Medical Marijuana Market forecasts on regional growth, industry players and more
Medical Marijuana Market size is set to exceed USD 55.0 billion by 2024; according to a new research study published by Global Market Insights, Inc. Growing demand for marijuana application in the treatment of chronic pain caused by neurological disorders, cancer, HIV/AIDS, and arthritis will drive the global medical marijuana market growth. Moreover, increasing preference of marihuana over opioid narcotics that cause various side lethal side effects will accelerate medical cannabis demand over the coming years.
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The global burden of pain-related diseases increased tremendously affecting more than 1500 million people worldwide; therefore, more cannabis approval for medical purpose are on horizon. With increasing number of product approvals in various regions across the globe, the medical marijuana industry size will expand significantly in upcoming years.
Medical marijuana pain management market segment is estimated to expand at 36% CAGR during the forecast period. Growing number of population affected with pain all around the globe is propelling the segment growth. In addition, medical marijuana has become an increasingly widespread alternative to traditional pain-relieving opioids which have lethal side-effects; thus, various advantaged associated with the use of cannabis for medical purpose will augment the medical marijuana pain management market growth.
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Topical medical marijuana market segment valued USD 349.1 million in 2017. Increase in demand for marijuana topical creams, ointments and patches for the treatment of various skin-related conditions will boost the demand for the same. Moreover, rising epidemiology of skin diseases with rapidly increasing ageing population will also lead to the marijuana demand proliferation.
The medical marijuana dispensaries market segment will witness substantial growth, expanding at a robust 36.2% CAGR over the forecast period. Increasing number of dispensaries set-up in various countries for the sale of legal medical marijuana products will create ample market growth opportunities in the near future.
Canada medical marijuana market is estimated to expand at 32% CAGR from 2018-2024. Presence of large number of medical marijuana companies such as Aurora Cannabis, Inc., Aphria, Inc. and CanniMed will enhance growth of the region. In addition, Canada is one of the countries that has completely legalized the production, sale and consumption of medical marijuana, thereby boosting sales in the coming years.
Germany medical marijuana market valued USD 805.5 million in 2017. Germany, being the largest economy of the European Union, have started covering medical marijuana patients. This move has resulted in maximum patient enrolments for health insurance reimbursements, hence augmenting Germany medical cannabis industry growth.
Prominent industry players in medical marijuana market include Canopy Growth, Aurora Cannabis, Inc., Medical Marijuana, Inc., GW Pharmaceuticals, Aphria, Inc., CanniMed Ltd., Tilray, Emerald Health Therapeutics, and MedReleaf Corp. Companies are opting for innovative strategies such as mergers, acquisitions, and partnerships to expand product portfolio, as well as enhance geographic reach for improving their position in the overall market place.
Medical marijuana market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Medical Marijuana Market by Application
- Pain Management
- Neuropathic Pain
- Cancer Pain
- Muscle Spasms
Medical Marijuana Market by Route of Administration
Medical Marijuana Market by Distribution Channel
The above information is provided for the following regions/countries:
- North America
- Czech Republic
- The Netherlands
- Rest of Europe
- Latin America
- Rest of the World