Medical Cannabis Market: Global Industry Trends, Share, Size, Growth, Region and Forecast Till 2023

Global Medical Cannabis Market Report, Share, Size and Forecast Till 2023

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Report Description and Highlights

Report Description

Global Medical Cannabis Market Report By Species (Indica, Sativa and Hybrid), Application (Cancer, Arthritis, Migraine, Epilepsy and Others), Derivative, Route of Administration, Region The global medical cannabis market has been witnessing a robust growth over the past few years. This can be accredited to the aging population, mounting investments in R&D activities and an increase in the number of countries which are legalising the use of cannabis for medical purposes.

Market Overview: According to the recent report by IMARC Group, titled “Medical Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global medical cannabis market reached a value of more than US$ 11 Billion in 2017. Medical cannabis is currently in an introductory phase in the pharmaceutical industry and is gradually gaining acceptance across the globe. It is prescribed by doctors in the form of smoke, vapour and liquid extracts so as to alleviate the symptoms of various conditions or diseases like depression, migraine, chronic pain, arthritis, multiple sclerosis, nerve damage, anxiety, epilepsy, Parkinson’s disease, PTSD, etc. In comparison with the recreational cannabis, medical cannabis has a higher amount of Cannabidiol (CBD) and lower count of Tetrahydrocannabinol (THC) which helps in retaining anti-psychotic effects and providing therapeutic advantages to patients.

Report Description and Highlights

Report Description

On account of anti-proliferative and anti-spasmodic effects of medical cannabis, several countries are legally approving its employment in the treatment of various health conditions. For instance, medical cannabis is now used for reducing nausea and increasing the appetite of chemotherapy patients.

Besides this, as aging population is more likely to develop chronic diseases, it plays a vital role in strengthening the growth of the medical cannabis market. Some of the other major factors which are boosting the market growth include inflating disposable incomes, urbanisation, and high investment in clinical trials as well as research and development activities so as to develop safer forms of cannabis.

Looking forward, the market value is projected to reach nearly US$ 37 Billion by 2023, expanding at a CAGR of 22% during 2018-2023.

Medical Cannabis Market Segmentation: Market Segmentation by Species o Indica o Sativa o Hybrid On the basis of species, the market has been segmented into Indica, Sativa and Hybrid. Presently, Indica cannabis dominates the market as it is used for treating insomnia and relieving body pain, headache and migraine.

Market Forecast

Sample Figure: Global: Medical Cannabis Market Forecast: Value Trends (in Billion US$), 2018-2023

184.3

191.7

199.3

207.3

2018

2019

2020

2021

215.6

224.2

2022

2023

Market Segmentation

Report Description Market Segmentation by Derivative • • •

Cannabidiol (CBD) Tetrahydrocannabinol (THC) Others

Based on derivative, the market has been segregated into Cannabidiol (CBD), Tetrahydrocannabinol (THC) and others. Currently, Cannabidiol is widely used for medical purposes as it relatively consists low levels of toxicity.

Market Segmentation by Application • • • • •

Cancer Arthritis Migraine Epilepsy Others

On the basis of application, cancer holds the majority of the market share. Other key applications of medical cannabis include arthritis, migraine, epilepsy and others.

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Market Segmentation

Report Description Market Segmentation by End-Use • • •

Pharmaceutical Industry Research and Development Centres Others

Based on end-use, the market has been bifurcated into pharmaceutical industry and development centres. At present, the pharmaceutical industry accounts for the largest market share.

Market Segmentation by Region • • • • •

Asia Pacific North America Europe Middle East and Africa Latin America

Region-wise, the market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa. While North America is further classified into the United States and Canada, the European region is segmented into Germany, Italy, France, Netherlands and Spain. Amongst these, North America is the leading market holding the majority of the global share.

Regional Segmentation

North America

Europ e

Asia- Pacific

Latin America

Middle East and Africa

Market Segmentation

Report Description

Market Segmentation by Route of Administration • • • • •

Oral Solutions and Capsules Smoking Vaporizers Topicals Others

The market is also divided on the basis of route administration which includes oral solutions and capsules, smoking, vaporizers, topicals and others. Currently, oral solutions and capsules exhibit a clear dominance in the market.

Competitive Landscape: • • • • •

Canopy Growth Corporation GW Pharmaceuticals Aurora Cannabis Inc Aphria Inc MedReleaf Corporation

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Market Segmentation

Report Description • • • •

Insys Therapeutics Inc CanniMed Therapeutics Inc Cara Therapeutics United Cannabis Corporation

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Report Description and Highlights

Report Description

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