" In the current business landscape, there is a growing demand for highly focused, comprehensive, and detail-oriented market information. The adoption of market reports has become essential for businesses as it aids in better decision-making, revenue generation, prioritizing Medical Cannabis Market goals, and ensuring profitable operations. The research and analysis conducted in this industry report provide businesses with a clear understanding of available market dynamics, expectations, competitive environments, and strategies to outperform competitors. The Medical Cannabis Market document can be tailored to include a price trend analysis of target brands, understanding the market for additional countries (as per the request of a list of countries), literature review, renovated market insights, and product-based analyses.
A global Medical Cannabis Market research report offers a complete overview of the market, covering various aspects such as product definition, segmentation based on various parameters, and the prevailing vendor landscape. This business report helps businesses stay up-to-date on the entire market and provides a holistic view, offering market potential for each geographical region based on growth rates, macroeconomic parameters, consumer preferences, buying patterns, and supply-demand scenarios. The leading Medical Cannabis Market report is a reliable source of market information that guides businesses in better decision-making and outlines effective business strategies.
Explore Further Details about This Research Medical Cannabis Market Report https://www.databridgemarketresearch.com/reports/global-medical-cannabis-market
The rising number of patients related to chronic diseases globally and an increased inclination towards a healthy lifestyle are some of the factors that are expected to drive market growth. In addition, the rise in the number of product approvals and increasing R&D activities for medical cannabis devices are expected to drive market growth. However, the high cost of medical cannabis devices and procedures, medicinal drugs, safety concerns and adverse effects associated with laser procedures, and lack of awareness about the treatment from laser devices are expected to restrain the market growth. Additional technological advancements in medical cannabis and strategic initiatives by emerging players are expected to act as opportunities for market growth. However, stringent regulations and a lack of skilled professionals are expected to pose a challenge to market growth.
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.
REPORT METRIC | DETAILS |
Forecast Period | 2023 to 2030 |
Base Year | 2022 |
Historic Year | 2021 (Customizable to 2015 – 2020) |
Quantitative Units | Revenue in USD Million |
Segments Covered | Product (Oil, Medical Cannabis Capsules, Patch, Whole Flower, Ground Flower, Vape Pen, Dried Medical Cannabis, Creams & Moisturizer, Masks & Serum, Cleanser, and Others), Source (Natural and Synthetic), Species (Cannabis Indica, Sativa, and Hybrid), Application (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, Depression and Sleep Disorders, Anxiety, and Others), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC)/ Delta-8-Tetrahydrocannabinol, Cannabinol (CBN), Cannabicyclol (CBL), Cannabichromene (CBC), Cannabigerol (CBG), and Others), Treatment Type (Expectorant, Antiviral, Analgesic, Aphrodisiac, Psychedelic, and Others), Route of Administration (Oral Solutions and Capsules, Smoking, Vaporizers, Topicals, and Others), End User (Pharmaceutical Industry, Research and Development Centers, Homecare Setting, Hospital, Rehab Centers, and Others), Distribution Channel (B2B and B2C) |
Countries Covered | U.S., Canada, and Mexico, Germany, Italy, U.K., Austria, Poland, Lithuania, Ireland, Netherlands, Norway, Switzerland, France, Russia, Spain, Hungary, Belgium, Turkey, and Rest of Europe, Australia, Thailand, South Korea, Japan, China, New Zealand, Singapore, India, Taiwan, Malaysia, Philippines, and Rest of Asia-Pacific, Brazil, Argentina, Peru, and rest of South America, Israel, South Africa, Lebanon, U.A.E., Kuwait, and rest of Middle East and Africa |
Market Players Covered | MediPharm Labs Inc., Tilray, Aurora Cannabis, JAZZ Pharmaceuticals Inc. (GW Pharmaceuticals plc), HEXO Corp. (Zenabis Global Ltd), Cresco Labs, Peace Naturals Project Inc., CANOPY GROWTH CORPORATION, Medical Marijuana, Inc., Seed Cellar, EcoGen Biosciences, CANNABIS SEEDS USA, Seeds For Me, HUMBOLDT SEED COMPANY, Extractas, World Class Cannabis Seeds (Crop King Seeds), BARNEY'S FARM, FOLIUM BIOSCIENCES, PharmaHemp, Elixinol Global Limited, ENDOCA, Harmony, MARY’S nutritionals, LLC, Pure Ratios, Greenwich Biosciences, Inc., Upstate Elevator Supply Co., Apothecanna, BOL Pharma, and IDT Australia among others |
Market Definition
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 increased medicinal use of cannabis, the controlled legalization and use of cannabis in various industries, and the advanced methodologies present in the field are some of the factors expected to drive market growth.
Global Medical Cannabis Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail as below:
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).
Medical marijuana uses the marijuana plant or chemicals in it to treat diseases or conditions apart from the approved drugs, there is an increased interest in two cannabinoids which are delta-9-tetrahydrocannabinol and cannabidiol. Tetrahydrocannabinol is shown to improve appetite, minimize fatigue, and manage muscle function issues while cannabidiol is effective for managing epileptic seizures, curing psychiatric illness, and reducing inflammation.
- 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.
The legalization of marijuana in different parts of the world can be seen as an effort to increase the additional revenue, this way there will be a boost in the revenue without raising taxes. The legalization of cannabis will allow more consumption of it for medicinal or recreational purposes. Moreover, it will also boost the cannabis business, thus creating more demand for cannabis. Hence, the legalization of cannabis is expected to drive market growth.
Key questions answered in the Medical Cannabis Market report:
- What will the market development pace of the Medical Cannabis Market?
- What are the key factors driving the Global Medical Cannabis Market?
- Who are the key manufacturers in the Medical Cannabis Market space?
- What are the market openings, market hazard and market outline of the Medical Cannabis Market?
- What are sales, revenue, and price analysis of top manufacturers of Medical Cannabis Market?
- Who are the distributors, traders, and dealers of Medical Cannabis Market?
- What are the Medical Cannabis Market opportunities and threats faced by the vendors in the Global Medical Cannabis Market industries?
- What are deals, income, and value examination by types and utilizations of the Medical Cannabis Market?
- What are deals, income, and value examination by areas of enterprises?
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