The Global Medical Cannabis Market is Projected to Reach $44.4 Billion by 2024, Growing at a CAGR of 22.9% - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 2, 2019--The “Medical Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The global medical cannabis market size was estimated to reach a value of US$ 13.4 Billion in 2018. The market is further expected to reach value of US$ 44.4 Billion by 2024, exhibiting a CAGR of 22.9% during 2019-2024.
Nowadays, cannabis finds application in the treatment of a wide range of diseases and symptoms including cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, MS, AIDS, ALS, Alzheimer’s, PTSD, Parkinson’s, Tourette’s, etc.
Owing to its therapeutic benefits, cannabis has been approved for medical use in numerous countries, with varying degrees of legal restriction. Some of these countries include Argentina, Brazil, Canada, Chile, Colombia, Czech Republic, Germany, Italy, Mexico, Spain, United Kingdom, United States, Uruguay, etc.
Cannabis is safer and has less severe side effects in comparison to other treatment options. It also finds usage along with other treatments either to enhance their effect or to combat negative side effects. For instance, cannabis is very effective in reducing nausea and increasing appetite among the chemotherapy patients, making the agonizing treatment more tolerable.
Similarly, it is also used in combination with traditional opioid painkillers, which enables patients to significantly reduce the dosage and frequency of opioids, and also imparts greater pain relief.
A steadily rising ageing population has also played an significant role in driving the demand for medical cannabis as geriatric patients are more likely to develop chronic illnesses and require more physician visits.
Clinical trials, R&D activities and commercialization of cannabis-based indications are further expected to catalyze the growth of the market.
Although expenditure on health products are less susceptible to fluctuations in consumer’s expenditure, the uptake of medical marijuana is liable to changes in disposable income due to its unconventional nature. As a result, we expect increasing disposable incomes to create a positive impact on the demand of medical cannabis.
Breakup by Species
On the basis of species, the market has been segmented as Indica, Sativa and hybrid. Currently, Indica dominates the market, holding the largest share. It is often used in the treatment of insomnia, relaxing the muscles, relieving body pains, headaches and migraines.
Breakup by Derivatives
Based on derivatives, the market has been divided into Cannabidiol (CBD), Tetrahydrocannabinol (THC) and others. CBD is majorly used for medical purposes due to its non-psychotic effect and low levels of toxicity, whereas, THC is utilised to reduce the side-effects of AIDS and cancer treatment.
Breakup by Application
The market has also been divided on the basis of application, wherein, cancer represents the leading category. Other major applications of cannabis include arthritis, migraine, epilepsy, etc.
Breakup by End-Use
On the basis of end-use, the market has been segregated into the pharmaceutical industry, research and development centers, and others. Currently, the pharmaceutical industry represents the biggest end-user.
Breakup by Route of Administration
Based on route of administration, the market has been categorized into oral solutions and capsules, smoking, vaporizers, topicals and others. Oral solutions and capsules represent the biggest segment, accounting for the largest market share.
On a geographical front, North America enjoys the leading position in the market. Recent legalization of cannabis in North America for both recreational and medical purposes has been a major driver of the market growth. Other key regions include Europe, Asia Pacific, Latin America, and Middle East and Africa.
Some of the major players include:
- Canopy Growth Corporation
- GW Pharmaceuticals
- Aurora Cannabis Inc.
- Aphria Inc.
- MedReleaf Corporation
- Insys Therapeutics Inc.
- CanniMed Therapeutics Inc.
- Cara Therapeutics Inc.
- United Cannabis Corporation
Key Topics Covered
2 Scope and Methodology
2.1 Objectives of the Study
2.3 Data Sources
2.4 Market Estimation
2.5 Forecasting Methodology
3 Executive Summary
4.2 Key Industry Trends
5 Global Medical Cannabis Market
5.1 Market Overview
5.2 Market Performance
5.3 Market Breakup by Species
5.4 Market Breakup by Derivative
5.5 Market Breakup by Application
5.6 Market Breakup by End-Use
5.7 Market Breakup by Route of Administration
5.8 Market Breakup by Region
5.9 Market Forecast
5.10 SWOT Analysis
5.11 Value Chain Analysis
5.12 Porters Five Forces Analysis
5.13 Key Success and Risk Factors
6 Market Breakup by Species
7 Market Breakup by Derivative
7.1 Cannabidiol (CBD)
7.2 Tetrahydrocannabinol (THC)
8 Market Breakup by Application
9 Market Breakup by End-Use
9.1 Pharmaceutical Industry
9.2 Research and Development Centres
10 Market Breakup by Route of Administration
10.1 Oral Solutions and Capsules
11 Market Breakup by Region
11.1 North America
11.3 Latin America
11.4 Asia Pacific
11.5 Middle East and Africa
12 Overview of Clinical Research Suggesting the Benefits of Medical Cannabis Across Various Indications
12.1 Alzheimer’s Disease
12.4 Chronic Pain
12.7 Digestive Disorders
12.8 Multiple Sclerosis
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players
14 Key Player Profiles
For more information about this report visit https://www.researchandmarkets.com/r/rxqheo
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INDUSTRY KEYWORD: HEALTH ALTERNATIVE MEDICINE
SOURCE: Research and Markets
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PUB: 05/02/2019 01:29 PM/DISC: 05/02/2019 01:29 PM