Medical Cannabis Market to Reach US$ 44.4 Billion by 2024 | CAGR of 22.9%

Global Medical Cannabis Market Research Report and Forecast

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Global Medical Cannabis Market Overview: As per the latest research report by IMARC Group, titled “Medical Cannabis Market; global industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global medical cannabis market reached a value of US$ 13.4 Billion in 2018. Medical cannabis is obtained from the Cannabis Sativa and Cannabis Indica plants. It contains three major active compounds namely, cannabidiol (CBD), Tetrahydrocannabinol (THC) and Cannabinol (CBN). As compared to recreational cannabis, medical cannabis has lower amount of THC and higher count of CBD which provides therapeutic advantages to patients and aids in retaining anti-psychotic effects. This plant-based drug is gradually gaining acceptance in the pharmaceutical industry as it helps in improving the mood, immune function and vascular health. It is now use for curing anxiety, nausea, depression, chronic pain and side effects of multiple sclerosis, epilepsy, PTSD and Parkinson’s disease. It is prescribed in different forms like vapor, oral capsules, topical solution, creams an balms.

Malic Acid Market Trends In comparison with other treatment alternatives, cannabis is safer and has sever side effects. Owing to this, it is utilized in combination with other treatments to either combat side effects or to increase their effectiveness.

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157.3 146.7 152.0 141.4 136.1 125.5 130.8

160 140 120 100 80 60 40 20 0

120.2 2011

2012

2013

2014

2015

2016

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2018

In Million US$

in Million US$

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180 160 140 120 100 80 60 40 20 0

160.0 2019

175.9

181.2

186.5

165.3

170.6

2020

2021

2022

2023

2024

Due to this, the patients usually refuse to visit physicians and undergo disease diagnosis. Along with this, HIV treatment has numerous side effects, so they stop treatment. Owing to these factors, the market in anticipated to reach a value of US$ 22.5 Billion by 2024, declining ate a CAGR of 2.5% during the forecast period (2019-2024).

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For instance, it used along with traditional opioid painkillers which enable patients to reduce the frequency and dosage of opioids gradually. Additionally, a steadily aging population is playing a vital role in spurring the demand for medical cannabis as geriatric patients are more likely to develop chronic diseases and require frequent physician visits Apart from this, manufactures are investing in R&D activities and clinical trials to develop safer forms of cannabis. Further legalization of medical marijuana is anticipated drive the market growth globally. As a result of these factors, the market is expected to grow at a CAGR of 22.9% during 2019-2024, reaching a value of US$ 44.4 Billion by 2024.

Key Market Segmentation: Market Segmentation by Species • • •

Indica Sativa Hybrid

There are three major species including Sativa, Indica and Hybrid. Currently, Indica cannabis accounts for the dominant share. It has a higher yield as compared to sativa with a higher content of CBD which is utilized in the treatment of insomnia and for relieving headache body pain and migraine.

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Report Description Market Segmentation by Derivative • • •

Cannabidiol (CBD) Tetrahydrocannabinol (THC) Others

On the basics of derivatives, the market has been divided into Tetrahydrocannabinol (THC), Cannabidiol (CBD), and others. Presently, CBD is extensively used for medical pruposes as it comprises low levels of toxicity when compared to THC. Market Segmentation by Region • •

North America o United States o Canada Europe o Germany o Italy o France

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• • •

o Netherlands o Spain Asia Pacific Latin America Middle East and Africa

On the geographical front, Europe, Latin America, North America, Middle East and Africa, and Asia Pacific are the major markets wherein North America represents the leading region. It has been further categorized into Canada and United States, whereas Europe is classified as Italy, Germany, France, Spain and the Netherlands.

Market Segmentation by Application • • • • •

Cancer Arthritis Migraine Epilepsy Others

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Medical cannabis finds application in the treatment of cancer, arthritis, migraine, epilepsy and others.

Amongst these, cancer represents the most popular application area of this drug, holding the largest market share.

Market Segmentation by End-Use • • •

Pharmaceutical Industry Research and Development Centres Others

On the basics of end uses, the pharmaceutical industry represents the leading segment, accounting for the dominant share. It is followed by development centers and other end uses.

Market Segmentation by Route of Administration • • •

Oral Solutions and Capsules Smoking Vaporizers Topicals

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Others

The market has been segregated based on different routes of administration like vaporizers, smoking, topicals, oral solutions and capsules dominate the market.

Competitive Landscape: The competitive landscape of the market has also been examined with some of the key players.

• • • • • •

GW Pharmaceuticals Aurora Cannabis Inc Canopy Growth Corporation Cara Therapeutics Inc United Cannabis Corporation CanniMed Therapeutics

For more information, click here: https://www.imarcgroup.com/medical-cannabis-market

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