Medical Cannabis Market Share, Growth, Size, Opportunities, Trends, Overview and Leading Company Analysis

Data Bridge Market research has a newly released expansive study titled “Medical Cannabis Market ” which guarantees you will remain better informed than your competition. This study provides a broader perspective of the marketplace with its comprehensive market insights and analysis which eases survival and success in the market.

Cannabis is a psychoactive drug that is derived from the cannabis plant of the Cannabaceae family. For several years, it has been used medicinally and has a wide range of applications in the treatment of various diseases including chronic pain, cancer, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, AIDS, and Alzheimer’s among others.

The use of cannabis as medicine is not rigorously tested due to government restrictions and resulting in limited clinical research to define the efficacy of cannabis in medical and clinical applications. However, preliminary studies suggest that cannabis reduces vomiting and nausea in chemotherapy patients and helps in increasing appetite.

Data Bridge Market Research analyzes that the global medical cannabis market is expected to grow at a CAGR of 22.8% during the forecast period of 2023 to 2030.

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The growing geriatric population across the globe is expected to drive the market growth rate

The growing geriatric population across the globe is more susceptible to chronic illness which requires more physician visits. The steadily aging population suffers from various health conditions including diabetes, depression, and dementia among others. Medical cannabis has the properties to treat these diseases and therefore, the growing population is playing a significant role. This growing and aging population, along with the expansion of cannabis programs across the U.S., has inevitably led to the consumption of cannabis by more elderly persons for reported medical purposes as well as for personal use. The geriatric population may benefit from cannabis treatment for a variety of symptoms, such as chronic pain, sleep difficulties, tremor, spasticity, agitation, nausea, vomiting, and reduced appetite

Drivers

• Increased use of cannabis in medicines

Medicinal cannabis is derived from cannabis plants and can be used to treat symptoms of certain medical conditions, and the side effects of some treatments. The most common form of medicinal use of cannabis is pain management. There has been gradual acceptance and use of medicinal cannabis with the growing number of countries that have legalized the use of cannabis for various indications. Medical cannabis has been approved for use by the FDA for three indications which are rare and severe forms of epilepsy, Dravet syndrome, and Lennox-Gastaut syndrome and also to treat the spasticity in Multiple Sclerosis (MS).

•  Legalization of Cannabis

The use and acceptance of medicinal cannabis continue to evolve, as the growing number of states are permitting the use of specific medical indications. Many countries have legalized marijuana for either medicinal or recreational purposes while some other countries with restricted use. In recent years, a growing number of states in the U.S. have legalized the drug for medical or recreational purposes. With the widespread legalization of cannabis, many companies are also becoming proactive and are taking initiatives for the complete legalization of cannabis.

Market Development

• In February 2021, GW Pharmaceuticals plc announced that it has entered into an agreement with Jazz to acquire GW Pharmaceuticals. After the closing of the transaction, the combined company will be the leader in neuroscience with a global footprint. This will help the company to diversify its market and grow in the coming years.
• In February 2021, Zenabis Global Inc. announced that it has undergone a strategic agreement with HEXO Corp. under which it will be acquired by the company. This strategic initiative by the company has increased its foothold in the European market.
• In November 2020, Aurora Cannabis announced that it has entered into a strategic supply agreement with Cantek Holdings. The agreement will help in supplying cannabis products in Israel and will help the company in diversifying its market.
• In October 2020, MediPharm Labs Inc. became the first company to launch THC-Free, 99% Pure CBD Isolate crystals in consumer size. The product contains only trace amounts of THC (less than 0.25%) and can be beneficial for a wide range of applications in terms of wellness. The product was made available at retail stores. This has helped the business of the company to grow and in turn, is fuelling the market growth.
• In December 2019, Tilray announced its merger with Privateer Holdings, Inc. which invests in the legal cannabis industry. This will help the company to grow in the coming years.

Major Players

Data Bridge Market Research recognizes the following companies as the major market players in the global medical cannabis market that include MediPharm Labs Inc. (Canada), Tilray (Canada), Aurora Cannabis (Canada), JAZZ Pharmaceuticals Inc (GW Pharmaceuticals plc) (U.K.), HEXO Corp. (Zenabis Global Ltd) (Canada), Cresco Labs (U.S.), Peace Naturals Project Inc. (Canada), CANOPY GROWTH CORPORATION (Canada), Medical Marijuana, Inc. (U.S.), Seed Cellar (U.S.), EcoGen Biosciences (U.S.), CANNABIS SEEDS USA (U.S.), Seeds For Me (U.S.), HUMBOLDT SEED COMPANY (U.S.), Extractas (Australia), World Class Cannabis Seeds (Crop King Seeds), BARNEY’S FARM (U.K.), FOLIUM BIOSCIENCES (U.S.), PharmaHemp (Slovenia), Elixinol Global Limited (Australia), ENDOCA (Netherlands), Harmony (U.S.), MARY’S nutritionals LLC (U.S.), Pure Ratios (U.S.), Greenwich Biosciences, Inc. (U.S.), Upstate Elevator Supply Co. (U.S.), Apothecanna (U.S.), BOL Pharma (Israel), and IDT Australia (Australia) among others.

