- Increasing demand for pain management products is expected to be a significant factor driving the global medical cannabis market during the forecast period.
- Medical cannabis is poised to become one of the most significant new consumer sectors in the US, as per recent tendencies.
ALBANY, N.Y., May 24, 2022 /PRNewswire/ -- The value of global medical cannabis market stood at US$ 8 Bn in 2018. The global market is likely to rise at a CAGR of 26.6% during the forecast period, from 2019 to 2027. The future market outlook for medical cannabis predicts the market value to reach US$ 52.8 Bn by 2027. Legislative measures that have played a key part in the legalization of cannabis use are expected to propel medical cannabis use to unprecedented heights. Furthermore, these legal reforms have resulted in an increase in cannabis cultivation for therapeutic and medicinal uses. The surge in medical cannabis demand is primarily supported by research and scientific developments that provide useful insights into the possible advantages of medicinal cannabis in the treatment of a variety of ailments.
Research has been essential in raising understanding about the relationship between cannabinoids and human physiology. Furthermore, while medicinal cannabis is expected to draw large investment during the evaluation phase, it is also expected to provide significant STEM career possibilities. In recent years, research and development efforts have shifted to examining the physiology and biology of cannabinoids and a variety of other bioactive substances derived from cannabis.
In Canada, the US, Canada, and some European Union countries, medicinal cannabis use is expected to expand at an unprecedented rate are expected to have largest revenue share in the medical cannabis market. Medical cannabis is on track to become one of the most significant new consumer categories in the US, according to current developments.
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Key Findings of Market Report
- The global medicinal cannabis market is growing as the use of cannabidiol (CBD) in a variety of medical applications grows. Medical cannabis market demand analysis attributes the rising use of cannabidiol to growing legislation and cultural acceptance of medical cannabis. Furthermore, the FDA's clearance of CBD hemp oil for epilepsy therapy has increased its use in the pharmaceutical business. As a result, corporations are continuing to develop medicinal solutions by enhancing CBD-based medication.
- Musculoskeletal disorders are a common source of chronic pain and physical impairment. Musculoskeletal issues become more common as people get older. According to a study published in the Osteoarthritis Cartilage journal, over 27 million individuals in the US and 8.5 million individuals in the UK have osteoarthritis. Medical cannabis, according to a research published in the Journal Pain (2017), could be a safe as well as an effective therapy for osteoarthritis (OA) joint pain. As such, OA is likely to have a considerable market share for medical cannabis in the years to come.
- The change in tide amongst consumers toward plant-based medicines, increasing preference for natural remedies over prescription pharmaceuticals, and considerable growth in wellness are all likely to boost growth opportunities for the key players in the medical cannabis market.
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Global Medical Cannabis Market: Growth Drivers
- A mix of economic, social, and political factors are projected to drive the expansion of the medical cannabis market during the forecast timeline. Currently, about 30 countries have allowed the medicinal use of medical cannabis as well as cannabis extracts, and this number is expected to rise throughout the forecast timeline. This factor is expected to boost the market for medical cannabis.
- Clinical research initiatives are expected to acquire significant traction in the future years, despite the fact that the medical cannabis sector is still in its infancy. Minimizing discomfort, nausea, and alleviating the many symptoms of Parkinson's disease are just a few of the most promising advantages of medicinal cannabis.
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Global Medical Cannabis Market: Key Players
Some of the key market players are
- The Supreme Cannabis Company, Inc.
- Emerald Health Therapeutics
- Canopy Growth Corporation
- Cannabis Sativa, Inc.
- Medical Marijuana, Inc.
- GW Pharmaceuticals plc
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Global Medical Cannabis Market: Segmentation
Derivative
- Cannabidiol [CBD]
- Tetrahydrocannabinol [THC]
- Others
Application
- Mental Health Management
- Neurological Disorders Management
- Pain Management
Route of Administration
- Nasal
- Oral
- Others
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
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Cannabis Testing Market: The global cannabis testing market is broadly divided into two that is test type and end-user. Based on test type, cannabis testing can be segmented into terpene profiling, pesticide screening, potency testing, residual solvent screening, genetic testing, microbial analysis, and heavy metal testing.
Cannabis Pharmaceuticals Market: The shape of the cannabis pharmaceuticals market is expected to be molded by the changing dynamic of the regulatory landscape. A large part of negative public perception of cannabis products has been associated with the recreational use of TSH, a key psychoactive element of cannabis.
Legal Marijuana Market: The promotional activities and marketing strategies to create product awareness and understand the benefits of marijuana in treatment procedures may lead to significant growth of the legal marijuana market.
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