Medical Cannabis Market Overview
The global medical cannabis market is estimated to reach USD 33,210.21 million by 2027. The report further states that the market is anticipated to exhibit a healthy growth rate of approximately 18.14% during the forecasted timeframe. Marijuana is a plant consisting of a synthetic compound. It is named cannabis and has useful therapeutic properties. Several drug organizations utilize it as a raw material to make drugs for several remedial applications. The global medical cannabis market has witnessed enormous growth in the past few years. The increasing predominance of ongoing infections and growth in the use of cannabis are the crucial aspects causing an upsurge in the medical cannabis market growth.
Moreover, the growing predominance of continuing infections and other ailments, severe usage of cannabis, and growing approval of the hemp plant in several nations are also estimated to positively impact the medical cannabis market’s growth over the review timeframe. On the other hand, the increasing unlawful utilization of cannabis is anticipated to impede the growth of the medical cannabis market over the coming years.
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Medical Cannabis Market Segment Analysis
The global medical cannabis market is divided into various segments based on end-user, species, application, derivatives, and region.
The medical cannabis market is bifurcated into cannabis Indica, Sativa, and crossbreed based on species.
By derivatives, the global market for medical cannabis is split into cannabidiol (CBD), tetrahydrocannabinol (THC), and much more.
By applications, the global medical cannabis market is split into joint inflammation, epilepsy, and headache, among several others.
Based on end-use, the medical cannabis market is fragmented into the drug business and innovative work communities, among several others.
The medical cannabis market is split into smoking, oral arrangements, and cases, topical, and vaporizers, among several others by route of administration.
Medical Cannabis Market Regional Analysis
The global medical cannabis market is examined across four major geographies: the Americas, the Middle East & Africa, Asia-Pacific, and Europe.
The MRFR report suggests that the Americas region is estimated to hold the top position in the global medical cannabis market over the assessment era. The increasing prevalence of clinical cannabis and growing per capita medical care consumption across the region are the vital aspects boosting the regional market’s growth. The regional market is further divided into North America and Latin America.
The medical cannabis market for the European region is projected to register significant growth in the coming years. Western Europe and Eastern Europe are the two main segments of the regional market.
Medical Cannabis Market Competitive Analysis
The global medical cannabis market is well-known for several leading players spread worldwide. The rapid legalization of medical cannabis across various nations across the globe is encouraging new players to entrée the market. The increasing implementation of growth strategies such as mergers and acquisitions is projected to increase the market concentration over the projected timeframe. Furthermore, the players in the global market are focused on enhancing their global martlet presence and thus are making heavy investments in research and development activities to launch innovative products. The global medical;l cannabis market has prominent leaders such as Canopy Growth Corporation (Canada), MediPharm Labs (Canada), Aurora Cannabis (Canada), Medical Marijuana, Inc. (US), Maricann Inc. (Canada), GBSciences Inc. (US), Cannabis Sativa Inc. (US), Tilray (Canada), United Cannabis (US), Aphria, Inc. (Canada), CanniMed Ltd (Canada), and GW Pharmaceuticals PLC (UK) among several others.
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Recent Developments
a Chicago-based cannabis company, Verano Holdings Corp., has announced the acquisition of Goodness Growth, which comprises one of New York’s ten vertically integrated medical marijuana licenses. Verano disclosed the agreement of value USD413 million with Goodness Growth, a Minneapolis-based firm formerly known as Vireo Health. The transaction helps Verano grow its footprint into New York, as the state confirms its legal adult-use cannabis market.
a leading global cannabis lifestyle and consumer packaged goods company, Tilray Brands, Inc., has disclosed that its medical cannabis unit, Tilray Medical, has finished its first sale of medical cannabis in Malta.
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