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Medical Cannabis Market Scope

Product

• Oil
• Dried Medical Cannabis
• Medical Cannabis Capsules
• Vape Pen
• Whole Flower
• Creams & Moisturizer
• Ground Flower
• Patch
• Masks & Serum
• Cleanser
• Others

On the basis of product, the market is segmented into oil, medical cannabis capsules, patch, whole flower, ground flower, vape pen, dried medical cannabis, creams & moisturizer, masks & serum, cleanser, and others.

Source

• Synthetic
• Natural

On the basis of source, the market is segmented into synthetic and natural.

Species

• Cannabis Indica
• Sativa
• Hybrid

On the basis of species, the market is segmented into cannabis indica, sativa, and hybrid.

Derivatives

• Cannabidiol (CBD)
• Tetrahydrocannabinol (THC)/ Delta-8-Tetrahydrocannabinol
• Cannabigerol (CBG)
• Cannabichromene (CBC)
• Cannabinol (CBN)
• Cannabicyclol (CBL)
• Others

On the basis of derivatives, the market is segmented into Cannabidiol (CBD), tetrahydrocannabinol (THC)/delta-8-tetrahydrocannabinol, Cannabinol (CBN), Cannabicyclol (CBL), Cannabichromene (CBC), Cannabigerol (CBG), and others.

Application

• Pain Management
• Anxiety
• Muscle Spasm
• Nausea
• Appetite Loss
• Eating Disorders
• Inflammatory Bowel Diseases
• Cancer
• Arthritis
• Wasting Syndrome (Cachexia)
• Alzheimer’s Disease
• Epilepsy
• Depression and Sleep Disorder
• Multiple Sclerosis
• Autism
• Mental Health Conditions
• Elevate Mood
• Others

On the basis of application, the market is segmented into alzheimer’s disease, appetite loss, cancer, inflammatory bowel diseases, eating disorders, epilepsy, autism, mental health conditions, multiple sclerosis, pain management, nausea, muscle spasms, wasting syndrome (cachexia), elevate mood, multiple sclerosis, depression and sleep disorders, anxiety, and others.

Route of Administration

• Oral Solutions and Capsules
• Smoking
• Vaporizers
• Topicals
• Others

On the basis of route of administration, the market is segmented into oral solutions and capsules, smoking, vaporizers, topicals, and others.

Treatment Type

• Analgesic
• Psychedelic
• Antiviral
• Aphrodisiac
• Expectorant
• Others

On the basis of treatment type, the market is segmented into expectorant, antiviral, analgesic, aphrodisiac, psychedelic, and others.

End User

• Homecare Setting
• Hospital
• Rehab Centers
• Pharmaceutical Industry
• Research and Development Centers
• Others

On the basis of end user, the market is segmented into pharmaceutical industry, research and development centers, homecare settings, hospital, rehab centers, and others.

Distribution Channel

• B2B
• B2C

Key Advantages of the Report: 

• This study provides an analytical overview of the industry, including current trends and future predictions to identify potential investment opportunities.
• The report offers insights into key drivers, limitations, and prospects, along with a comprehensive market share analysis.
• The report quantitatively assesses the current market, shedding light on its growth prospects.
• A Porter’s five forces analysis gauges the bargaining power of buyers and suppliers in the market.
• The report delivers an in-depth market analysis that considers competitive dynamics and forecasts the future competitive landscape.

What to Anticipate from the Report – A 7-Point Guide:

• The report delves into the holistic strategy and innovation within the market ecosystem.
• It highlights prominent market drivers and obstacles, providing clarity on technological standardization and regulatory frameworks.
• The report evaluates various implementation models and examines numerous use cases.
• Serving as a valuable resource, the report offers essential industry insights, showcasing information on new investments, stakeholders, relevant contributors, and market participants.
• Through the forecast period, the report conducts a thorough market analysis, referencing historical developments, ongoing events, and future growth prospects.

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