Medicinal Cannabis Market Market 2020: Global Industry Demand, Market Size, Share, Key Trends | BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc

Medicinal cannabis, also known as medical marijuana, is used either for the treatment of diseases or to improve their symptoms. The two cannabinoids - delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD) are used in treatment of certain diseases or health conditions such as pain, blood pressure, memory, concentration, appetite, sensory stimulus, muscular problems, and seizures. Marijuana was the most widely used drug globally in 2014 with around 183 million users. Such factors have led to increasing initiatives among governments worldwide to conduct studies regarding legalization of the drug for medicinal use. The U.S National Institute on Drug Abuse is conducting research on cannabis (marijuana) to treat numerous diseases and conditions such as autoimmune diseases, pain, inflammation, seizures, mental disorders, and substance abuse disorders. Regulatory compliance is a key factor that influences cost, quality, and safety of cannabis (marijuana) as well as the capacity for the manufacturers in the medicinal cannabis market to be responsive, scalable, and innovative.

Some of the key players operating in medicinal cannabis market include BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc., and Medical Marijuana Inc.

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Market Dynamics

According to the Medical Marijuana, Inc., the legal marijuana industry in the U.S. was valued at US$ 7.1 billion in 2016, with an increase of 25% Y-o-Y. In 2016, 28 states in the U.S. legalized marijuana for medicinal purposes. In November 2016, California, Nevada, Maine, and Massachusetts legalized recreational use of marijuana. Increasing legalization of cannabis (marijuana) in the U.S. has attracted attention of global investors in the medicinal cannabis market.

Increasing technological advancements in testing cannabis quality made easier for manufacturer to develop the new cannabis medicines to various disease indications, which is expected to drive growth of medicinal cannabis market. For instance, in November 2018, PerkinElmer, Inc. launched its QSight 400 Series Triple Quad Mass Spectrometer, which is a highly sensitive analytical instrument designed for rapid identification and quantitation of pesticides, mycotoxins, contaminants in complex food, cannabis, and environmental testing applications.

Similarly, in November 2016, Waters Corporation expanded its CORTECS Columns product line, with the launch of two novel chemistries— CORTECS T3 and CORTECS Shield RP18. These new CORTECS column chemistries have enabled scientists to obtain additional information per analysis and reduce cost of analyzing complex samples including synthetic cannabinoids, biomarkers, natural products, counterfeit cosmetics, veterinary drugs, drinking water, and vitamins.

Furthermore, in Middle East, Israel has approved the medical cannabis products. In Africa, Lesotho and Malawi (South Africa) governments have granted a license for medicinal marijuana in 2017. In June 2017, Verve Dynamics, a Cape Town, South Africa-based alternative medicines company received a license from the government of Lesotho to cultivate cannabidiol medicinal cannabis. Verve Dynamics intends to cultivate and produce medicinal cannabis products and sell these product in South Africa. However, lack of formulation of a comprehensive law pertaining to medical marijuana in some states inhibits patient access to the drug.

Market Taxonomy

This report segments the global medicinal cannabis market on the basis of point of sale, active ingredient, and therapeutic application. On the basis of point of sale, the global medicinal cannabis market is classified into dispensaries, online pharmacies, and hospital pharmacies. Active ingredients of medicinal cannabis include tetrahydrocannabinol (THC) and Cannabidiol (CBD). Therapeutic application is categorized into pain, arthritis, neurological disease, and other applications.

Increase in the legalization of medicinal cannabis in various economies is expected to augment the market growth

Increasing approvals for medicinal cannabis products and growing research and development activities in the medicinal cannabis market are expected to support growth of the market. For instance, in March 2017, Germany’s parliament passed a law allowing medicinal use of the cannabis plant by allowing healthcare professionals to prescribe medicinal cannabis products to patients suffering from health issues such as chronic pain, vomiting, and nausea. However, health issues resulting from excessive cannabis consumption such as tachycardia, risk of heart attack, particularly in individuals with existing heart disease or arrhythmias, are expected to restrain growth of the market.

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Legalization of medicinal cannabis is expected to grow once conclusive evidence regarding its safety and efficacy is obtained through extensive research. For instance, in 2013, Czech Republic legalized medicinal marijuana for patients suffering from chronic pain, epilepsy, chemotherapy induced side effects, and other severe disease indications. Furthermore, the law allows patients with marijuana prescription to purchase medicinal marijuana from pharmacies. However, cultivation of marijuana in not allowed in the country, and thereby suppliers need to import medicinal cannabis. These factors are expected to contribute to the growth of the medicinal cannabis use in pharmaceutical and biotechnology industry.

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