According to a report, “ Mexico Medical Cannabis Market Size, Share & Trends Analysis Report By Application (Chronic Pain, Cancer), By Product (Oils, Buds, Tinctures), And Segment Forecasts, 2019 – 2025 ”, published by Grand View Research, Inc., The Mexico medical cannabis market size is expected to reach USD 249.6 million by 2025, exhibiting a CAGR 27.7% over the forecast period, according to a new report by Grand View Research, Inc. Rising adoption of medicinal marijuana for the treatment of chronic conditions such as Alzheimer’s disease, cancer, arthritis, anxiety, and epilepsy is one of the key factors propelling the Mexican medical cannabis market. Furthermore, approval of CBD derivatives for medicinal use is also expected to drive demand in the coming years.

The cannabis industry is booming due to its increasing adoption for medicinal application and imminent legalization for recreational use. In Mexico, marijuana is only legalized for medicinal use and is anticipated to be legalized for recreational purposes in an effort to abolish illicit drug trade and generate tax revenue.

Competition among existing players is moderately high as very few companies have the technology, financial resources, and legal clearance to venture into large-scale manufacturing of marijuana. Medical marijuana has been legalized in Mexico since June 2017. Health licenses for cultivation, harvesting, and production of marijuana in the country are exclusively limited to medicinal and research purposes. Laws pertaining to marijuana are not that well-regulated in the nation and go through a secondary regulation by Federal Commission for the Protection against Health Risks.

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Further key findings from the report suggest:

• In 2018, buds held the largest revenue share accounting for 47.4% owing to easy availability and low price as compared to cannabis extracts

• Cannabis oil is anticipated to emerge as the fastest growing segment, expanding at a CAGR of 33.1% between 2019 and 2025

• Chronic pain held the largest revenue share based on application, owing to rapid adoption of marijuana for the treatment of chronic pain as an alternative to opioids and synthetic drugs

• Key players in this space include Aurora Cannabis; GW Pharmaceuticals plc.; Canopy Growth Corporation; HempMeds; CV Sciences Inc.; Endoca; Isodiol International Inc.; CBD Life; Pharmacielo; CBD American Shaman; and Elixinol.

Medical Application Insights

Chronic pain is anticipated to emerge as the largest segment by revenue in the Mexico market. Pain that persists for 6 months or longer is termed as chronic pain, which is a major concern for a large number of patients in Mexico. Common diseases that include chronic pain as a symptom include neurogenic, arthritic, cancer, lower back associated disorders, neck and face pain, as well as headache.

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The elderly population group in particular is more susceptible to chronic as well as acute pain, raising the demand for pain management medication. For instance, according to the National Institute of Statistics and Geography (INEGI) in 2017, the Mexican population consisted of 13 million geriatric individuals, which indicates a massive potential customer pool. Moreover, research studies indicate that medical marijuana relieves chronic pain in elderly patients. Therefore, increasing awareness regarding the medical benefits of cannabis and growing geriatric population are expected to drive the market for chronic pain management. However, there are dosage and route of administration concerns related to pain management in case of marijuana.

Marijuana is majorly used for treatment of mental disorders that do not respond to other alternative treatment options. Mental disorders such as post-traumatic stress disorder (PTSD), anxiety disorders, depression, bipolar disorder, multiple sclerosis, attention deficit hyperactivity disorder (ADHD), Alzheimer’s, and Parkinson’s disease are all presumed to be effectively treated by medical marijuana, owing to higher therapeutic effects. Due to legalization of cannabis for medical use in Mexico, demand for the same has increased.

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Grand View Research has segmented the Mexico medical cannabis market on the basis of product and application:

Mexico Medical Cannabis Product Outlook (Revenue, USD Million, 2014 – 2025)

• Buds

• Oils

• Tinctures

Mexico Medical Cannabis Application Outlook (Revenue, USD Million, 2014 – 2025)

• Chronic Pain

• Mental Disorders

• Cancer

• Others

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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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