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Medicinal Cannabis Market - Global Industry Analysis, Size, Share, Growth, Trends, And Forecast To 2025
Medicinal usage of cannabis is performed to curb disease or health conditions such as blood pressure, memory, concentration, appetite, sensory stimulus, glaucoma, seizures, weight loss, schizophrenia, multiple sclerosis (MS), Huntington’s disease, anorexia, chronic motion sickness, failure to thrive in infants and post traumatic stress disorders (PTSD) in veterans. Cannabis is also alluring for consumers since it is relatively safer to use as compared to opiates. Moreover, marijuana is known to be a fantastic muscle relaxant and appears to ease the pain of multiple sclerosis, lessen the tremors in Parkinson’s and nerve pain. Additionally, medicinal cannabis’s application in treatment of fibromyalgia, endometriosis, interstitial cystitis, irritable bowel syndrome, Crohn’s disease has been successful. Furthermore, pain and wasting syndrome associated with HIV and other conditions of chronic pain have also found cannabis as significant medicine in their treatment methods is projected to accelerate the market growth over forecast period.
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Growing R&D activities in the medical cannabis market and gradual approval of medicinal cannabis products globally are also expected to enhance the market growth. For instance, in March, 2017, the German parliament signed a law allowing the use of cannabis for medicinal purposes if it is prescribed by a medical practitioner to a patient suffering from severe health issues such as chronic pain, vomiting, and nausea. Moreover, purchase of cannabis products is allowed from pharmacies on the basis of a valid prescription. However, cultivation of marijuana is still a criminal offence in many countries. Thus, suppliers depend on other economies to import medicinal cannabis implying a huge potential for growth of the medicinal cannabis industry in pharmaceutical and biotechnology companies. However, consumption of cannabis excessively may induce tachycardia or increase the risk of heart attack, particularly for users with existing heart disease or arrhythmias and is therefore a constraint for the growth of the industry.
The medicinal cannabis market is segmented on the basis of point of sale, active ingredient, therapeutic application and geography. The point of sale segment is further bifurcated into dispensaries, online pharmacy and hospital pharmacy. On the basis of active ingredient, the market is classified into Tetrahydrocannabinol (THC) and Cannabidiol (CBD) whereas based on therapeutic application, the market is bifurcated into pain, arthritis, neurological disease neurological applications and other applications. Furthermore, neurological applications is segmented into epilepsy, multiple sclerosis and other neurological applications. Geographically, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
The North America region is expected to dominate the market over the forecast year owing to legalization of Marijuana in U.S. In the U.S., manufacturers of Medicinal cannabis are focusing on expansion of their product business. For instance, in July 2016, Insys Therapeutics, Inc. received the U.S. Food and Drug Administration (FDA) approval for dronabinol oral solution- Syndros, an orally administered liquid formulation of the pharmaceutical cannabinoid dronabinol is indicated to be used in the treatment of anorexia pertaining to AIDS and cancer chemotherapy-induced nausea and vomiting. Furthermore, in 2016, Medical Marijuana, Inc. launched the HempMeds Mexico which is a CBD hemp oil product and the company intends to expand its cannabis business in the Latin America.
The market in Middle Easter and Africa region is estimated to grow during the forecast period. Among the GCC countries, Israel has approved the medical cannabis product. In Africa region, the governments in Lesotho and Malawi in South Africa have granted the license for medicinal marijuana in 2017 and Verve Dynamics, a Cape Town-based alternative medicines company has received a license from the government of Lesotho to cultivate the cannabidiol (CBD) medicinal cannabis.
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Some of the key players operating in the global medical cannabis market include Medical Marijuana Inc. ,Aphria, Inc., Aurora Cannabis, Inc., MGC Pharmaceuticals Limited, Tilray, Medreleaf Corporation, BOL Pharma, Canopy Growth Corporation, Insys Therapeutics Inc. and GW Pharmaceuticals, plc.
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