The medical cannabis market is expected to gain market growth during the forecast period from 2021 to 2028. Data Bridge Market Research analyzes that the market is growing at a CAGR of 25.16% during the forecast period from 2021 to 2028 it is expected to reach $ 67,354.01 million. by 2028. Increased medical use and legalization of cannabis is acting as a driver for the medical cannabis market.
Cannabis is a psychoactive drug 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, such as chronic pain, cancer, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, AIDS and Alzheimer’s. others.
The increasing use of cannabis in cosmetics can be seen as an engine for the medical cannabis market. The complex regulatory structure for cannabis use is a constraint on the medical cannabis market. The development of new products with an increase in R&D activities can act as an opportunity for the medical cannabis market. The rise of the black marijuana market is a challenge for the medical cannabis market.
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Scope of the global medical cannabis market and market size
The medical cannabis market is classified into eight notable segments that are based on product, source, species, derivatives, application, route of administration, end user, and distribution channel. Cross-segment growth helps you analyze growth niches and strategies to get closer to the market and determine your core application areas and the difference in your target markets.
- Depending on the product, the medical cannabis market is segmented into oil, medicinal cannabis capsules, patch, whole flower, ground flower, vape pen, dry medicinal cannabis, creams and moisturizer, mask and serum, cleanser and others. By 2021, the oil segment is expected to dominate the medical cannabis market due to the adoption of high technology by key market players.
- According to the source, the medical cannabis market is divided into synthetic and natural. In 2021, the synthetic segment is expected to dominate the medical cannabis market due to rising health spending.
- Depending on the species, the medical cannabis market is segmented into indica, sativa and hybrid cannabis. In 2021, the Indian cannabis segment is expected to dominate the medical cannabis market due to the increasing medical use of cannabis.
- Based on the derivatives, the medical cannabis market is segmented into cannabidiol (CBD), tetrahydrocannabinol (THC) / delta-8-tetrahydrocannabinol, cannabinol, cannabigerol (CBG) and others. In 2021, the cannabidiol (CBD) segment is expected to dominate the medical cannabis market due to the growing demand for medical marijuana products in the market.
- Depending on the application, the medical cannabis market is segmented into Alzheimer’s disease, loss of appetite, cancer, epilepsy, autism, mental health conditions, multiple sclerosis, pain management, nausea, muscle spasms, arthritis, elevated l mood, depression and sleep disorders, anxiety and others. In 2021, the Alzheimer’s disease segment is expected to dominate the medical cannabis market due to increased R&D activities.
- Depending on the route of administration, the medical cannabis market is segmented into oral solutions and capsules, smokers, vaporizers, clichés and others. By 2021, the oral and capsule solutions segment is expected to dominate the medical cannabis market due to the increasing prevalence of chronic diseases.
- From the end user, the medical cannabis market is segmented into the pharmaceutical industry, research and development centers, home care settings, hospitals and rehabilitation centers, and more. By 2021, the pharmaceutical industry segment is expected to dominate the medical cannabis market due to the growing geriatric population and the prevalence of chronic diseases.
- According to the distribution channel, the medical cannabis market is segmented into B2B and B2C. By 2021, the B2B segment is expected to dominate the medical cannabis market due to the growing demand for medical and clinical cannabis.
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Country-level analysis of the medical cannabis market
The medical cannabis market is analyzed and the market size information is provided by the country, product, source, species, derivatives, application, route of administration, end user and distribution channel as referenced above.
The countries covered in the World Medicinal Cannabis Market Report are the United States, Canada, Mexico, Germany, France, the United Kingdom, Italy, Spain, Russia, the Netherlands, Switzerland, Belgium, Turkey, and the rest of Europe, Japan. , China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, United Arab Emirates, Egypt, Israel, Rest of the Middle East and Africa.
The United States dominates the North American medical cannabis market due to the high legalization of cannabis in the country. Germany dominates the European medical cannabis market due to the high legalization of cannabis in the country. Australia dominates the medical cannabis market in Asia and the Pacific due to the strong presence of market players in the region.
The country section of the report also provides individual market-affecting factors and changes in domestic market regulation that affect current and future market trends. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import and export tariffs are some of the key indicators used to predict the market scenario for individual countries. In addition, the presence and availability of global brands and the challenges they face due to the high or low competition of local and national brands, the impact of sales channels is taken into account while providing a forecast analysis of country data.
Competitive landscape and analysis of the medical cannabis market share
The competitive landscape of the medical cannabis market provides details per competitor. Included details are company overview, company finances, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, strengths and weak company, product launch, product testing, product approvals, patents, product width and breath, application mastery, technology lifeline curve. The above data is only related to the company’s approach to the medical cannabis market.
The main players operating in the World Medical Cannabis Market Report are Tilray, Elixinol Global Limited, Medical Marijuana, Inc., Extracts, Peace Naturals Project Inc., BOL Pharma, PharmaHemp, Kiehl’s (a subsidiary of L’ORÉAL). , Vermont Hemp Health. , Discover Health LLC, ENDOCA, Pacific Roots, CANOPY GROWTH CORPORATION, Aurora Cannabis, GW Pharmaceuticals plc., Harmony, Pure Ratios, MARY’s nutritionals, Bioactive Solutions, Inc., Upstate Elevator Supply Co., FOLIUM BIOSCIENCES, EcoGen Biosciences, Althea Company, Pty Ltd (a subsidiary of Althea Group Holdings Limited), Apothecanna, Zenabis Global Ltd, Cresco Labs, IDT Australia, MEDIFARM, Greenwich Biosciences, Inc., MediPharm Labs Inc., THC Global Group Limited, Seed Cellar, CANNABIS SEEDS USA, Seeds For Me, HUMBOLDT SEED COMPANY, Crop King Seeds, BARNEY’S FARM and Aphria Inc., among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Companies around the world are also embarking on many product developments that are also accelerating the growth of the medical cannabis market.
- In February 2021, MediPharm Labs Inc. received the cannabis drug license. This was considered a milestone, as MediPharm Labs will now be able to manufacture and distribute pharmaceuticals with cannabis as a component. This will help boost market growth in the coming years.
This new product launched by the company has increased its protein estimation portfolio in the market. The collaboration, joint ventures and other strategies of the market agent are improving the business market in the medical cannabis market, which also offers the benefit for the organization to improve its supply by cannabis market. medicinal.
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