Medical Marijuana Market Size, 2019 Growth, Share, Global Analysis, Key Region, Segments, Key Players, Restraints and Outlook to 2023
Sep 4, 2019
Medical Marijuana Market Overview 2019 to 2023 Report Published by “Market Research Future”. According to Report Global Medical Marijuana Market to Rise At 34.0% CAGR by 2023.
Pune, India - September 4, 2019 /MarketersMedia/ —
The top players operating in the medical marijuana market include Cannabis Sativa Inc (Nevada), Canopy Growth Corporation (US), Emerald Health Therapeutics Inc. (Victoria, BC), GW Pharmaceuticals Plc (US), Aphria (Ontario), Tilray (Nanaimo, BC), Cara Therapeutics (US), CanniMed Ltd (Canada), Medical Marijuana Inc (US), Pfizer Inc. (US), MediPharm Labs (US), and GBSciences Inc. (Nevada).
Market Overview
The Global Medical Marijuana Market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 34.0%, surpassing a valuation of USD 54,677.1 million during the forecast period (2015-2023).
Medical marijuana has witnessed a tectonic surge over the past few years and is mainly driven by the rising incidences of conditions requiring the consumption of medical marijuana for treatment purposes. Increasing geriatric population globally requires treatment for chronic diseases, which further encourages its demand. Also, the increasing number of medical marijuana clubs and awareness programs conducted by private and public associations promote the market growth across the globe.
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Medical marijuana has been legalized in several major regions of the world and acts as an alternative for traditional medicines, which has further impacted its growth positively. The legalization has made the medical marijuana industry more accessible to the new players, with fragmented company profiles.
Medical marijuana is gradually gaining acceptance globally, with Chinese medicines being already manufactured with the use of such plants. It remains a huge influence in the medical industry to treat cases which are not advisable with traditional medicines. Such factors are likely to encourage the adoption of medical marijuana in the years to come.
On the contrary, strict FDA and other associated mandates are some of the concerns likely to vitiate the market growth in the foreseeable future. Moreover, the marijuana plant has not been recognized or approved as medicinal by the FDA, owing to the lack of large-scale efficient clinical trials. The market is still in its introduction phase in the health industry.
Global Medical Marijuana Market: Segmental Analysis
The medical marijuana market has been segmented on the basis of application, product type, and distribution channel.
By product type, the medical marijuana market is segmented into dissolvable/powders, solids, ointments & creams, and oil. Of these, the dissolvable/powders type segment will lead the market and surpass a valuation of USD 22,648.8 million by the end of 2023. Convenience and affordability in consumption will drive the market’s growth in the segment.
Based on application, the market is segregated into cancer, Alzheimer’s disease, multiple sclerosis, and schizophrenia. Of these, medical marijuana is extensively used to treat cancer. The cancer segment will gain prominence in the coming years, mainly due to the surging prevalence for cancer and growing awareness among the healthcare providers and patients associated with the potential benefits of using medical marijuana.
The distribution channel comprises online platforms, retail & pharmacy stores, and others. Of these, the retail & pharmacy stores will gain prominence due to the one-stop convenience they offer.
Regional Frontiers
Geographically, the medical marijuana market spans across Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, America commands the largest market share and is set to register a healthy CAGR of 34.0% by the end of 2023. The surging incidences of cancer, Alzheimer disease, and other related diseases will encourage the regional market’s growth. The presence of a huge customer pool, coupled with the legalization of medical marijuana, especially in Canada and the U.S. will encourage the product demand in the region.
Europe will acquire a second spot in the global market with a share of 5.5%. The legalization of medical marijuana in economies like the U.S. and Germany will encourage the market growth. Legalization of marijuana enables doctors to prescribe medicines comprising tetrahydrocannabinol (THC) in the form of flower extracts, especially to the patients suffering from chronic diseases like severe pain, cancer, and multiple sclerosis. Such factors will influence the market growth in the foreseeable future. Despite such drivers, strict mandates and regulations imposed on the cultivation and product sale, along with the legalization of medicinal cannabis in the region will deter the market growth.
Meanwhile, the Asia Pacific will register the fastest growth across the global market. Increased approval of medical marijuana and rising R&D investment in cancer research will promote the product demand in the APAC. In this region, Australia is predicted to showcase the maximum growth compared to other nations, due to rising R&D activities for manufacturing medical marijuana.
Industry Updates
August 2019: Rob Gronkowski, former New England Patriots star initiated a campaign in order to achieve professional sports league to loosen restrictions on medical cannabis. At a press conference, he announced that he has partnered with Abacus Health and launched a line of CBD products.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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Source: MarketersMedia
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