Global Medical Cannabis Market Report Description:
Global medical cannabis market report gives comprehensive outlook on medical cannabis across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report gives historical, current, and future market sizes (US$ Mn) on the basis of product type, application, distribution channel, and region. This report studies market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global medical cannabis market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global medical cannabis market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the market include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global medical cannabis products.
Global Medical Cannabis Market:
The global Medical Cannabis market expected to reach US$ 53.4 Bn in 2026 and the market is growing at significant CAGR over 2020-2026 due to increase in prevalence of cancer and other chronic diseases across the globe. For instance, as per World Health Organization 2018, about 9.6 Mn deaths occurred due to cancer throughout the world. Moreover, rise in R&D activities for the development of newer cannabis products, rapid legalization of cannabis in developed and developing countries, increase in adoption of medical cannabis among the healthcare professionals, and less adverse effects with cannabis compared with other therapeutics are expected to bolster the market over the forecast years. However, stringent regulatory framework, approval for legal marijuana in limited countries, lack of testing standards for medical cannabis, and lack of awareness about the medical cannabis in underdeveloped countries are hinder the growth of market over the forecast years.
Legalization of Cannabis in Various Countries across the Globe
Rapid legalization of cannabis for the treatment of chronic diseases in developed and developing countries is a major factor surge the growth of medical cannabis market over the forecast timeframe. Cannabis is more effective for chemotherapy patients to reduce the nausea and vomiting and increase the appetite that enhance the treatment more tolerable. Moreover, at present, 33 US states marketing the medical cannabis with $10.4 billion in legal sales nationally in 2018. In addition, in March 2017, Germany legalized the medical cannabis after passing a bill by parliamentarians. Additionally, in 2013, Czech Republic legalized the medical marijuana for the patients suffering with chronic pain.
North America Accounts for Larger Market Revenue Share in Global Medical Cannabis Market
North America dominated the medicinal cannabis market in 2018 and the same trend is expected over the forecast years owing to surge in incidence of cancer and other chronic diseases in USA and Canada. For instance, as per National Cancer Institute 2018 data, approximately 1,735,350 cases diagnosed with cancer in United States. Moreover, high awareness about the medical cannabis among the healthcare professionals and presence of huge number of market players also surge the market over the forecast years. Europe medical cannabis market burgeoning at significant growth rate attributed to legalization of marijuana in European countries such as Germany and Czech Republic, adoption of advanced treatment procedures, and increase in the prevalence of chronic diseases in the region.
Key player’s profiles in the global medical cannabis market include:
- Canopy Growth Corporation
- Aurora Medical Cannabis Inc.
- GW Pharmaceuticals
- Cannimed, Ltd.
- Aphria Inc.
- Emerald Health Ltd.
- Tilray Inc.
- Medreleaf Corporation
- Medical Marijuana, Inc.
- Insys Therapeutics, Inc.
- Green Relief Inc.
- Cannabis Sativa, Inc.
- Vico Cannabis, Inc.
- Chronos Group, Inc.
- Organisms Holding, Inc.
- Curaleaf Holdings, inc.
Global medical cannabis market is surging owing to collaborations and product approvals by the market players. For instance, in September 2019, Curaleaf Holdings, Inc. launched medical cannabis tablets in the Florida, USA.
Key Findings of the Report:
- Global medical cannabis market expanding at significant CAGR over 2020 to 2026 owing to increase in the prevalence of cancer and other chronic diseases.
- Based on application type, cancer accounted for larger market revenue share in 2019 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global medical cannabis market
By Product Type
- Nausea and Vomiting
- Multiple Sclerosis
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market