Global Medical Marijuana Market at a CAGR of 19.2% During the Forecast Period, 2019 - 2026 - Esticast Research
LOS ANGELES and PUNE, India, Feb. 11, 2020 /PRNewswire/ -- Global medical marijuana market is estimated to reach $14.3 billion in 2019 with a CAGR of 19.2% from 2019 to 2026.
The legalization of marijuana for medical use in several countries is one of the key factor catalyzing the market growth. In recent years, the medical marijuana market has been witnessing significant growth due to the growing awareness among people about the application of marijuana in management of several disease condition such as chronic pain management, mental disorders, among others. Moreover, the increasing need for effective pain management due to the growing disease burden of pain is anticipated to surge the uptake of medical cannabis in western countries such as the U.S. and Canada. As per the to the data published by the Centers for Disease Control and Prevention (CDC), in 2016, about 20.4% of adults suffered from chronic pain and about 80% of the U.S. adults suffered from high-impact chronic pain in the U.S. Furthermore, the legalization of medical marijuana in some countries has decreased the black market selling of marijuana, as people are willing to purchase medical marijuana legally. On the other hand, the rigorous approval process, high cost related to medical marijuana, and stringent government policies are some factors that may hamper the market growth during the forecast period.
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The global medical marijuana market is mainly bifurcated into product type, application, and distribution channel. Based on product type, the market has been segmented into buds, oils, tinctures, and others. The application segment has been classified into chronic pain, mental disorders, cancer, and others. Moreover, the distribution channel has been bifurcated into dispensaries, pharmacies, and online retailers.
On a regional basis, the global medical marijuana market has been divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been classified into the U.S. and Canada. Europe region has been segmented into the UK, Germany, France, Italy, Poland, The Netherlands, and Rest of Europe. Asia-Pacific has been segmented into Australia and Rest of Asia-Pacific. Furthermore, the South America region has been segmented into Brazil, Columbia, Mexico, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into Israel, Africa, and the Rest of Middle East. North America is the leading region in the global medical marijuana market. In North America, the U.S. anticipated to account major market share, as medical marijuana is legalized in nearly 33 states across the nation, from which 10 states legally allow adults to utilize cannabis for recreational use. In addition, Countries such as Australia, Germany, South Africa, Israel, and Poland are blooming markets in the medical cannabis industry.
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Prominent companies operating in the medical marijuana industry include Aurora Cannabis, Canopy Growth Corporation, Tilray, Aphria, Inc., Maricann Group, Inc., GW Pharmaceuticals plc, MedReleaf Corp., Cannabis Sativa, Inc., Tikun Olam, Ltd., Medical Marijuana, Inc., and The Cronos Group Inc. Moreover, prominent companies are involved in strategic initiatives such as mergers & acquisitions, and joint ventures. The medical marijuana industry is highly consolidated owing to the presence of few companies holding majority of the market share. However, the ongoing legalization procedures for medical marijuana in some countries and increasing investment in this field is likely to provide lucrative opportunities for new companies to entry the market in coming years.
Strategic Initiatives by prominent players
- In January 2020, Medical Marijuana, Inc. announced expansion of Kannaway, its subsidiary in Kazakhstan, Kyrgyzstan, and Russia.
- In September 2019, the European Commission approved GW Pharmaceuticals' Epidyolex, a cannabis derived medicine for epilepsy treatment.
- In January 2018, Aurora Cannabis entered into a joint venture with Alfred Pedersen & Son (APS). With this agreement, Aurora Cannabis possessed a 51% interest in Aurora Nordic Cannabis A/S.
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Medical Marijuana Market Key Segments:
By Product Type
- Buds
- Oils
- Tinctures
- Others
By Application
- Chronic Pain
- Mental Disorders
- Cancer
- Others
By Distribution Channel
- Dispensaries
- Pharmacies
- Online Retailers
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