Medical Marijuana Market is expected to exceed USD 59.0 billion by 2025. Rising adoption of medical cannabis in the treatment of chronic pain will significantly impel medical marijuana market growth.
Some major findings of the medical marijuana market report include:
- Increasing adoption of medical marijuana in various countries such as the U.S. and UK is one of the chief factors propelling medical marijuana business growth across the projected years
- Increasing applications of medical cannabis in the treatment of several diseases such muscle spasm, cancer pain and neurological disorders will significantly drive market growth
- Patient convenience and ease of administration are some of the factors that will drive oral medical cannabis segmental growth
- Increasing number of U.S. states legalizing medical cannabis through online distribution channels will augment business growth
- Major players operating in the medical marijuana business are Aurora Cannabis Inc., Abcann Medicinals Inc., Aphria Inc., Canopy Growth Corporation, GW Pharmaceuticals, The Supreme Cannabis Company and Tilray
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Growing demand for legalization of medical marijuana in various states of America and other regions of the world will considerably drive business growth. Medical cannabis works as a therapeutic solution for various disorders. Increasing demand for medical marijuana have encouraged several companies to work on research and development of cannabis-based medical products. Hence, increasing number of companies operating in the marijuana business will significantly drive revenue growth across the forecast timeframe.
Increasing applications of cannabis in the treatment of chronic pain caused by cancer, HIV/AIDS, arthritis and neurological disorders will considerably drive business growth across the projected years. The anecdotal evidence recommends that marijuana or its compounds help in relieving chronic pain associated with various diseases. Marijuana is composed of tetrahydrocannabinol (THC) and cannabidiol (CBD), that helps in lowering symptoms of nausea and severe pain. Additionally, usage of medical marijuana does not have any major side effects compared to the traditional opioid narcotics that might cause several lethal reactions.
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Cancer pain segment is expected to witness significant growth of 30.0% across the projected years, owing to increasing prevalence of cancer across the globe. Most cancer pain is caused by the tumour pressing on nerves, bones or other organs in the body. Also, chemotherapy drugs might cause severe pain or a burning sensation at the spot where the drugs has been injected. Medical marijuana helps in eliminating such chronic pain, thus augmenting product demand and market growth.
Route of administration segment is bifurcated into oral, inhalation and topical. The oral segment is expected to reach revenue size of USD 13.1 billion in 2025. Ease of administration, and patient convenience are some of the factors that will foster the oral medical marijuana segmental growth. Also, oral consumption of marijuana is often considered as a safe means of attaining the therapeutic effects, without much exposure to the potentially harmful risks of smoking the product. Hence, the aforementioned factors will positively drive market growth.
By distribution channel, medical marijuana market is further bifurcated into dispensaries and online platforms. Online segment held considerable revenue share of 40.1% in 2018. High growth is attributed to growing number of states legalizing medical marijuana through online distribution channels in the U.S. In addition, established key market players such as Namaste Technologies and True Leaf have strong online distribution channel, thereby propelling the segmental growth.
U.S. medical marijuana market is expected to witness considerable growth of 14.2% across the forecast years. High growth is attributed to increased benefits of medical marijuana along with growing prevalence of chronic pain conditions in the U.S. Also, increasing awareness among the people regarding the application of medical marijuana in various ailments will propel the industry growth. Furthermore, majority of the states in the U.S. have already implemented medical marijuana laws, facilitating the application of cannabis for the treatment of various chronic conditions. Applications of medical cannabis include pain, nausea, loss of appetite, multiple sclerosis, and epilepsy, thereby propelling demand in the future.
Market players are focusing on partnerships, strategic mergers and collaborations with other participants to gain significant revenue share and sustain industrial competition. Prominent players operating in the medical marijuana business are Aurora Cannabis Inc., Abcann Medicinals Inc., Aphria Inc., Canopy Growth Corporation, GW Pharmaceuticals, The Supreme Cannabis Company and Tilray. These companies are primary focused on new product launch. For instance, in June 2018, GW Pharmaceuticals announced its U.S. FDA approval for the first plant-based pharmaceutical cannabidiol to treat rare and severe pediatric epilepsies. This product approval helped in expanding the company’s product portfolio.