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Global medicinal cannabis Market was valued at $ 18.9 billion in 2019 and is anticipated to reach at 44.4 billion USD in 2024, with a significant growth of 22.9% over the forecast period.
Cannabis is a psychoactive drug which is derived from the cannabis plant. Medicinal cannabis has been shown to have a positive impact on patients with a wide variety of diseases and symptoms including cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, MS, AIDS, ALS, Alzheimer's, PTSD, Parkinson's, Tourette's, etc. The global medical cannabis market is being driven by the rise in the legalisation of cannabis for medical use in numerous countries, with varying degrees of legal restriction. Some of these countries include Argentina, Brazil, Canada, Chile, Colombia, Czech Republic, Germany, Italy, Mexico, Spain, United Kingdom, United States, Uruguay, etc.
The medicinal cannabis industry is currently experiencing unprecedented levels of growth thanks to increased social acceptance and more open regulatory regimes. This growth rate can also be attributed to the fact that owing to its therapeutic benefits, it is also safe and has less severe side effects in comparison to other treatment options. Furthermore, other growth enablers are Clinical trials, R & D activities and steadily rising ageing population. In addition to this, even companies across the world are conducting wide-scale research and development to identify new ways to leverage this wonder plant.
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Key Players
The report on global medicinal cannabis market has profiled some distinguished vendors as well as promising new market entrants.
GreenWich
Abbvie
Insys Therapeutics
Valeant Pharmaceuticals
Tilray
Corbus Pharmaceuticals
Aphria
Manitoba Harvest
Phytokann
Botanical Genetics
Jinzhou Qiaopai Biotech
GLOBAL MEDICINAL CANNABIS MARKET: SEGMENTAL ANALYSIS
The global medicinal cannabis market, in terms of segmental analysis has been divided based on route of administration, application, species, end-use, derivatives and geographical insights.
Based on route of administration, the sector has been classified into oral solutions and capsules, smoking, vaporizers, topicals and others. Oral solutions and capsules, accounts for the biggest market share.
On the basis of application, the segment finds its use in the treatment of arthritis, migraine, epilepsy, etc.
Based on species, the market has different categories which are named as Indica, Sativa and hybrid. Presently, Indica holds the maximun share and proves to be a boon in insomnia, relaxing the muscles, relieving body pains, headaches and migraines.
The market segment has been segregated on the basis of end use includes pharmaceutical industry, research and development centers, and others. Presently, the pharmaceutical industry represents the dominant end-user.
On the basis of derivatives, the market sector has been segmented into Cannabidiol (CBD), Tetrahydrocannabinol (THC) and others. CBD is extensively used for medical purposes due to its non-psychotic effect and low levels of toxicity, whereas, THC is deployed to reduce the side-effects of AIDS and cancer treatment.
REGIONAL OUTLOOK
In terms of regional insights, North America accounts for more than 95% of the cannabis market, with the US alone making up more than 90% share of the North American market. This growth surge stems from the fact that recently there has been legalization of cannabis for both recreational and medical purposes in North Americ. Other key regions include Europe, Asia Pacific, Latin America, and Middle East and Africa. These changes are paving the way for the medicinal cannabis industry to grow in line with its international counterparts.
Table of Contents
2019-2024 Global Medicinal Cannabis Consumption Market Report
1 Scope of the Report
2 Executive Summary
3 Global Medicinal Cannabis by Players
4 Medicinal Cannabis by Regions
5 Americas
6 APAC
7 Europe
8 Middle East & Africa
9 Market Drivers, Challenges and Trends
10 Marketing, Distributors and Customer
11 Global Medicinal Cannabis Market Forecast
12 Key Players Analysis
13 Research Findings and Conclusion
……Continued
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