Medical Cannabis Market Growth Drivers, Trends & Demands - Global Forecast to 2027

The global medical cannabis market is driven by high consumption of cannabis, rising prevalence of chronic diseases, financial support by private and government organizations, and rise in geriatric population.

Overview

The medical cannabis market is anticipated to grow by US$52.35 Billion by 2025 rapidly growing at a CAGR of 15.4% during the forecast period. The global medical cannabis market is driven by high consumption of cannabis, rising prevalence of chronic diseases, financial support by private and government organizations, and rise in geriatric population. An updated review of the medical cannabis market dynamics, latest developments, and overall industry performance details are presented in the medical cannabis market study. The research report is based on primary and secondary data. This information is collected from leading organizations, medical cannabis market stakeholders, company representatives, and key policy makers.

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Key Players:

Canopy Growth Corporation (Canada), Cannabis Sativa, Inc. (US), GW Pharmaceuticals plc. (UK), Emerald Health Therapeutics (Canada), Tilray, Inc. (Canada), Aurora Cannabis Inc. (Canada), Cara Therapeutics (US), Medical Marijuana, Inc. (US), GB Sciences, Inc. (US), and Canndoc (Israel) are the key market players.

Market Segmentatio

The global medical cannabis market has been segmented based on product form, derivative, application, and distribution channel. On the basis of application, the market for medical cannabis is segmented based on cancer, arthritis, Alzheimer's disease, and others. Additionally, the market on the basis of form, is segmented into ointments and creams, solids, powders, oil, and others. The global market for medical cannabis is also covered based on the distribution channels segment which is further split into online stores, retail pharmacy, and others. On the basis of derivatives, the global market is segmented into cannabidiol and tetrahydrocannabinol. 

Factors like increasing legalization of medical marijuana and new initiatives to expand research on cannabis for medicinal use support the medical cannabis market growth. The performance of the medical cannabis market has also been studied for the past and current years. Additionally, the medical cannabis market report provides detailed analysis of different market segments mentioned above. It also provides analysis of sub-segments to help assist companies active in the global medical cannabis market.

Regional Overview

A large number of companies have become an active participant of the global medical cannabis market. These companies operating in the medical cannabis market are spread across the world in different locations. The medical cannabis market analysts have segmented the global market into regional markets. The regions covered in the medical cannabis market report are North America, Asia-Pacific (APAC), Europe, and the rest of the world. In the North American market, many companies functioning in the medical cannabis market are spread across the United States, Canada, and Mexico. The European market for medical cannabis has businesses across major European countries including Germany, France, Spain, Italy, and the United Kingdom. Similarly, the global medical cannabis market is also spread across India, China, and Japan in the Asia-Pacific region. The market report also covers other parts of the world including the Middle East, Africa, among others.

The global medical cannabis market report provides comprehensive analysis of regional markets on the basis of medical cannabis market performance, market size, and revenue. The report also provides growth projections for the medical cannabis market.

Competitive Landscape

The global market for medical cannabis has many growth factors supporting it. But analysts also warn companies to be cautious about the latest market trends covered in the report. The factors which could affect the global medical cannabis market are also analyzed and are presented in the report. In order to carry out the research, analysts have deeply studied the market and have gathered data from primary and secondary sources. The sources include key cannabis industry stakeholders, policy makers, large corporations, manufacturers, vendors, suppliers, investors, and key decision makers. The data is further analyzed and is presented to derive conclusions about the factors that could support the growth of the medical cannabis market or negatively affect market growth.

Key Findings of the Study

The global medical cannabis market sizewas USD 10,179.73millionin 2020 and is projected to register a CAGR of18.14% during the assessment period.

 

The Americas dominated the global medical cannabis market by accounting for the

largest share in 2020. This large market share is due to medical cannabis legalization in 37 US states and the increasing adoption of products.

 

On the basis of product type, the dissolvable/powders segment held the largest share in 2020, with a revenue of USD 4,565.27 million at a CAGR of 17.78%.

 

On the basis of derivative, the market is bifurcated into cannabidiol and tetrahydrocannabinol. The cannabidiol segment dominated the market in 2020, while the tetrahydrocannabinol segment is projected to record a faster CAGR of 18.4% during the assessment period.

 

Based on route of administration, the global medical cannabis market has been segmented into inhalation, oral, and topical. The inhalation segment dominated the market in 2020; topical is projected to be the fastest-growing segmentat a CAGR of 16.68% during the forecast period.

 

Based on application, themedical cannabis market has been segmented into pain management, neurological health management, and mental health management. The pain management segment heldthe largest market share in 2020. The mental health management segment was projected to be the fastest-growing segmentat a CAGR of 19.79% during the forecast period.

 

The medical cannabis market, by distribution channel, is segmented into hospital pharmacy, retail pharmacy, and online pharmacy. The hospital pharmacy segment dominated the market in 2020, while online pharmacy is expectedto be the fastest-growing segmentat a CAGR of 20.26% during the forecast period.

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