The global medical marijuana market size is expected to reach USD 24.52 Billion in 2028 and register a revenue CAGR of 11.5% over the forecast period, according to the latest report by Reports and Data. Inclining number of countries legalizing medical marijuana, increasing investments in research activities and commercialization of various medical marijuana-based products and rising awareness regarding benefits of using marijuana are factors driving market revenue growth.
Marijuana is known to aid in treating chronic pain, and increasing number of people suffering from pain caused due to various reasons is creating robust product demand for pain management in chronic medical conditions. Additionally, various countries across the globe have legalized medical marijuana, which enables people to use it for health purposes, thus boosting revenue growth of the global medical marijuana market. Statistically, most of the cannabis is sold through illicit channels. However, several countries are researching and recognizing medical marijuana as ideal option for wide range of uses due to various advantages offered. Certain countries have begun to liberalize laws regarding usage and consumption of medical marijuana, which is driving revenue growth of the global market.
Market Overview:
The pharma and healthcare industry is at a crossroads. Patients are benefiting from the promise of cell and gene therapies; uncommon diseases that were previously thought to be incurable are on the verge of finding true treatments. Artificial intelligence (AI) and machine-learning technologies are creating hopes that therapy discovery and development would be more innovative, as well as faster and cheaper. Manufacturing, the supply chain, and the entire healthcare ecosystem all have the potential to benefit from data-driven initiatives. Consumer attitudes and behaviours are shifting in a variety of ways, from growing use of technology and willingness to share data to an interest in using tools to make prescription and treatment decisions. Such factors will drive pharma and healthcare market growth in the coming years.
Some key highlights of the report:
- In October 2020, MediPharm Labs Corp. signed supply agreement with STADA to meet growing demand for medical cannabis in Germany. STADA wanted to be the go-to partner for generics, which will be achieved by this partnership.
- Oil segment revenue is expected to grow at a rapid rate during the forecast period. Hemp oil is in high demand for clinical purposes in healthcare sector. Health concerns associated with smoking are other factors that stop doctors from prescribing it. Hence, oil or edible forms of marijuana are generally prescribed and are in significant demand.
- Chronic pain segment accounted for larger revenue share in 2020. Medical marijuana helps in controlling pain due to various medical issues. It acts as a relaxant and is commonly used among people suffering from Parkinson’s. Doctors also prescribe it to patients suffering from PTSD.
- By route of administration, inhalation segment is expected to register significantly high revenue growth rate during the forecast period. Inhalation provides the advantage of controlled dosage and effective absorption of marijuana into the body.
- Dispensaries segment accounted for significant revenue share in 2020. These pharmacies sell various legal cannabis products in the form of tablets, vaporizers, balms, elixirs, and tinctures. Patients usually prefer to buy medical products from authorized and legal sources to abide by the government’s rules, thus maximizing revenue growth by the segment.
- Market in North America accounted for largest revenue share in 2020. As of 2018, 30 U.S. states have legalized use of medical marijuana. Moreover, growing number of research studies in the U.S. is encouraging and supporting marijuana for medical purposes. Countries in North America are undertaking marketing strategies to promote derivatives such as oils, tinctures, and resins, along with products such as vaporizers.
- Market in Europe is expected to register a significantly high revenue growth rate during the forecast period. Germany is among the largest consumer for marijuana, which is supporting revenue growth of the market in the region.
Key Players covered in this report are
Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, Cronos Group, Organigram Holdings, Inc., Vivo Cannabis, Tikun Olam, and Insys Therapeutics, Inc.
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Oil
- Buds
- Tinctures
Rout of Administration Outlook (Revenue, USD Billion; 2018–2028)
- Inhalation
- Oral
- Intravenous
- Topical
Application Outlook (Revenue, USD Billion; 2018–2028)
- Chronic Pain
- Mental Disorders
- Anorexia
- Seizures
- Muscle Spasm
- Cancer
- Others
Distribution Channel Outlook (Revenue, USD Billion; 2018–2028)
- Dispensaries
- Online
Key Regional Markets Studied in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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