AUG 18,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Medical Marijuana Market.
The Medical Marijuana Market is estimated to grow from USD 21.1 billion in 2020 to USD 53.0 billion by 2026 at a healthy CAGR of 17% during the forecast period.
Medical marijuana is also known as medical cannabis is a herbal drug derived from plants of cannabis. This is used as a part of the treatment for specific diseases. Medical marijuana is particularly classified as cannabis Indica and cannabis Sativa, which originate from the countries of central & south Asian region and the western hemisphere respectively.
Market Dynamics
The global market growth is primarily driven by the increasing usage of medical marijuana in various medical applications including mental disorders, arthritis, chronic pain, and cancer among others.
- The continuous investment in research and development activities to provide intervention for various diseases and symptoms is likely to boost the product demand at a significant rate.
- The increase in several countries legalizing the use of marijuana for medical and recreational purposes is likely to create lucrative opportunities for the market players.
Segment Analysis
Application Trends
Based on application, the market has been divided into chronic pain, mental disorders, cancer, and others.
- The chronic pain segment accounted for the largest share in 2020 on account of increasing number of clinical trials using marijuana to treat chronic pain.
- The cancer segment is projected to grow at the fastest CAGR during the review period.
Regional Trends
The market in North America accounted for the largest market share of around 45% in 2020 due to presence of key market players such as Medical Marijuana, Inc. (US), Canopy Growth Corporation (Canada) and Aurora Cannabis Inc. (Canada).
Additionally, an increasing number of states legalizing the use of marijuana for medical purposes in the US is likely to play a significant role in the regional market growth. The market in the Asia-Pacific region is projected to register a healthy growth rate on account of rising awareness regarding product benefits, particularly in China and India.
Key Players:
- Tilray (The U.S),
- Canopy Growth Corporation (Canada),
- Aurora Cannabis Inc. (Canada),
- Maricann Group Inc. (Canada),
- Aphria Inc. (Canada),
- Tikun Olam (Israel),
- GW Pharmaceuticals (UK),
- Cannabis Sativa (The U.S),
- Medical Marijuana, Inc. (The U.S), and
- MedReleaf Corp. (The U.S).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Medical Marijuana Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors