Medical Marijuana Market is forecast to reach USD 148.35 Billion by 2026| MedReleaf Corporation, Organigram Holdings, Inc., Vivo Cannabis, Tikun Olam, Insys Therapeutics, Inc., etc.

The Global Medical Marijuana Market is forecast to reach USD 148.35 Billion by 2026, according to a new report by Reports and Data. 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.

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Companies considered and profiled in this market study

Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, Cronos Group, Organigram Holdings, Inc., Vivo Cannabis, Tikun Olam, Insys Therapeutics, Inc., MedReleaf Corporation, and GW Pharmaceuticals PLC.

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.

The availability of marijuana has also increased considerably, and this trend is likely to continue in the near future. For instance, in August 2019, a new medical marijuana dispensary was established in Kalamazoo, Michigan (U.S.). Likewise, in August 2019, a new recreational cannabis store was opened in Nantucket Island, Massachusetts (U.S.). The medical marijuana market has also witnessed salient partnerships. For example, WeedMD, a Canadian medical marijuana producer, went into partnership with Technion-Israel Institute of Technology (TIT), which is the controller of cannabis database project, in February 2018. This partnership will research the terpenoid and cannabinoid profiles of 25 of WeedMD's cannabis strains.

Further key findings from the report suggest

1. Several countries have recognized the advantages of this product and are in the process of legalizing it.

2. 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.

3. 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.

4. 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.

5. Countries in North America have also started promoting derivatives such as oils, tinctures, and resins, along with products like vaporizers, among millennial's who are considered primary consumers.

6. On the basis of application, the market is segmented into Chronic Pain, Mental Disorders, Anorexia, Seizures, Muscle Spasm, Cancer, and Others.

7. 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.

8. On the basis of the route of administration, inhalation segment is forecasted to have the highest market share of 54% in the year 2026.

9. 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.

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For the purpose of this report, Reports and Data have segmented the global Medical Marijuana Market on the basis of Product Type, Route of Administration, Distribution Channel, Medical Application, and Region:

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

Regional Outlook (Revenue, USD Billion; 2016-2026)

North America
Europe
Asia-Pacific
Latin America

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Key selling points of this research study

1. The study gives an in-depth evaluation of the evolving competitive scenario that gives the reader/client a competitive edge.

2. It offers a holistic view of all critical aspects boosting or limiting the growth of the sector

3. The market intelligence report derives an eight-year forecast, including historical, contemporary, and potential market prospects, projecting the estimated progress of the market.

4. It aids informed decision-making by offering an exhaustive database of the pivotal market segments and sub-segments.

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