Medical Cannabis Market Size to Hit USD 33,210.21 Million by 2027 at 18.14% CAGR – Report by Market Research Future (MRFR)

New York, USA, Nov. 03, 2022 (GLOBE NEWSWIRE) — Medical Cannabis Market Overview:

According to a Comprehensive Research Report by Market Research Future (MRFR),  “Medical Cannabis Market Information By Product Type, Derivative, Application, Distribution Channel, and Region – Forecast till 2027, the market size is expected to cross USD 33,210.21 million by 2027 at CAGR of 18.14% during the forecast period 2020-2027. 

Market Scope:

For the treatment of symptoms and diseases like cancer, chronic pain, and mental disorders, doctors may recommend medical cannabis, often known as medical marijuana. Cannabidiol (CBD) and tetrahydrocannabinol (THC) are the two main cannabinoids produced from this plant that have medical benefits (CBD).

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Report Scope:

Medical Cannabis Market Competitive Outlook:

The major players of the Medical Cannabis market are mentioned below:

• Canopy Growth Corporation (Canada)
• GW Pharmaceuticals PLC (UK)
• Aurora Cannabis (Canada)
• Aphria, Inc. (Canada)
• Maricann Inc. (Canada)
• Tilray (Canada)
• Cannabis Sativa Inc. (US)
• GBSciences Inc. (US)
• United Cannabis (US)
• Medical Marijuana, Inc. (US)
• CanniMed Ltd (Canada)
• MediPharm Labs (Canada)

Medical Cannabis Market Dynamics:

Market Drivers

Growth in the medical cannabis market is being fueled by a number of variables, including increased cannabis consumption, a greater prevalence of chronic diseases, and other considerations. Research and development of cannabinoids has risen in importance as the legalization of medical cannabis continues to spread across the world. However, rising illegal Maryjane use is anticipated to slow the global market’s expected growth. The expansion of the Medical Cannabis Market might be attributed to the wide variety of medical applications for cannabis.

The drug industry is expected to benefit from the growing legalization of the hemp plant in several countries for therapeutic purposes. Also, this could help the global medical cannabis market expand more rapidly than expected over the forecast time frame. The natural plant’s potential to provide relief from chronic pain, vomiting, and sleep difficulties may increase demand for medical marijuana and benefit the industry in the near future. Market projections indicate that in the near future, demand for cannabis’s natural leaves, which can power the market, will increase sharply due to the plant’s growing popularity as a disease preventative. Because of this, the demand for medical cannabis is rising rapidly, which is great news for the expansion of the medical cannabis market.

Market Restraints

The growing acceptance of cannabis as an ingredient in pharmaceuticals is likely to propel the business forward. It’s possible that the Medical Cannabis market will face difficulties as a result of the complicated administrative structure for cannabis use. Increasing cannabis abuse is a major factor slowing the expansion of the medical cannabis business. You should be aware that over 28% of people around the world regularly use illicit drugs, the most common of which is cannabis. Furthermore, cocaine, cannabis, rapture, and amphetamine were the most widely used illicit drugs among those aged 18 and up.

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COVID-19 Analysis:

The cannabis industry’s executive inventory network has been disrupted by the COVID-19 outbreak. There has been a worldwide lockdown, and as a result, dispensaries’ cannabis supplies have been depleted. Cannabis for Medical Use The covid-19 epidemic is stifling market expansion. Moreover, the lucrative Medical Cannabis industry has been impacted by the recent COVID-19 outbreak. Import and shipping companies have been affected by the disruption in supply chains brought on by lockdowns in small countries. But as the prevalence of diseases that respond well to Medical Cannabis grows, so too will the number of individuals who choose to pursue it as a treatment option. Despite the pandemic, the industry is anticipated to expand during the forecast time frame.

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Medical Cannabis Market Segmentation:

By Species

The cannabis indica strain has the largest supply on the market. Sleeplessness, muscle tension, chronic pain, migraines, and many more ailments can all be treated with medical cannabis.

The Use of Derivatives

Due to its lack of psychoactive effects and low toxicity, cannabidiol finds extensive usage in the medical field. THC is also effective at mitigating the side effects of treatment for HIV/AIDS and cancer.

By Application

Over the forecast time frame, the pain management subsector is likely to be the market’s primary driver.

By End-Use

Due to the growth of the e-commerce sector, the online pharmacy market is experiencing a considerable CAGR.

By Route of Administration

Oral arrangements and cases address the greatest portion, representing the biggest piece of the pie.

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Medical Cannabis Market Regional Analysis

Research and development activities for drug discovery using medical cannabis, rising incidence of chronic diseases like cancer and osteoarthritis, and rising awareness about the benefits associated with medical cannabis all point to Asia-Pacific as the region with the fastest growth rate over the forecast period. It’s safe to say that the expansion of the legal cannabis industry has been influenced by a number of macroeconomic factors, including rising disposable income, rising societal acceptance, and expanding knowledge of the product’s benefits.

The increasing prevalence of debilitating conditions including Parkinson’s disease, Alzheimer’s disease, cancer, and neurological diseases, as well as the rising popularity of cannabis oil in countries that have authorized medical marijuana, all contribute to the industry’s rapid expansion. Increases in cannabis legalization, advances in cannabis intellectual property rights, and advances in the plant’s genetics and the methods by which they can be modified all contribute to the region’s thriving cannabis business. For instance, in January of 2018, the government of Australia legalized the export of medical cannabis and cannabis-derived goods from the country.

Discover more research Reports on Healthcare Industry, by Market Research Future:

Cannabidiol (CBD) Market Trends, Growth and Size Analysis by Form (Solid and Liquid), Route of Administration (Tincture, Capsules, Inhalation (Smoke or Vapor), Aerosol Spray), Product (Food Grade and Therapeutic Grade), Application (Neurogenerative Disorder, Fibromyalgia, Diabetes, Protein Bars, Energy Drinks), End User (Food & Beverage, Healthcare), Source (Organic-Inorganic) and Region (North America, Europe, Asia Pacific, ROW) – Global Forecast till 2030

CBD Oil (Cannabidiol Oil) Market: Information By Type (Hemp-Derived & Marijuana-Derived), By Application (Cosmetics Industry, Food Industry, Pharmaceuticals Industry & Others) – Forecast till 2027

Medical Marijuana Market: Information By Product Type (Solid, Gas and Dissolvable/Powders), By Application (Alzheimer’s Disease, Cancer, Schizophrenia and Multiple Sclerosis), By Distribution Channel (Retail & Pharmacy Stores, Online Platforms) – Forecast till 2030

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