The Medical Cannabis Market Growth impelled by the increasing number of approvals for medical cannabis products, rising acceptance for the medicinal use of cannabis in developing countries, growing research on the medicinal use of cannabis; while flowers segment to drive market during 2021–2028.
Medical Cannabis Market Growth Sturdy at 23.9% CAGR — Pune, India., June 23, 2021 (GLOBE NEWSWIRE) — Medical Cannabis Market: Key Insights. According to our new research study on “Medical Cannabis Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Medical Application, Compound, and Geography,” the Medical Cannabis Market Size is projected to reach US$ 49,116.4 million by 2028 from US$ 8,926.6 million in 2020; it is expected to grow at a CAGR of 23.9% during 2021–2028. The market growth is attributed to escalating government funding for spreading awareness and exploring medicinal benefits of cannabis. However, illegal use of cannabis as a street drug and misconceptions regarding cannabis are the major factors restraining the market growth.
Medical Cannabis Market: Competition Landscape & Key Developments
Aphria, Inc., Aurora Cannabis, Cannabis Science, Inc., Canopy Growth Corporation, Medical Marijuana, Inc., VIVO Cannabis Inc., Tikun Olam Ltd, Tilray, and Cronos Group are key companies operating in the medical cannabis market. The market leaders are continuously looking forward to expanding and diversifying their market presence and reaching out to new customers, thus tapping prevailing business opportunities.
In July 2019, Aphria Inc. announced that its subsidiary Marigold Projects Jamaica Limited (Marigold) has received a retail Herb House license from Jamaica’s Cannabis Licensing Authority (CLA) to open its first store in Kingston, Jamaica.
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In September 2019, VIVO Cannabis Inc. announced its alliance with Linneo Health S.L. (Lineo Health), a subsidiary of Alcaliber S.A., to be a medicinal cannabis supplier in Europe. Linneo Health, the European leader in the medicinal cannabis industry, has recently obtained EU – Good Manufacturing Practices (GMP) certification from the Spanish regulatory authorities. The agreement is likely to enable VIVO to expand its presence in the European medical industry.
In 2020, North America dominated the medical cannabis market with more than one-third revenue share. Countries such as the US and Canada offer ample opportunities for the key market players in the medical cannabis market. In Mexico, the government has implemented a regulatory framework for medical cannabis, asking businesses to apply for research licenses for bringing products to market. This would boost the developments in medical cannabis market in the country.
The medicinal potential of cannabis has attracted various researchers and companies to use cannabis in medical applications. For instance, tetrahydrocannabinol (THC) is predominantly being used for producing medicinal products. The US Food and Drug Administration (FDA) has approved THC-based medicinal products such as nabilone (Cesamet) and dronabinol (Marinol) that are prescribed for the treatment of nausea in patients receiving chemotherapy; these drugs are also prescribed to stimulate appetite in patients with wasting syndrome developed as one of the indications in AIDS.
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Similarly, various marijuana-based products have been approved or are in clinical trials. For instance, nabiximols (Sativex) is an approved drug that has been commercialized in Canada, and the UK and a few European countries. Nabiximols is a cannabis extract used to treat spasticity and neuropathic pain related to multiple sclerosis. It is formulated with a combination of THC and other cannabidiol (CBD). In February 2020, CanaQuest Medical Corp, a Canadian company, applied for the approval of the production and commercialization of Mentabinol to Health Canada. Mentabinol is a THC-based product, and its approval application has been filed under the Cannabis Act.
In March 2021, the Ministry of Health and the Medicinal Cannabis Agency in New Zealand approved the commercialization of medical cannabis products of Tilray across the country. Furthermore, the country is also one of the leading providers of medical cannabis to Australia. Tilray’s products are manufactured at a certified facility in Canada with good manufacturing practices (GMP). Thus, the rise in approvals of medical cannabis and business expansion of companies are bolstering the medical cannabis market growth worldwide.
Medical Cannabis Market: Segmental Overview
On the basis of product type, the medical cannabis market is segmented into flower, concentrates, cannabis oil and topical ointments, capsules, tablets, and beverages and edibles. In 2020, the flowers segment held the largest market share. However, the beverages and edibles segment is expected to register the highest CAGR during the forecast period.
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On the basis of medical application, the medical cannabis market is segmented into pain management, neurological health management, mental health management, and others. In 2020, the pain management segment held the largest share of the market and is anticipated to register the highest CAGR in the market during 2021–2028.
On the basis of compound, the medical cannabis market has been segmented into tetrahydrocannabinol-dominant, cannabidiol-dominant, and balanced tetrahydrocannabinol and cannabidiol. In 2020, the THC-dominant segment held the largest share of the market and is anticipated to register the highest CAGR during the forecast period.
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Medical Cannabis Market Growth Sturdy at 23.9% CAGR
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