Global Medical Marijuana Market Opportunities, Current Trends And Restraints Forecast 2023

 Market Highlights

The Global Medical Marijuana Market is expected to register a CAGR of 34.0% to reach USD 54,677.1 Million by 2023.

Marijuana is a plant having some chemical compound “cannabis” that has medical property. This plant is used as a raw material by various pharmaceutical companies to manufacture drugs for various therapeutic applications. Marijuana plants extracts are used to treat the disease and various conditions caused by the disease such as the central nervous system, cancer, Alzheimer’s and used in anti-aging products.

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The rising prevalence of chronic diseases, growing therapeutic applications of the marijuana plant, growing acceptance of marijuana for medical treatment in many countries, and increasing the authorization of marijuana are anticipated to drive the market growth.

The American accounts the largest market share in 2017. Followed by America, Europe holds the second position and represents 5.5% of the entire market. Europe holds the second position owing to the increasing demand of marijuana for the treatment of neural problems and various chronic diseases. In Europe, West Europe holds the largest share. Whereas the Asia-Pacific is expected to register the fastest CAGR. 

Regional Analysis

Geographically, the global medical marijuana market has been segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa. As per MRFR analysis, the Americas was the largest market for medical marijuana in 2017 and is expected to remain dominant during the review period. Europe accounted for a significant market share and is projected to be the second-largest market during the forecast period. Major factors influencing the growth of the market increasing demand for marijuana-based medicines for the treatment of chronic diseases such as Alzheimer, Cancer, and respiratory problems. The Asia-Pacific medical marijuana market is one of the fastest growing regions across the globe.

Key Findings of the Study:

  • The Global Medical Marijuana Market is projected to reach over USD 54,677.1 Million by 2023 at 0% CAGR during the review period of 2018 to 2023.
  • Americas accounted for the largest market share with North America being the major contributor to the growth of the market.
  • By product type, the dissolvable/powders segment is projected to register the highest CAGR of 34.4% during the forecast period due to its ease of use.
  • Key manufacturers are adopting geographic expansions, corporate acquisitions, and product launches as growth strategies. Moreover, they are focusing on e-commerce for distribution.

 

Market Players

Market Research Future (MRFR) recognizes Canopy Growth Corporation (US), Cannabis Sativa Inc (Nevada), GW Pharmaceuticals Plc (US), Emerald Health Therapeutics Inc. (Victoria, BC), Tilray (Nanaimo, BC), Aphria (Ontario), CanniMed Ltd (Canada), Cara Therapeutics (US), Pfizer Inc. (US), Medical Marijuana Inc(US), GBSciences Inc.( Nevada) and MediPharm Labs(US).as the key players in the global medical marijuana market.

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Segment Analysis

The global medical marijuana market is segmented into product type, application, and distribution channel. On the basis of product type, the market is segmented into solids, dissolvable/powders, oil, and ointments & creams. The dissolvable/powders segment is expected to lead the market and register a substantial CAGR to reach USD 22,648.8 million by the end of 2023. Due to the affordability and convenience in using drives, the demand for this segment. The global medical marijuana market by application is segmented into Alzheimer’s disease, cancer, schizophrenia, and multiple sclerosis. On the basis of distribution channel, the market is segmented into retail & pharmacy stores, online platforms, and others.

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