Global Medical Marijuana Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast: 2019–2028
“Global Medical Marijuana Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global medical marijuana market report has been segmented as per product type, application, and region.
Global Medical Marijuana Market: Overview
Medical marijuana is referred to medical cannabis is cannabinoids that are prescribed by a doctor to their patients. Medical marijuana is available in two forms including dried form and extracts from which are produced from dry leaves of the marijuana plant. In addition, medical marijuana is a special type of medicine which is used to treat several diseases such as cancer, chronic pain, arthritis, neurology, migraine, seizures, and others.
Global Medical Marijuana Market: Dynamics
Increasing demand for medical marijuana in developed and developing countries due to rising use of medical marijuana to treat many disorders including cancer, epilepsy, nerve damage, arthritis, multiple sclerosis, Parkinson’s disease, and others. This is a key factor projected to boost growth of the global market during the forecast period. In addition, legalizing medical marijuana in a number of countries and increasing the use of cannabis for recreational and medical purposes resulting in growing demand for medical marijuana across the globe. These are major factors expected to drive growth of the global medical marijuana market.
Increasing penetration of medical marijuana products across the globe and rising production of edible products with cannabis in many countries are expected to propel growth of the target market over the forecast period. In addition, growing geriatric population across the globe and an increasing number of medical marijuana clubs in many countries projected to proliferate growth of the global market.
Furthermore, increasing medical marijuana-related awareness programs conducted by private and public organizations across the globe and rising production of premium medical cannabis products by manufacturers. These are some factors expected to drive revenue growth of the target market.
However, factors expected to hamper growth of the global market include less penetration of medical marijuana products in semi-urban and urban areas. In addition, high cost associated with medical marijuana and strict FDA and other regulations in some countries is challenging factor that may affect growth of the target market.
Global Medical Marijuana Market: Segment Analysis
Among the application segments, chronic pain segment is expected to register highest growth in terms of CAGR in the global market, owing to increasing adoption of marijuana across the globe for pain management.
Global Medical Marijuana Market: Region Analysis
The North America medical marijuana market is expected to dominate in the global market in terms of revenue over the forecast period followed by a market in Europe. Presence of major medical marijuana manufacturers and increasing use of medical marijuana in a number of applications in countries in these regions. Market in Asia Pacific is projected to register significant growth in the global market, owing to increasing adoption of medical marijuana among aging population for chronic diseases. In addition, growing popularity of different medical marijuana products such as creams, lotions, gels, ointments, and others is expected to drive growth of the Asia Pacific medical marijuana market. The market in Middle East & Africa is estimated to register average growth in terms of revenue followed by the market in Latin America over the forecast period.
Global Medical Marijuana Market Segmentation:
Segmentation by Product Type:
- Extract Form
- Dried Form
Segmentation by Application:
- Chronic Pain
- Others (Migraine and Seizures)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Estimated Year 2020 Actual Year 2021 Forecast Period 2021–2030 Revenue in US$
- MedReleaf Corp.
- GW Pharmaceuticals plc
- Medical Marijuana, Inc.
- Aphria Inc.
- Canopy Growth Corporation
- Aurora Cannabis Inc.
- Cannabis Sativa, Inc.
- Green Relief Inc.
- Peace Naturals Project Inc.
- Insys Therapeutics, Inc.,
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