Medical marijuana is still in its introduction phase in the medical health industry. It is a potent product that is gaining mass acceptance globally, where Chinese medicines are already being manufactured by the use of these plants and that too with a long history associated. Medical marijuana remains a big influence in the healthcare industry to treat cases that are not completely advisable with traditional medicines. Medical marijuana is just a normal marijuana plant that is processed to get the actual composition of cannabinoids, which is required to synthesize the product to be in use.
CBD is the main cannabinoid in use because of its zero-psychotic feeling as compared to others, but all the cannabionoids are generally calculated to form a specific medicine to treat disorders, which range from cancer, AIDS, multiple sclerosis, nerve damage, epilepsy, Parkinson’s disease, PTSD, anxiety, and arthritis, among others. The marijuana plant is of two types’ sativa and indica. The manufactures use any of the two to manufacture medicines, having different types of properties when exposed to the body. Medical marijuana is mostly found in two forms, dried and extract, which are synthesized from the dry leaves making it a more potent and vast option with many products manufactured using marijuana extract such as oil concentrate, tinctures, edibles, spray, and topical, among others.
Market Value and Forecast
The global medical marijuana market is estimated to be worth US$ 12,209.9 Mn by 2018 end and is expected to expand at a CAGR of 15.9% over the forecast period of 2018 – 2026. North America accounted a large market share and was valued at US$ 3,538.7 Mn in 2017, and is expected to expand at a CAGR of 16.2% over the forecast period.
The growth of the global medical marijuana is primarily driven by increasing prevalence of conditions that require medical marijuana for the treatment, rising geriatric population in need of treatment for chronic diseases, awareness programs conducted by public and private associations, and growing number of medical marijuana clubs, which promote the quality associated with medical marijuana. However, manufacturers on a global level are engaged in developing products that should get recognition in order to be in use for a greater population. The legalization of medical marijuana in developing countries is expected to drive the demand for medical marijuana as an alternative for traditional medicines. It makes the medical marijuana industry more accessible for the new players with fragmented company profiles, majority of them in situated in the U.S. and Canada. However, missing scientific cases for medical marijuana are confining the market to grow. Brand surge provides a positive share for the competitors to capture maximum market with already set distribution networks and regional space. Stringent FDA and other regulations are some of the factors expected to hamper the growth of the global medical marijuana market over the forecast period.
Geographically, North America is expected to be the dominant regional market by 2018 end and is expected to expand at a CAGR of 16.2% over the forecast period. Europe is expected to be a lucrative market in terms of revenue growth in the global medical marijuana market, registering a CAGR of 17.4% over the forecast period.
Examples of some of the key players in the global medical marijuana market included in this report are GW Pharmaceuticals PLC, MedReleaf Corporation, Canopy Growth Corporation, Aphria Incorporation, Aurora Cannabis Inc, Medical Marijuana, Inc., Green Relief Inc., Cannabis Sativa, INC., Insys Therapeutics, Inc., and The Peace Naturals Project.
This Persistence Market Research (PMR) report examines the ‘Medical Marijuana Market’ for the period of 2018–2026. The primary objective of the report is to offer updates and information related to market opportunities in the global medical marijuana market.
Medical marijuana is great help to the research applications and routine treatment prescriptions provided by the healthcare professionals to the patients. Physicians are opting to use the medical marijuana for the development of novel approaches, which is expected to drive the market growth of medical marijuana. However, the growth is mainly related by the legalization of medical marijuana in clinical need in respective regions. With the increasing number of clinical cases that are treatable with medical marijuana is also expected to fuel the growth of the market for medical marijuana. Furthermore, to understand the market correctly, the report is categorically split into four sections viz. market analysis by product type, application type, distribution channel and region.
The medical marijuana market is dependent on various economic factors, industry dynamics, technological advancements and the consumer demand with involvement of black market sales for marijuana, which makes it a rather open and diverse market for medical marijuana manufacturers and potential growers. The key players in the medical marijuana market are focusing on acquisitions, mergers, expansion, product launches and adoption of new technologies with better adoption prospect.
