety data will further limit medical marijuana market growth.
 

Pain management happens to be the largest application of medical marijuana

U.S. Medical Marijuana Market Projections, By Application, 2018 (USD Million)
U.S. Medical Marijuana Market Projections, By Application, 2018 (USD Million)

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Application segment of medical cannabis market is bifurcated into pain management, muscle spasms, nausea, anorexia, seizures and other applications. The trend of prescription of medical marijuana for pain management in growing at an immense rate. Chronic pain is one of the major problems encountered by the patients. As per the CDC report, in 2016, 1 in 5 adults in the U.S. suffered from chronic pain. One of the most commonly used therapy for pain management includes opioids. However, as opioids have large number of side-effects, the patients are increasing adopting other treatment avenues that involves cannabis. Also, due to presence of limited number of side-effects, physicians are increasingly prescribing extracts of marijuana, thus propelling segmental growth.
 

Inhalation is the most preferred route of administration of medical cannabis

There are various route of administration of medical marijuana that includes oral, inhalation, topical and others. Inhalation route of administration accounted for 73.2% of the market in 2018. High adoption rate is attributable to high bioavailability in the range of 15-25%. About 50% of the tetrahydrocannabinol (THC), one of the main ingredient of medical cannabis, can be delivered to the lungs via inhalation. Other advantages of inhalation include quick effects and fewer noxious emissions. Although, the accurate dose of administration varies between patients, the bioavailability of inhaled THC is significantly higher compared to other routes.
 

Dispensaries will dominate the overall medical marijuana market

Dispensaries and online portals of medical cannabis market are the major distribution channels of medical marijuana. Dispensaries accounted for revenue of USD 3.2 billion in 2018. Marijuana dispensaries are regulated by the local government that provides a wide range of products to patients who have been granted permission from a healthcare practitioner. Legalization of medical cannabis across various countries is a major growth driver for dispensaries. Furthermore, majority of the patients prefer to take medical marijuana products from authorized dispensaries, thereby fostering the segmental growth. Also, various medical cannabis dispensary policies for patients provided by government will be a contributing factor for the segmental growth.
 

Increasing legalization of medical marijuana in European countries will boost regional growth

Europe Medical Marijuana Market, By Country, 2025 (USD Million)
Europe Medical Marijuana Market, By Country, 2025 (USD Million)

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Europe medical cannabis market is expected to show significant growth of 36.1% across the forecast timeframe. Legalization of medical use of marijuana in Germany in 2017 created a domino effect on other European countries for initiation marijuana-related research programs. This also led to legalization of medicinal use of cannabis in the UK. With public support largely in the favor of legalization of medical cannabis, most of the patient population in Europe are hoping to have access to legalized cannabis. Moreover, diverse demographics and large patient population are attracting various medical marijuana companies in Europe, thus leading to industry expansion.
 

Growing number of research studies to explore novel therapeutic applications will boost the medical marijuana market growth in North America. The growth of North America medical marijuana industry is primarily driven by increasing requirement of medical cannabis for the treatment of various conditions. Furthermore, awareness programs conducted by public and private associations and increasing number of states legalizing medical use of cannabis will propel business growth. For instance, since 2014, 13 states in the U.S. legalized the medical use of cannabis. Aforementioned factors will significantly boost industry growth.
 

Aurora is one of the leading companies in medical marijuana industry owing to continuous expansion and acquisition strategies

Few of the notable players operating in the industry are Aphria, Inc., Aurora Cannabis, Inc., Canopy Growth Corporation, Emerald Health Therapeutics Inc. and mCig, Inc. These players are implementing various strategies such as new product launch, acquisitions and collaborations, in order to capture high revenue share in medical marijuana business.
 

Recent industry developments:

  • In August 2019, Aurora Cannabis announced completion of acquisition of Hempco Food and Fiber Inc., a company involved in providing low-cost hemp raw materials for extraction. This acquisition will enable the company to strengthen its presence in the U.S. hemp food and hemp-derived CBD markets.
     
  • In January 2019, Aphria completed its acquisition of CC Pharma, a leading German company involved in distribution of several pharmaceutical products including medical cannabis in Germany and across the European region. The wide distribution network of CC Pharma will complement Aphria’s revenue generation and strengthen its market presence.
     

Medical marijuana market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2014 to 2025, for the following segments:
 

By Application

  • Pain Management
    • Neuropathic Pain
    • Cancer Pain
    • Others
  • Muscle Spasms
  • Nausea
  • Anorexia
  • Seizures
  • Others

By Route of Administration

  • Inhalation
  • Oral
  • Topical

By Distribution Channel

  • Dispensaries
  • Online

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • Italy
    • France
    • Spain
    • UK
    • The Netherland
    • Denmark
    • Ireland
  • Latin America
    • Argentina
    • Brazil
    • Chile
    • Colombia
    • Mexico
  • Rest of the World
    • Australia
    • Israel

Frequently Asked Questions (FAQ) :

Medical marijuana, also referred to as medical cannabis, is the unprocessed, whole or extract of marijuana plant used for treating illness or symptoms of various conditions.
Global market for medical marijuana is expanding at over 29% CAGR during the projected timeframe.
Legalization of medical use of marijuana and diverse demographics are the key driving factors for the growth of European industry for medical marijuana.

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