The new report by Expert Market Research titled, 'Global Medical Cannabis Market Share, Price, Trends, Analysis, Report and Forecast 2020-2025′, gives an in-depth analysis of the global medical cannabis market, assessing the market based on its segments like species, derivatives, applications, end-uses, routes of administration, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2015-2025), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.
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The key highlights of the report include:
Market Overview (2015-2025)
- Historical Market Size (2019): USD 16 Billion
- Forecast CAGR (2020-2025): 23.1%
The global medical cannabis market is being driven by the rising adoption of cannabis by the healthcare sector. Cannabis is safer and has less harmful side effects than other treatment options. Along with other therapies, it is often used either to increase their effectiveness or to battle adverse side effects. It is very effective, for example, in reducing nausea and increasing appetite in patients undergoing chemotherapy. Looking forward, the market is expected to witness a high growth rate globally, especially aided by the rising legalisation of cannabis for medical use.
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Industry Definition and Major Segments
Cannabis or marijuana is a psychoactive drug derived from cannabis plants like Cannabis sativa, Cannabis indica, and Cannabis ruderalis. It is often used in conjunction with conventional opioid painkillers and allows patients to substantially minimise the opioid dose, and offers more significant pain relief.
On the basis of species, the market is divided into:
The market can be divided into the following segments based on derivative:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
Based on application, the market segments are:
By end-use, the market is divided into:
- Pharmaceutical Industry
- Research and Development Centre
Based on administration, the market is segmented into:
- Oral Solutions and Capsules
The regional markets for bakery products include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
California was the first US state to permit marijuana to treat asthma, anorexia, chronic pain, and other ailments in 1996. The medicinal cannabis industry is currently in its infancy in several countries. The sector, however, is expected to have a high growth potential because of increased demand for legalisation. The rising legalisation of medical cannabis is also leading to insurance companies accepting it as a valid and reimbursable treatment option, which has further aided the growth of the market. Currently, insurance companies in Canada are willing to reimburse the use of cannabis in the treatment of spasticity caused by multiple sclerosis, cancer-related pain and nausea, HIV/AIDS, rheumatoid arthritis pain, and other palliative care. The rising R&D activities in the industry is expected to catalyse the market growth in the coming years.
Key Market Players
The major players in the market are Tilray (NASDAQ: TLRY), Bedrocan International, Canopy Growth Corporation (TSE: WEED), Aurora Cannabis Inc., and Vivo Cannabis Inc. (TSE: VIVO), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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