Market Analysis and Insights:
The medical cannabis market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing at a CAGR of 25.16% in the forecast period of 2021 to 2028 is expected to reach USD 67,354.01 million by 2028.
Increased medical use and legalization of cannabis is acting as a driver for the medical cannabis market. Cannabis is a psychoactive drug that is derived from the cannabis plant of the Cannabaceae family. For several years, it has been used medicinally and has wide range of applications in treatment of various diseases including chronic pain, cancer, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, AIDS and Alzheimer’s among others.
The increased usage of cannabis in the cosmetic products can be seen as a driver for the medical cannabis market. Complex regulatory structure for usage of cannabis is a restraint for the medical cannabis market. Novel product development with increased R & D activities may act as an opportunity for the medical cannabis market. The rise of marijuana black market is a challenge for the medical cannabis market.
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The medical cannabis market provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Global Medical Cannabis Market Scope and market size
- On the basis of product, the medical cannabis market is segmented into oil, medical cannabis capsules, patch, whole flower, ground flower, vape pen, dried medical cannabis, creams & moisturizer, mask & serum, cleanser and others. In 2021, oil segment is expected to dominate the medical cannabis market due to high technology adoption by key players in the market.
- On the basis of source, the medical cannabis market is segmented into synthetic and natural. In 2021, synthetic segment is expected to dominate the medical cannabis market because of increasing healthcare expenditure.
- On the basis of species, the medical cannabis market is segmented into cannabis indica, sativa and hybrid. In 2021, cannabis indica segment is expected to dominate the medical cannabis market because of increased medicinal use of cannabis.
- On the basis of derivatives, the medical cannabis market is segmented into cannabidiol (CBD), tetrahydrocannabinol (THC)/delta-8-tetrahydrocannabinol, cannabinol, cannabigerol (CBG) and others. In 2021, cannabidiol (CBD) segment is expected to dominate the medical cannabis market due to increasing demand of medical marijuana products in the market.
- On the basis of application, the medical cannabis market is segmented into Alzheimer’s disease, appetite loss, cancer, epilepsy, autism, mental health conditions, multiple sclerosis, pain management, nausea, muscle spasms, arthritis, elevate mood, depression and sleep disorders, anxiety and others. In 2021, Alzheimer’s disease segment is expected to dominate the medical cannabis market because of increasing R&D activities.
- On the basis of route of administration, the medical cannabis market is segmented into oral solutions and capsules, smoking, vaporizers, topicals and others. In 2021, oral solutions and capsules segment is expected to dominate the medical cannabis market because of rising prevalence of chronic diseases.
- On the basis of end user, the medical cannabis market is segmented into pharmaceutical industry, research and development centers, homecare settings, hospital and rehab centers and others. In 2021, pharmaceutical industry segment is expected to dominate the medical cannabis market because of increasing geriatric population and prevalence of chronic diseases.
- On the basis of distribution channel, the medical cannabis market is segmented into B2B and B2C. In 2021, B2B segment is expected to dominate the medical cannabis market because of increasing demand of cannabis for medical and clinical purposes.
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Medical Cannabis Market Country Level Analysis
The medical cannabis market is analysed and market size information is provided by the country, product, source, species, derivatives, application, route of administration, end user and distribution channel as referenced above.
The countries covered in the global medical cannabis market report are the U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Netherlands, Switzerland, Belgium, Turkey & Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific , Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East & Africa.
The U.S. is dominating in the North America medical cannabis market because of the high legalization of cannabis in the country. Germany is dominating in the Europe medical cannabis market because of the high legalization of cannabis in the country. Australia is dominating in the Asia-Pacific medical cannabis market because of the strong presence of market players in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Share Analysis
Medical cannabis market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breath, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to medical cannabis market.
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Major Key players
The major players operating in the global medical cannabis market report are Tilray, Elixinol Global Limited, Medical Marijuana, Inc., Extractas, Peace Naturals Project Inc., BOL Pharma, PharmaHemp, Kiehl’s (A Subsidiary of L'ORÉAL), Vermont Hemp Health, Discover Health LLC, ENDOCA, Pacific roots, CANOPY GROWTH CORPORATION, Aurora Cannabis, GW Pharmaceuticals plc., Harmony, Pure Ratios, MARY’s nutritionals, Bioactive Solutions, Inc., Upstate Elevator Supply Co., FOLIUM BIOSCIENCES, EcoGen Biosciences, Althea Company Pty Ltd (A Subsidiary of Althea Group Holdings Limited), Apothecanna, Zenabis Global Ltd, Cresco Labs, IDT Australia, MEDIFARM, Greenwich Biosciences, Inc., MediPharm Labs Inc., THC Global Group Limited, Seed Cellar, CANNABIS SEEDS USA, Seeds For Me, HUMBOLDT SEED COMPANY, Crop King Seeds, BARNEY'S FARM, and Aphria Inc. among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Customization Available: Global Medical Cannabis Market
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