Global Medical Marijuana Market Size, Share, Growth, Trends, Company Analysis and Forecast 2019-2026

Published Date : Aug 2019 | No. of Pages : 140 Pages | Category : Healthcare

The global medical marijuana market size is exepected to reach USD 148.25 Billion by 2026 growing at a CAGR of 26.4% over the forecast period 2019 to 2026.

Marijuana is used for treating chronic pain that affects millions of people each year across the globe, thus increasing the demand for the product as a treatment procedure for medical conditions. Statistically, around 25 million people endure acute pain in the US. Moreover, several countries around the globe have made medical marijuana legal, i.e., it would allow people to use marijuana for health purposes; therefore, boosting the market for the medical marijuana market.

Side effects of the products include dizziness, fatigue, speech problem, constipation, and insomnia will hamper the growth of the market. Additionally, lack of data safety and problem in undertaking medical marijuana business is also estimated to hinder the growth of the market.

North America dominates the market of medical marijuana. The major contributors are the US and Canada. As of 2018, 30 U.S. states have permitted the application of medical marijuana. Moreover, the growing number of research studies in the US, encouraging and supporting marijuana's use for medical purposes will supplement the North American medical marijuana market growth.

In 2017, Oxford University went into a partnership with Kingsley Capital Partners, for the development of cannabis treatment for inflammatory and cancer diseases. These partnerships are expected to have a positive impact on the market of medical marijuana.

Further key findings from the report suggest

  • Countries are beginning to liberalize laws related to medical marijuana; the market is forecasted to witness a surge in demand. Statistically, the majority of the cannabis, are currently, sold through illicit channels.
  • Several countries have recognized the advantages of this product and are in the process of legalizing it.
  • With a rise in the volume of clinical trials and scientific studies, the demand for cannabis for clinical use is forecasted to grow over the forecast period. Medical marijuana held a market share of 53% in the year 2018.
  • Countries in North America have also started promoting derivatives such as oils, tinctures, and resins, along with products like vaporizers, among millennials who are considered primary consumers.
  • The oil segment is forecasted to grow with the highest CAGR of 27.1% in the forecast period. Hemp oil is in high demand among healthcare sector for clinical purposes.
  • Health concerns associated with smoking is another factor that stops doctors from prescribing it. Hence, oil or edible forms of marijuana are generally prescribed and are growing in demand.
  • On the basis of application, the market is segmented into Chronic Pain, Mental Disorders, Anorexia, Seizures, Muscle Spasm, Cancer, and Others.
  • Chronic pain dominated the market, with a share of 63% in the year 2018. Marijuana reduced pain and also improved the quality of life among patients.
  • On the basis of the route of administration, inhalation segment is forecasted to have the highest market share of 54% in the year 2026.
  • Inhalation provides an advantage of controlled dosage and effective absorption of cannabinoids into the body. This should increase the demand for inhalation marijuana over the coming years.
  • Dispensaries held a market share of 48% in the year 2018. These pharmacies sell various legal cannabis products in the form of tablets, vaporizers, balms, elixirs, and tinctures.
  • Patients usually prefer buying medical products from authorized and legal sources to abide by the government’s rules, thus maximizing the revenue by this segment.
  • Europe is forecasted to have a market share of 28% in the year 2026. Germany is the largest market for cannabis and thereby fuels the growth of the market in this region.

The report analyzes and forecasts the medical marijuana market at global and regional levels. The market has been forecast based on volume (Tons) and value (US$ Mn) from 2019 to 2026. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report comprises a detailed value chain analysis, which provides a comprehensive view of the global medical marijuana market. The Porter’s Five Forces model has also been included to help understand the competitive landscape of the market. The study encompasses market attractiveness analysis, wherein various applications have been benchmarked based on their market size, growth rate, and general attractiveness.

The study provides a decisive view of the medical marijuana market by segmenting it in terms of form and application. The segment has been analyzed based on the present and future trends. Regional segmentation includes the current and projected demand in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The report provides size (in terms of volume and value) of medical marijuana market for the base year 2018 and the forecast between 2019 and 2026. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

The main objective of this report is to aid the user in understanding the market as a whole, its definitions, segmentation, market potential, influential trends, and the barriers that it is facing. Meticulous research and analysis were an important part of the report preparation. Those reading the report will be able to get a detailed understanding about the market. Industry experts have verified and checked the data and information that have been taken from credible sources like websites, annual reports of companies, journals, and other resources. In order give the facts and data a pictorial form, diagrams, graphs, pie charts, and other representations have been used. That augments the visual appeal of the report and makes understanding it much easier.

Key Players:

Key participants Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, Cronos Group, Organigram Holdings, Inc., ABcann Medicinals, Inc., Tikun Olam, Insys Therapeutics, Inc., The Peace Naturals Project, MedReleaf Corporation, and GW Pharmaceuticals PLC.

Key financial developments of a particular company and product & company overview are some of the elements that help in acquiring information about top vendors in the market.  This particular section has also included a SWOT analysis of the companies featured in the report. This will help the audience in knowing about opportunities, strengths, threats and weaknesses that are facing by the key vendors in the chemical and material industry across the world. As the competitive landscape is the most valuable part of any report, it consists of all the required information for the detailed study of top players functioning in the industries. It is also an interesting part to find how exactly these key manufacturers implement various strategies to secure the top rank in the industry. Such an in-depth information is useful for the new entrants into the industry as they would be able to learn a bit from these key vendors. Similarly, the information provided in the research report will also be valuable for the renowned key players as well, as they come to know the strategies of their counterparts to sustain in the competitive industry.

Report Segmentation:

Marijuana Type Outlook (Revenue, USD Billion; 2016-2026)

  • Medical Marijuana
  • Recreational Marijuana

Product Type Outlook (Revenue, USD Billion; 2016-2026)

  • Oil
  • Buds
  • Tinctures

Medical Application Outlook (Revenue, USD Billion; 2016-2026)

  • Chronic Pain
  • Mental Disorders
  • Anorexia
  • Seizures
  • Muscle Spasm
  • Cancer
  • Others

Route of Administration Outlook (Revenue, USD Billion; 2016-2026)

  • Inhalation
  • Oral
  • Intravenous
  • Topical

Distribution Channel Outlook (Revenue, USD Billion; 2016-2026)

  • Dispensaries
  • Online

Report coverage

  • Analysis Period: 2015 – 2026
  • Base Year: 2018
  • Forecast Data: 2019 – 2026
  • Regional Scope: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Report Coverage: Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.

Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.

The study objectives of this report are:

  • To analyze and study the global medical marijuana capacity, production, value, consumption, status (2014-2018) and forecast (2019-2026)
  • Focuses on the key medical marijuana manufacturers, to study the capacity, production, value, market share and development plans in future
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks
  • To identify significant trends and factors driving or inhibiting the market growth
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies

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