Extensive R&D activities to expand therapeutic use of cannabis, implementation of favorable government regulations, and advancements in medical cannabis-based medicines as treatment for substance abuse are some key factors expected to drive market growth
NEW YORK, Jan. 12, 2022 /PRNewswire/ — Reports and Data has published its latest report titled “Medical Marijuana Market, By Product Type (Oil, Buds, and Tinctures), By Route of Administration (Inhalation, Oral, Intravenous, and Topical), By Application, By Distribution Channel, and By Region Forecast to 2028.”
According to the latest report by Reports and Data, the global medical marijuana market size was USD 10.20 billion in 2020 and is expected to reach USD 24.52 billion in 2028 and register a revenue CAGR of 11.5% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities
Medical cannabis is extensively being used in palliative care to alleviate a multitude physical and psychological symptoms. Cannabis is classified as a schedule I controlled substance in the United States, however, over the recent past, increasing number of states have legalized cannabis for medical applications. Medical marijuana is effective in relieving certain types of chronic pain such as pain associated with cancer, HIV, neuropathic, and multiple sclerosis. Wide availability of marijuana and increasing acceptance of it as a medical modality is expected to further promote its use for self-medication in cases such as minimizing the effects of posttraumatic stress and this is expected to significantly contribute to revenue growth of the market over the forecast period.
Medical marijuana is often prescribed by physicians and can be taken by various methods such as capsules, oral or dermal sprays, and cannabis edibles, among others. In the recent years, extensive research has been carried out to assess therapeutic effects of medical cannabis and it has been found that it reduces nausea during chemotherapy, improves appetite in HIV/AIDS, improves sleep, and has also been recommended for anorexia, arthritis, and migraine when conventional treatments do not work. Medical cannabis and cannabis-based medicines are also being used to develop drug addiction disorder treatments or as substitutes for alcohol and other drugs such as opiates. Certain research studies suggest cannabinoids that activate the CB2 receptor can provide safe treatment for drug addiction and withdrawal symptoms through its anti-inflammatory effects and pain relief. This is further boosting use of medical marijuana across the globe and is another factor expected to contribute to revenue growth of the market over the forecast period.
Medical marijuana products can be obtained from pharmacies and programs and follow robust regulatory requirements concerned with manufacturing, marketing, and distribution. In addition, increasing legalization of medical marijuana in various countries across the globe is another factor expected to support market growth. However, certain side effects associated with administration of medical marijuana such as fatigue and dizziness, stringent regulations regarding manufacturing of marijuana, and controversies surrounding use of cannabis-based products are some factors expected to restrain market growth to a certain extent over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Oil Segment Revenue to Support Market Growth:
The oil segment revenue is expected to expand at a rapid CAGR over the forecast period owing to increasing demand for hemp oil for clinical purposes in healthcare sector and increasing prescription of oil or edible forms of marijuana.
Topical Segment to Lead in Terms of Revenue Growth:
Topical segment is expected to dominate other route of administration insights in terms of revenue growth over the forecast period attributable to increasing demand for marijuana as topical lotions, ointments, creams, and gels to treat skin inflammation, burns, infections, and abrasions, among others.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share over the forecast period attributable to increasing adoption of marijuana-based products to treat various chronic conditions, rising government initiatives to promote cannabis-derivatives such as oils and resins, and legalization of medical marijuana in countries in the region.
Europe to Register Robust Revenue CAGR:
Europe is expected to register robust revenue CAGR over the forecast period attributable to rapid adoption of and legalization of medical marijuana, presence of larger consumer base, increasing incidence of chronic diseases and focus on palliative care, and larger markets for marijuana in European countries such as Germany.
Major Companies in the Market Include:
- Canopy Growth Corporation
- Aphria, Inc.
- Aurora Cannabis
- Maricann Group, Inc.
- Cronos Group
- Organigram Holdings
- Inc., Vivo Cannabis
- Tikun Olam
- Insys Therapeutics, Inc.
For this study, Reports and Data has segmented the global medical marijuana market based on product type, route of administration, application, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
Rout of Administration Outlook (Revenue, USD Billion; 2018–2028)
Application Outlook (Revenue, USD Billion; 2018–2028)
- Chronic Pain
- Mental Disorders
- Muscle Spasm
Distribution Channel Outlook (Revenue, USD Billion; 2018–2028)
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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