by Legislative Changes and Decriminalization of Cannabis Consumption to Aid Market Growth
The medical cannabis market is set to witness noteworthy growth in the coming years, particularly in North America and Europe. The adoption of medical cannabis is set to scale new heights predominantly driven by legislative amendments that have played an important role in the decriminalization of cannabis consumption. In addition, these legislative changes have also led to a significant rise in cannabis production for therapeutic and medical purposes. The rise in demand for medical cannabis is largely backed by research activities and scientific advancements that offer valuable insights related to the potential benefits of medical cannabis to treat an array of diseases.
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The growth of the medical cannabis market is likely to be primarily driven by a combination of political, social, and economic interests during the forecast period. At present, around 30 nations have legalized the therapeutic application of medical cannabis and cannabis extracts and as per the current trends, the number is set to grow over the assessment period– a factor that is set to boost the growth of the market for medical cannabis during the forecast period. The projected growth in the number of countries that are expected to decriminalize cannabis for medical purposes and rise in the number of research activities pertaining to the potential benefits of medical cannabis are some of the leading factors that are expected to drive the growth of the global medical cannabis market, which is projected to reach a value of US$ 52.8 Bn by the end of 2027.
Clinical Research and Evolving Legal Framework Globally to Boost Market Growth
Over the past decade, clinical research activities coupled with the evolving legal framework in various nations of Europe and North America have laid the foundation for the growth of the medical cannabis market. Research activities have played a key role in improving awareness regarding the link between cannabinoids and human physiology. Moreover, while the medical cannabis is projected to attract significant investments during the assessment period, it is likely to open up significant job opportunities in the STEM space. In recent times, research and development activities are increasingly focusing on investigating the physiology and biology of cannabinoids and an array of other bioactive compounds extracted from cannabis.
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Although the medical cannabis market is at a nascent stage, clinical research activities are anticipated to gain notable momentum in the upcoming years. In addition, as per the analysts at, collaborations between botanists, biologists, organic chemists, medical doctors, pharmacologists, along with experts in therapeutic product design, drug formulation, and clinical trial space will play a key role in the development of the medical cannabis market during the assessment period. Some of the most post promising benefits of medical cannabis include minimizing pain, nausea, and easing the different symptoms of the Parkinson’s disease. Furthermore, a considerable amount of research is being carried out to evaluate the potential of benefits and applications of medical cannabis to treat a myriad of skin conditions and mental health issues, including anxiety and PTSD.
North America and Europe to Provide Lucrative Opportunities to Medical Cannabis Market
Consumption of medical cannabis is set to witness unprecedented growth in the U.S., Canada, and several nations across the European Union. As per the current trends, medical cannabis is on the course of becoming one of the most prominent new consumer segments in the U.S. Some of the major factors that are likely to augment the consumption of medical cannabis is the shift in tide among consumers toward plant-based therapies, growing preference for natural alternatives over prescription drugs, and significant development in the wellness as a lifestyle space.
Governments May Legalize Use of Medical Cannabis amidst Economic Slowdown Due to COVID-19 Pandemic
Due to the onset of the COVID-19 pandemic, analysts at the International Monetary Fund and the United Nations have projected that a global recession is on the cards. However, amidst the economic crisis, government authorities around the world could legalize the use of medical cannabis to create recession-proof jobs. While legalizing the use of medical cannabis is largely possible, research and development activities are expected to grow in the coming months aiming to unlock the complete potential of medical cannabis to treat different diseases. The consumption patterns of medical cannabis is expected to show a slight decline during the second quarter of 2020; consumption of medical cannabis particularly for medical applications is expected to grow. One of the major challenges that would require significant attention in the medical cannabis market would be streamlining the supply lines.
Analysts’ Viewpoint
The global medical cannabis market is set to grow at a staggering CAGR of 26.6% during the forecast period. The market growth can be primarily attributed to a host of factors, including legislative changes across different countries wherein decriminalization of cannabis and products derived from cannabis has played an important role. In addition, as governments across North America and Europe continue to regulate the production of medical cannabis, the demand for the same is expected to grow at a rapid pace. Research and development activities are anticipated to open up new applications of medical cannabis to treat a host of medical diseases in the coming years.
Medical Cannabis Market: Overview
The global medical cannabis market for the historical period 2017–2018 and forecast period from 2019 to 2027, higher demand for pain management products is projected to be a major driver of the global medical cannabis market during the forecast period
The global medical cannabis market was valued at US$ 8 Bn in 2018 and is anticipated to expand at a CAGR of 26.6% from 2019 to 2027
The report analyzes the current and future scenario of the global medical cannabis market
The global medical cannabis market report comprises an elaborate executive summary, which includes a snapshot that provides information about various segments of the market. It also provides information and data analysis of the global medical cannabis market with respect to the segments based on derivatives, applications, route of administration, distribution channel, and region.
