Medical Marijuana Market Most In-Demand Products Across the World, Competitive Outlook and Forecast till 2028
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.
Rising investments in scientific studies and clinical trials to widen scope of product application in various treatments is expected to lead to high demand for medical marijuana during the forecast period. Moreover, easy availability of medical marijuana and related products on eCommerce platforms in certain countries is also expected to drive market revenue growth. However, certain side effects of overusing medical marijuana such as fatigue, dizziness, constipation, insomnia, and speech problems could hamper growth of the global market. Additionally, challenges in entering in to medical marijuana business can hinder market revenue growth to some extent.
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The report also covers SWOT examination and Porter’s Five Forces analysis to offer details about leading players. The key players in the market are focusing on developing new strategies such as mergers and acquisition, joint ventures, new product launches, agreements, and partnerships to retain their market position and expand their product base.
Leading companies operating in the market and profiled in the report include:
- Canopy Growth Corporation
- Aphria, Inc
- Aurora Cannabis
- Maricann Group, Inc
- Tilray, Cronos Group
- Organigram Holdings, Inc
- Vivo Cannabis
- Tikun Olam
- Insys Therapeutics, Inc.
The pharmaceutical and healthcare sector has witnessed drastic changes in the recent years primarily due to growing prevalence of diseases, technological advancements in medicine, and increasing investments in research and development activities.Increasing investments in pharmaceutical sector, drug discovery developments, funding by public and private sectors are also boosting market revenue growth. In addition, availability of latest technology in several developed and developing countries, improvements in healthcare infrastructures and growing adoption of rapid testing and point-of-care diagnosis are further fueling market growth. In addition, constant demand for various medications, and devices is expected to continue to benefit leading companies during the ongoing pandemic. Increasing demand for home care settings, growing need for early diagnosis and increasing adoption of precision medicine are fueling market growth.
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Some Key Highlights from 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.
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For the purpose of this report, Reports and Data has segmented the global medical marijuana market based on product type, route of administration, application, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
Rout of Administration Outlook (Revenue, USD Billion; 2018–2028)
Application Outlook (Revenue, USD Billion; 2018–2028)
- Chronic Pain
- Mental Disorders
- Muscle Spasm
Distribution Channel Outlook (Revenue, USD Billion; 2018–2028)
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Benefits of Buying the Global Medical Marijuana Report:
- Comprehensive analysis of the changing competitive landscape
- The report offers an 8-year forecast and assessment of the Global Medical Marijuana Market
- Helps in understanding the key product segments and their estimated growth rate
- In-depth analysis of market drivers, restraints, trends, and opportunities
- Comprehensive regional analysis of the Global Medical Marijuana Market
About Reports and Data
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