The global medical marijuana market has been segmented based on:
The report analyzes the global medical marijuana market in terms of value (US$). The report begins with the market definition and overview explaining different market segments. Recent developments and major regional trends in the medical marijuana market enable to identify the overall market scenario in various regions with the analysis of historical evolution of medical marijuana in the market and possible future growth opportunities. The market dynamics section includes PMR’s analyses on key trends, drivers, restraints, opportunities and macro factors influencing the global market. Impact analysis of key growth drivers and restraints based on weighted average model has also been included in the report to better equip clients with crystal clear decision-making insights.
The next section of the report analyzes the market based on the regions and presents the forecast in terms of value for the next 10 years. The regions covered in the report include:
North America is expected to hold maximum share in the global medical marijuana market with a large presence of key players. In addition to this, the spending on research activities is also very high in this region compared to the global average spending. Likewise, Europe is expected to contribute a decent revenue share with a high growth rate over the forecast period due to the presence of local and emerging market players. The Latin America market is expected to represent a steady growth with major influence coming from North America, owing to acquisition and collaboration of the leading manufacturers. The Middle East & Africa is expected to account least share in the global medical marijuana market as very less countries have regularized medical marijuana laws. China is expected to be a competitive market with many regional players involved in the medical marijuana market for traditional practice than any other and that too for many years.
The next section of the report analyzes the market based on product type and presents the forecast in terms of value, for the next 8 years. The product types covered in the report include:
Product choice for Medical Marijuana is dominated by the current traditional practice of extract form, gaining the highest revenue out of two with steady growth rate over the forecast period. This is due to the increasing demand for dried form, which is expected to have high growth throughout the forecast period with the positive intent from research personnel and surgeons for novel research applications due to its whole form.
The next section of the report analyzes the market based on the application type and presents the forecast in terms of value for the next 8 years. The application types covered in the report include:
The pain management is expected to be leading segment in the medical marijuana market owing to high number of cases been observed and registered. In contrast, there are comparatively less cases in others section involving medical marijuana. In terms of revenue, the pain management segment is expected to account a large share with probable change in current market share during the forecast period. The global medical marijuana market is expected to witness significant growth during the forecast period. This growth is expected to be primarily driven by rising awareness and prevalent cases where medical marijuana is in use such as cancer, AIDS, epilepsy, nerve damage, Parkinson’s disease, and arthritis, among others.
The next section of the report analyzes the market based on distribution channel and presents the forecast in terms of value for the next 10 years. The distribution channels covered in the report include:
The retail pharmacy segment is expected to hold maximum share in the medical marijuana market owing to presence of large number of retail pharmacies distributing medical marijuana. Retail pharmacy is majorly associated with several company’s supply strategy and therefore holds a high share in the global market. E-Commerce is a relatively new method of reaching out to patients in need of medical marijuana. With less number of companies operating with such method. With a continuous growth observed, retail pharmacy still offers the highest share during forecast.
In addition, we have taken into consideration the year-on-year growth and incremental $ opportunity to understand the predictability of the market and to identify the right growth opportunities in the global market.
Another key feature of this report is the analysis of key segments in terms of market attractiveness index. This is the combination of market share index and CAGR of individual segment and provides the incremental opportunity of particular segment in the overall market. This parameter is very critical for assessing the level of opportunity that a player in the market can look to achieve, as well as to identify potential resources from the sales and delivery perspective of the products. The resulting index helps client to identify real market opportunities.
In the final section of the report on the global medical marijuana market, the ‘Competitive Landscape’ is included to provide report audiences with a dashboard view, to access the key differentiators among the competitor firms. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the medical marijuana market and participants across the value chain. Moreover, this section also includes market strategies and SWOT analysis of the major players in the market. Detailed profiles of the providers of Medical Marijuana products are also included in the scope of the report to evaluate their long-term and short-term strategies.