A detailed qualitative analysis of drivers, restraints, and opportunities of the global medical cannabis market has been provided in the overview section. Additionally, the section comprises competitive matrix and company profiles along with business overview to understand the competitive landscape in the global medical cannabis market.
This section of the report also provides market attractiveness analysis by region and market share analysis by key players, thereby presenting a thorough analysis of the overall competitive scenario in the global medical cannabis market
Medical Cannabis Market: Key Drivers
The medicinal cannabis industry is expanding due to increase in cannabidiol (CBD) usage in various medical applications. Rise in the utilization of cannabidiol is due to increased legalization of medicinal cannabis and societal acceptance. Moreover, the FDA approval for CBD hemp oil for the treatment of epilepsy has fuelled its usage in the pharmaceutical industry. Hence, companies continue to improve the medicated solutions through enhanced CBD-based medication.
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Rise in incidence of joint & muscle pain
Musculoskeletal conditions are common causes of severe long-term pain and physical disability. Prevalence and incidence of musculoskeletal conditions increases with age. For instance, a report published in Osteoarthritis Cartilage journal stated that nearly 27 million adults in the U.S. and 8.5 million adults in the U.K. are estimated to have osteoarthritis (OA).
However, approaches in new research on arthritis and other bone inflammation disorders has opened a wide spectrum of knowledge on biologic medication
A study published in the Journal Pain (2017) indicated that medical cannabis could be a safe and useful treatment for osteoarthritis (OA) joint pain
In 2008, the Therapeutics and Clinical Risk Management Journal also indicated that Sativex, a cannabis derived oromucosal spray containing equal proportions of THC and cannabidiol, was approved in Canada for the treatment of central neuropathic pain in multiple sclerosis in 2005 and for intractable cancer pain in 2007
Medical Cannabis Market: Key Segments
In terms of derivative, the global medical cannabis market has been classified into cannabidiol (CBD), tetrahydrocannabinol (THC), and others
Based on application, the global medical cannabis market has been categorized into mental health management, neurological disorders management, and pain management
The mental health management segment has been segregated into anxiety, depression, and others (attention deficit hyperactivity disorder (ADHD), post-traumatic stress disorder (PTSD), etc.)
The neurological disorders management segment has been split into epilepsy, Alzheimer’s disease, Parkinson’s disease, and others (Huntington’s disease, multiple sclerosis, etc.)
The pain management segment has been divided into neuropathic pain, cancer pain, and others (post-operative, chronic pain, etc.)
In terms of route of administration, the global medical cannabis market has been classified into nasal, oral, and others (soft gels, cannabis oil, etc.)
Based on distribution channel, the global medical cannabis market has been categorized into hospital pharmacies, retail pharmacies, and online pharmacies
The market size and forecast for each of the segments have been provided in terms of US$ Mn from 2017 to 2027, along with their respective CAGRs for the forecast period from 2019 to 2027, considering 2018 as the base year
Medical Cannabis Market: Regional Outlook
Geographically, the global medical cannabis market has been segmented into four major regions: North America (the U.S. and Canada), Europe (the U.K., Germany, France, Spain, Italy, and Rest of Europe), Latin America (Brazil, Mexico, and Rest of Latin America), and Rest of the World
The market size and forecast for each of these regions and the mentioned countries/sub-regions have been provided for the period from 2017 to 2027, along with their respective CAGRs for the forecast period from 2019 to 2027, considering 2018 as the base year. The research study also covers the competitive scenario in these regions.
Companies Mentioned in Report
The report also profiles the following major players in the global medical cannabis market based on various attributes such as company overview, financial overview, product types, business strategies, and recent developments
- Canopy Growth Corporation
- United Cannabis
- Aurora Cannabis
- Cannabis Sativa, Inc.
- Emerald Health Therapeutics
- GW Pharmaceuticals plc
- Tilray
- Medical Marijuana, Inc.
- The Supreme Cannabis Company, Inc.
- The Cronos Group
Key Questions Answered in Medical Cannabis Market Report
- What will be the sales/revenue generated by different medical cannabis derivatives across all the regions during the forecast period?
- What are the major drivers, restraints, and opportunities of the global medical cannabis market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which segment will have the highest revenue globally in 2027 and which derivative segment will expand at the fastest CAGR during the forecast period?
Medical Cannabis Market – Segmentation
Derivative
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- Others
Application
- Mental Health Management
- Anxiety
- Depression
- Others
- Neurological Disorders Management
- Epilepsy
- Alzheimer’s Disease
- Parkinson’s Disease
- Others
- Pain Management
- Neuropathic Pain
- Cancer Pain
- Others
Route of Administration
- Nasal
- Oral
- Others
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Region
- North America
- Europe
- Latin America
- Rest of the World
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