ALBANY, New York, June 2, 2020 /PRNewswire/ -- TMR has now come up with a market research report that offers great insights about the overall working dynamics of the global medical cannabis market. The research report tries to shed light on the key segments influencing the market growth, driving and restraining factors, geographical outlook, and the overall situation of the competitive landscape.
According to the research report, the global medical cannabis, the market is projected to witness a massive CAGR of 27% over the course of the given forecast period ranging from 2019 to 2027. The valuation of the global market was around US$8 Bn in 2018. Given the rate of growth, the market is projected to experience a massive surge in valuation and reach worth around US$53 Bn by the fall of 2027.
Based on derivative, the global market for medical cannabis is segmented into tetrahydrocannabinol (THC), cannabidiol (CBD), and others.
In terms of applications, the global market is segmented into pain management, neurological disorders management, and mental health management. Of these, the segments of pain management and mental health management are expected to witness significant growth in the coming years of the forecast period.
Based on the route of administration, the market is segmented into oral, nasal, and others such as cannabis oil, soft gels, etc. Of these, the oral segment is expected to gather momentum in the coming years of the forecast period.
In terms of distribution channels, the market is segmented into online pharmacies, retail pharmacies, and hospital pharmacies. Of these, the segment of retail pharmacies has been the dominant one and will continue to lead in the near future.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Medical Cannabis Market (Derivative: Cannabidiol [CBD], Tetrahydrocannabinol [THC], and Others; Application: Mental Health Management, Neurological Disorders Management, and Pain Management; Route of Administration: Nasal, Oral, and Others; and Distribution Channel: Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 - https://www.transparencymarketresearch.com/report-toc/76890
Global Medical Cannabis Market – Key Driving Factors
The overall growth of the global medical cannabis market is a result of economic, social, and political change of interests happening across the globe. Currently, around 30 nations have legalized the use of medical cannabis and cannabis extracts for therapeutic applications. And it is projected that this trend will continue to gain momentum in the coming years of the forecast period.
With the growing trend of decriminalizing cannabis and issuing strict mandates for regulated use of the product, the governments have witnessed a massive rise in their revenues. This is expected to encourage other countries and thus help the development of the market in the coming years of the forecast period.
Increasing research and studies showing positive results and benefits of use of medical cannabis have also helped in fueling the growth of the global market.
Analyze Medical Cannabis Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea.
Global Medical Cannabis Market – Key Restraining Factors
Covid-19 has had a largescale impact on the overall development of the global market. The consumption patterns of medical cannabis are expected to witness slight decline in the second quarter of 2020.
Another important challenge for the market growth has been streamlining of supply lines post Covid-19 situations.
Global Medical Cannabis Market – Geographical Outlook
North America is expected to emerge as the most dominant segment of the global medical cannabis market. The US and Canada are projected to contribute significantly in the growth of the regional market due to high levels of consumption.
The regional segment of Europe is also expected to witness a similarly promising growth due to increasing number of nations sanctioning partial or full use of medical cannabis.
Global Medical Cannabis Market – Key Players
Canopy Growth Corporation, United Cannabis, Aurora Cannabis, Cannabis Sativa, Inc., Emerald Health Therapeutics, and GW Pharmaceuticals plc among others are some of the notable names in the global market.
Medical Cannabis Market, by Route of Administration
Medical Cannabis Market, by Distribution Channel
Medical Cannabis Market, by Region
Rest of Europe
Rest of Latin America
Rest of the World
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