Medical Cannabis Market to Witness Remarkable Growth by 2027
Global Medical Cannabis Market Trends, Growth and Size Analysis By Product form (Powders, Solids, Ointments and creams, Oil, Others), By Derivative (Cannabidiol, Tetrahydrocannabinol), By Application (Arthritis, Cancer, Alzheimer’s Disease, Others) and By Distribution Channel (Retail pharmacy, Online stores, Others) – Forecast to 2027
Market Overview
The global medical cannabis market is anticipated to acquire a market value of USD 52.35 billion while thriving at a CAGR of 15.4% during the forecast period, anticipated Market Research Future (MRFR). Medical cannabis is the most commonly prescribed treatment for cancer, arthritis, and others.
The increasing approval for medical cannabis products is anticipated to be a significant factor that can grow the market during the forecast period. The increasing R&D activities and the rising incidents of chronic ailments among expanding populace are anticipated to grow the market in the coming time. On the contrary, the growing usage of cannabis for recreational purposes can bring a negative impact to the human health, which is expected to affect the market significantly.
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Market Segmentation
The global medical cannabis market is segmented into derivative, application, product form, and distribution channel.
The derivative-based segments of the global medical cannabis market are cannabidiol (CBD) and tetrahydrocannabinol (THC). The CBD segment is anticipated to acquire a majority of market share during the forecast period.
The application-based segments of the global medical cannabis market are cancer, schizophrenia, arthritis, Alzheimer’s disease, and others. Among all, Alzheimer’s disease is anticipated to procure the largest market share in the assessment tenure.
The product-form based segments of the global medical cannabis market are powders, solids, ointments and creams, oil, and others. Among all, the powders segment is anticipated to be the fastest-growing segment during the analysis period.
The distribution channel form-based segments of the global medical cannabis market are retail pharmacy, online stores, and others. Among all, the retail pharmacy segment is anticipated to procure the largest market share during the forecast period.
Regional Analysis
As per the assessment conducted by MRFR, the Americas is anticipated to be the largest market share during the forecast period. The increasing participation of players in the region is likely to make a significant contribution to developing the market of North America. The increasing agreement among key players is anticipated to play a salient role in driving the regional market. Recently, a global pioneer in cannabis research, production, and distribution, Tilray, announced that it has agreed with Worldpharma Biotech, through its wholly-owned subsidiary Tilray Portugal Unipessoal Lda, to export Good Manufacturing Processes (GMP) certified medical cannabis from Portugal to Spain. In another news, a biopharmaceutical company focused on the development of cannabis products, Avicenna, has announced that the company has entered into an agreement with Harrington Wellness Inc. for the commercialization of CBD tropical product line targeting athletes and active consumers in Canada and the US. Various companies are legalizing the application of cannabis for manufacturing drugs owing to the rising demand for the application of cannabis in the medical field. On the other hand, APAC is anticipated to be the fastest-growing region due to the increasing legalization of medical cannabis in the region. Developing countries such as; India and China are expected to make a significant contribution in developing the market in the assessment tenure.
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Key Players
Some of the renowned players of the global medical cannabis market are Aphria, Inc. (Canada), Canopy Growth Corporation (Canada), Maricann Inc. (Canada), GW Pharmaceuticals PLC (UK), Tilray (Canada), Medical Marijuana, Inc. (US), Aurora Cannabis (Canada), Cannabis Sativa Inc. (US), CanniMed Ltd (Canada), United Cannabis (US), MediPharm Labs (Canada), and GBSciences Inc. (US).
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