New York, USA, Aug. 09, 2022 (GLOBE NEWSWIRE) — Medical Marijuana Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Marijuana Market Information By Product Type, Application, Distribution, And Region – Forecast till 2030“, the global market will touch a 31.97% CAGR to gain an income of USD 248.42 Billion by the year 2030.
Medical Marijuana Market Synopsis
As its therapeutic uses increase, medical marijuana, also referred to as medical cannabis, is becoming more and more well-known daily. It comes from the Cannabis sativa plant, used for generations to treat chronic illnesses and manage pain. For many years, medicinal cannabis has been the focus of in-depth study and debate. The FDA has approved various medications for commercial usage due to the recognized health benefits of various marijuana-based formulations (FDA).
Medical marijuana is mostly divided into two varieties, Cannabis Sativa and Cannabis indica, from Central and South Asian and Western hemispheres, respectively. One of the main variables influencing the rate at which cannabis is used for therapeutic purposes is the growing handful of countries that have legalized its use for medical purposes in various areas of the world.
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|Market Size||USD 248.42 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Application and Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Increasing Awareness about Benefits of Medical Marijuana.|
|Increasing Authorization of Marijuana to Offer Significant Opportunity for Market Expansion|
Medical Marijuana Market Competitive Landscape
The prominent contenders in the medical marijuana market are:
- Emerald Health Therapeutics Inc. (Victoria, BC)
- Aphria (Ontario)
- CanniMed Ltd (Canada)
- Canopy Growth Corporation (US)
- Cannabis Sativa Inc (Nevada)
- GW Pharmaceuticals Plc (US)
- Pfizer Inc. (US)
- Medical Marijuana Inc(US)
- GBSciences Inc.( Nevada)
- MediPharm Labs(US)
Market USP Covered
Pharmaceutical businesses should have profitable prospects if marijuana use for medical purposes becomes more widely accepted, which could boost the market throughout the projection period. The fact that marijuana can treat nausea, persistent pain, and sleep problems are expected to increase demand for medical marijuana, which could spur business expansion.
Additionally, the growth of the cannabis sector as a cancer prevention measure is projected to increase the need for herbal leaves that will support the industry shortly. In the near future, it is anticipated that the expanding legalization and approval of medical marijuana in several nations would present attractive business potential. It is predicted that rising benefits awareness would increase demand, opening up a variety of chances to grow the cannabis market.
Due to marijuana’s adverse effects, which could hinder the medical marijuana market during the evaluation period, numerous nations have implemented rigorous restrictions and regulations regulating its use. Additionally, it is anticipated that using marijuana recreationally will harm people’s health, which could hinder the cannabis industry throughout the assessment phase.
Medical Marijuana Market COVID 19 Analysis
The number of patients and prescriptions for medical marijuana greatly surged in the US and Europe during the COVID-19 pandemic. The medical marijuana market is expanding due to an increase in the prevalence of diseases and the recognition of medical marijuana as an alternative therapy to its conventional counterparts. Several states in the United States, Europe, and Canada saw an increase in the use of medical cannabis as a result of COVID-19, which had a relatively beneficial effect on the industry. Customers who bought from the offline or retail market decreased due to the lockdown, but many important participants in the cannabis industry redirected their attention to selling and marketing goods on social media and e-commerce sites.
Due to the implementation of the lockdown in several nations, the COVID-19 epidemic is anticipated to slow down the marijuana industry over the projection period. The COVID-19 period has seen a boom in the medical sector. However, the rising emphasis on developing the vaccine is likely to impede the growth of the medicinal marijuana business. Some key elements anticipated to fuel the growth of medical marijuana over the next few years include the rising number of states that have legalized it and the rising demand for cannabis for both medical and recreational purposes.
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Medical Marijuana Market Segmentation
The cancer segment is estimated to splay the most growth in the segment.
The solids segment will gain the lead segment in the forecast period.
By Distribution Channel
The retail & Pharmacy Stores segment will develop in the forecast period.
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Due to cannabis’ expanding use in medicine, the Americas are predicted to dominate the worldwide marijuana industry during the projected period. It is anticipated that during the assessment period, the ongoing study on the health advantages of cannabis will have a substantial impact on the local sector. It is anticipated that the US will significantly contribute to expanding the market over the review period. Additionally, it is anticipated that the regional marijuana market will be stimulated during the evaluation period by the rising incidence of chronic illness among the aging geriatric population. Some key elements anticipated to fuel the growth of medical marijuana over the next few years include the rising number of states that have legalized it and the rising demand for cannabis for both medical and recreational purposes. Over the projection period, it is also anticipated that expanding research and innovation will fuel the demand for medicine.
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The expanding R&D on cannabis is expected to boost the region’s market worth during the projection period. Regional commerce is anticipated to grow over the evaluation period due to the rising demand for medical marijuana to treat medical illnesses. Due to the existence of developing nations and the growing initiative to improve the healthcare infrastructure, the APAC region is predicted to have the quickest growth throughout the forecast period. As chronic sickness instances rise, the regional medicinal marijuana market is anticipated to grow over the coming years. Due to a lack of awareness and the existence of developing nations, MEA is predicted to only take a tiny market share in the medicinal marijuana sector throughout the projection period.
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