Medical Marijuana Market – Highlights
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.
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.
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Market Insight:
The global medical marijuana market is banking heavily on investments made by different sectors. As a countermeasure for increasing prevalence of chronic diseases, this market is getting prominence and is expanding. For instance, Aurora Cannabis, Inc. is planning to acquire ICC Labs Inc., South American market giant, in a bid to expand their market. The company is also planning to buy its market rival MedReleaf.
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.
Industry Trend:
Clean Green Biosystems is pioneering a new extraction process with the integrated cryo ethanol extraction process. The system comprises American Society of Mechanical Engineers (ASME) and Current Good Manufacturing Practice (cGMP) process that includes equipment like the extractor, shell, tube heat exchanger, condenser, pumps, and other accessories. The process is expected to enhance the efficiency of the entire cannabinoid extraction process.
Creso Pharma’s anibidio, a hemp-based product is revolutionizing pet care by increasing the immunity level of pets and moderating pet behavior. The product exhibits excellent tolerance and safety measures.
Segmentation:
The global medical marijuana market can be segmented by application, route of administration and distribution channel.
On the basis of application, the medical marijuana market includes Alzheimer’s disease, cancer, mental health conditions, multiple sclerosis, muscle spasms, glaucoma, and human immunodeficiency virus, acquired immunodeficiency syndrome (HIV/AIDS). Mental health conditions can further be segmented into schizophrenia and posttraumatic stress disorder (PTSD).
Based on the route of administration, the medical marijuana market can be segmented into oral, topical, inhalation and sublingual. The segment includes ointments, lotions, creams, gels, and poultice.
The medical marijuana market, by distribution channel, comprises dispensaries and online platforms.
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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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