Medicinal Cannabis Market Opportunity Analysis And Industry Forecast, 2018-2026

Medicinal cannabis is also known as medical marijuana which is used either to treat disease or to improve their symptoms. The two cannabinoids - delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD) are used in treatment of certain disease or health conditions, and applications such as pain management, blood pressure, memory, concentration, appetite, sensory stimulus, muscular problems, and seizures. Various countries around the globe are involved in legalization of export of medicinal cannabis products, which is expected to fuel growth of the medicinal cannabis market. For instance, in January 2018, the government of Australia allowed cannabis producers in the country to export medicinal cannabis and cannabis products in the global market.

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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.

Medicinal Cannabis Market - Regional Insights

On the basis of region, the global medicinal cannabis market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

North America is expected to hold dominant position in the global medicinal cannabis market during the forecast period manufacturers U.S. medical cannabis market are focusing on expansion strategies to increase their product portfolio. 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. Syndros is indicated in treatment of anorexia associated with weight loss among patients suffering from AIDS and those suffering from cancer chemotherapy-induced nausea and vomiting.

Potential medicinal cannabis markets other than the U.S. include Canada, Israel, Australia, and Spain. Mexico is also in process of legalizing cannabis. For instance, in February 2016, Medical Marijuana, Inc. launched the HempMeds Mexico, a CBD hemp oil product, in Mexico. With the launch of HempMeds Mexico, the company intends to expand its cannabis business in Latin America by establishing labs, manufacturing facilities, and sales and distribution facilities in the region in the near future.

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Moreover, companies operating in the North America market are adopting inorganic growth strategies, which is expected to drive growth of the market. For instance in, January 2018, Apria, Inc. entered into a distribution agreement with Cannabis Wheaton, to supply 60,000 kilograms of the cannabis products between January 2018 and February 2022. The agreement has allowed Apria to expand its brand through Cannabis Wheaton’s strong distribution network in Canada.

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