Some of the key players in the global medical marijuana market are Canopy Growth, Aurora Cannabis, Inc., Cannabis Sativa, Inc, GW Pharmaceuticals plc, United Cannabis, MGC Pharma, Aphria, Inc., Tilray, Emerald Health Therapeutics [Canada] Inc., GBSciences, Inc., CanniMed Ltd., Medical Marijuana, Inc, Cara Therapeutics, and Greengro Technologies.
Overview:
Medical marijuana market is witnessing unprecedented growth due to its rapid proliferation in the healthcare sector. Its chemical component, known as cannabinoids, has medicinal properties which are gaining traction in pharmaceutical researches. The global medical marijuana market can expect a CAGR of 35.4% during the forecast period (2018-2023), reveals Market Research Future (MRFR) in an extensive study that includes market factors such as the detailed study of government initiatives, its increasing use in therapeutic applications. Rising cases of chronic diseases, and hike in investment by both private and government facilities regarding research. Furthermore, the report incorporates segmental analysis for a better understanding of the medical marijuana market in coming years.
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On the flip side, stringent government policies can pull back the regular growth of the medical marijuana market. Its increasing recreational use may dampen its market prospect and jeopardize further growth.
Segmentation:
The global market for medical marijuana has been segmented on the basis of application, route of administration, and distribution channel. Based on application, the medical marijuana market has been segmented into Alzheimer’s disease, cancer, mental health conditions, muscle spasms, multiple sclerosis, glaucoma, and human immunodeficiency virus/ acquired immunodeficiency syndrome (HIV/AIDS). Mental health conditions segment has been sub-segmented into schizophrenia and posttraumatic stress disorder (PTSD). Based on route of administration, the global medical marijuana market has been segmented into oral, topical, inhalation and sublingual. The topical segment has been sub-segmented into ointments, lotions, creams, gels, and poultice. Based on distribution channel, the global medical marijuana market has been segmented into dispensaries and online platforms.
Industry Updates:
In January 2019, it has been announced by the Arkansans Department of Health that the patients who are approved for purchasing medical; marijuana will receive patient cards by February 2019.
In January 2019, it has been announced that within next few days residents in Ohio will be able to purchase marijuana for medical purposes.
In January 2019, Trulieve, Florida’s largest and first medical marijuana provider, has signed a deal to bring high-end edible marijuana products to Florida and will soon be made available for the registered medical marijuana patients in the form of cannabis chocolates, granola bars, honey, fruit leather, olive oil and more.
Regional Analysis:
Geographic analysis of medical marijuana market can be segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas is running in the forefront with various improvisation and researches getting implemented in the healthcare sector. Canada and the U.S. are substantially contributing in the growth of the North American regional medical marijuana market, and the medicines are getting approved by FDA which is a positive sign for the future market. The APAC can also register considerable growth as the region is making significant progress in cancer research with marijuana. The European market is the second largest market with eased out government policies and increasing support from various sectors.
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