The global Medical Marijuana Market is already hitting milestones one after another, mainly due to the medical acceptance of Cannabidiol (CBD) and tetrahydrocannabinol (THC), the main psychoactive parts of marijuana. The medical marijuana industry has already demonstrated a rapid surge in sales, combined recreational and medical. Over the past couple of years, several countries have introduced marijuana Medicalization bills, laying out a plan for the medical marijuana dispensaries nationwide, beginning to sell the cannabis-infused drugs.
Moreover, the medicalization of marijuana-infused edibles and other extracts is increasing revenues in the medicinal marijuana businesses, dramatically. Market Research Future (MRFR), asserts that the global medical marijuana market is estimated to garner USD 54,677.1 MN by 2023. In its recent market statistics, MRFR also confirms that the market would register a massive 34% CAGR throughout the forecast period (2018-2023).
Until a couple of years ago, the marijuana industry was operating mainly in the black market. However, the tables have turned dramatically with the emergence of medical applications, increasing the size of the medical marijuana market. The flourishing medical marijuana industry is a conglomerate of science and technology, which is why medical marijuana is arguably the fastest growing industry globally.
On the other hand, the demand-supply gap, logistical challenges, and a smattering of medical violations are some of the factors projected to obstruct the growth of the market. Nevertheless, the augmenting market demand would support the marijuana industry growth throughout the forecast period.
Global Medical Marijuana Market – Segmentations
MRFR has segmented the market into four dynamics to widen the scope of understanding,
By Product Type : Solids, Dissolvable/Powders, Oil, Ointments & Creams, and others.
By Application : Alzheimer’s Disease, Cancer, Schizophrenia, Multiple Sclerosis, and others.
By Distribution Channel : Retail & Pharmacy Stores, Online Platforms, and others.
By Regions : Europe, North America, Asia Pacific, and the Rest-of-the-World.
Global Medical Marijuana Market - Regional Analysis
North America is a hub for marijuana-based medicine companies and hence accounts for the largest share in the global medical marijuana market. The huge success of the market also attributes to the largest production and consumption of marijuana for medicinal purposes. Moreover, medical acceptance of cannabis in various North American countries drives the growth of the regional market, witnessing the increasing pharmaceutical applications. The market is projected to register over 34.0% CAGR during the forecast period.
The medical marijuana market takes the second position, holding 5.5% the market share, globally. In Europe, annually, huge numbers of advancements take place in the field of medical science, biotechnology, medicines/ pharma, and technology. Also, the region witnesses increasing the prevalence of Alzheimer's disease, cancer, and others, which in turn drive the growth of the market.
The Asia Pacific region has emerged as a promising market for medical marijuana. Factors such as the increasing consumption in countries such as Turkey, Australia, and the Philippines foster regional market growth. Furthermore, extensive researches on the marijuana spices to bring out value-added products from cannabis strains has been contributing to the growth of the APAC medical marijuana market.
Global Medical Marijuana Market - Competitive Analysis
Highly competitive, the medical marijuana market appears to be well-established and fragmented with the presence of several large and small-scale players. To gain a significantly larger share in the market, players incorporate strategic initiatives such as mergers & acquisitions, collaborations, and expansion. They invest heavily in R&D and clinical trials to develop medical-grade marijuana.
Major Players:
Players leading the global medical marijuana market include Cannabis Sativa Inc (US), Canopy Growth Corporation (US), GW Pharmaceuticals Plc (US), Tilray (Nanaimo, BC), Emerald Health Therapeutics Inc. (Canada), Aphria (Canada), Cara Therapeutics (US), Pfizer Inc. (US), CanniMed Ltd (Canada), Medical Marijuana Inc (US), MediPharm Labs (US), and GBSciences Inc. (US), among others.
Industry/ Innovations/ Related News
November 28, 2019 ---- Terrace Global Inc.(Canada), a multi-national operator for cannabis assets, announced the completion of its acquisition of Oransur, a high CBD hemp cultivation business in South America. Terrace Global is led by experienced cannabis entrepreneurs focused on the development and acquisition of international cannabis assets.
Oransur is a licensed hemp producer holding up to 150 acres in Uruguay, where the cultivation of hemp is allowed with up to 1% THC contents and without restrictions on other cannabinoids, such as CBD and CBG.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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