Global Medical Marijuana Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024
The Global Medical Marijuana Market is expected to increase from USD 8,280.6 million in 2017, to USD 28,070.0 million by 2024, growing at a exponential CAGR of 19.1% from 2018 to 2024.
The global medical marijuana market is mainly driven by the use of marijuana in the treatment of various diseases and government support for legalizing it for medical purposes. The years used for the assessment are as follows;
Historical year : 2014, 2015, 2016
Base year : 2017
Forecast period : 2018 – 2024
The research and analysis is based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, government reports, articles, publications, annual reports, white papers, and other secondary sources.
Interacting with key opinion leaders of the market and developing data points based on interaction with them.
Study of past trends in the market and their year on year impact on the market size and share.
Analyzing the collected data points.
Bridging the data points to calculate the total global medical marijuana market and it various segments.
Anticipating potential risks.
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the medical marijuana market.
Finalizing the overall size and share for the global medical marijuana market.
To classify and forecast the growth prospect of the global medical marijuana market on the basis of type, application, chemical derivatives, end-use and region.
To analyze market trends, opportunity, growth drivers and restraints associated with the global medical marijuana market.
To provide historical, current, and future forecast of the market in terms of revenue.
To profile key companies operating in the global medical marijuana market and provide their competitive landscape.
The research scope for global medical marijuana market is as follows:
By Medical Application
Inflammatory bowel diseases
By Chemical Derivatives
CBD Tinctures or Liquids
Hybrid (combination of TCH & CBD)
Research & Development Centers
Central & South America (CSA)
Middle East & Africa (MEA)
The global medical marijuana market is expected to grow significantly from USD 8,280.6 million in 2017 to USD 28,070.0 million in 2024, at a CAGR of 19.1% from 2018 to 2024. Significant demand on account of the medicinal properties of marijuana that are used in the treatment of several chronic diseases has boosted the market growth over the next seven years. In addition, several favorable regulations along with high end research and development have fostered market growth over the forecast period.
Medical marijuana is used as the whole plant or plant extract for the treatment of various diseases. THC (delta-9-tetrahydrocannabinol) is the main active mind-altering (psychoactive) substance found in marijuana plant having medical properties to treat vomiting, nausea, and other medical conditions. THC (delta-9-tetrahydrocannabinol) is also used to treat appetite in patients suffering from AIDS.
Relevant research followed by experiments on medical marijuana has given evidence that it serves as an effective drug for the treatment of various diseases. Hence, the medical marijuana industry is expected to witness growth across the globe in the coming years. After the legalization of medical marijuana in the 29 states of the U.S, a vivid spending on the industry would be followed by other nations in order to meet the developmental growth of their respective healthcare sectors.
Studies on the use of medical marijuana for the treatment of multiple sclerosis and epilepsy have generated positive results. It has emerged as an effective treatment option for symptoms of vomiting, pain, appetite and nausea in cancer patients and has also proved to be a viable treatment option for the management of muscle spasticity and pain in people living with multiple sclerosis. Currently, few countries like U.S. and Australia are funding and encouraging the research and development activities related to the medical marijuana.
Additionally, various legislative actions across the globe have legalized marijuana for medical use. Different authorities for varied regions are responsible for the administration of marijuana use. The International Narcotics Control Board (INCB) is the United Nation’s control body for international drug conventions; which maintains the record of how much cannabis is produced and consumed domestically, as well as the amount of cannabis which is imported or exported. It is mandatory that the permit should be approved, before the trade commences.
Moreover, the willingness of people to invest in their health and seek better treatment options has lead to various innovations in the industry. However, legality of marijuana in various nations is a key restraint to the growth of the market. Furthermore, entry of new market players has intensified the competition in the industry.
Some of the key companies operating in the industry include Cannabis Sativa, Inc; GrowBlox Sciences, Inc.; GW Pharmaceuticals PLC; United Cannabis Corporation; Corbus Pharmaceuticals; Insys Therapeutics, Inc.; Lexaria Corporation; Canopy Growth Corporation; Growblox Sciences, Inc; Aurora Cannabis; AXIM Biotechnologies Inc.; Medical Marijuana, Inc.; Arena Pharmaceuticals; and Cara Therapeutics.