Medical Marijuana Market is Slated to Witness Tremendous Growth in Coming Years | by Tilray, Aphria Inc, Maricann Group Inc

New Jersey, United States - Analysis of Medical Marijuana Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The size of the worldwide medical marijuana market was estimated at USD 11.0 billion in 2021, and it is anticipated to grow at a CAGR of 21.06% from 2022 to 2028. The industry is expanding as people become more aware of the product's potential therapeutic uses for things like pain management, boosting hunger, and lowering ocular strain. Cannabes Sativa and Cannabes Indica, which are native to the western hemisphere's nations and the central and south Asian regions, respectively, are the two varieties of medical marijuana. One of the main elements influencing the penetration rate of cannabes in therapeutic applications is the rising proportion of nations worldwide that permit the use of medical marijuana. The demand for medical marijuana is rising along with changes in governmental policies.

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The use of medical marijuana is now legal in many nations, which is the main route for its production, reducing imports and generating cash in the form of taxes. Some of the key factors that are anticipated to drive the demand for medical marijuana over the coming years include the rising number of states that have legalised marijuana for medical use, the expanding use of cannabes in the healthcare industry, and recreational uses. Since the FDA has not yet approved the marketing of cannabes for the treatment of any diseases or conditions, this represents one of the biggest obstacles the medical marijuana industry must overcome. Epidiolex (cannabidiol), a cannabes-derived drug product, and Marinol (dronabinol), Syndros (dronabinol), and Cesamet, three synthetic cannabes-related drug products, have all received approval from the organisation (nabilone).

Only a prescription from a recognised healthcare professional is required to purchase these authorised medication products. The continued Covid-19 pandemic has a detrimental effect on various industries, including the medicinal marijuana market. Between 2019 and 2020, the medical marijuana market's growth rate decreased by 32%. Lockdown caused many locations to close and prevented activity in most businesses, which had a detrimental influence on the market. Lockdowns and changes in regulations for the transit of its goods had a significant detrimental impact on the import-export industry.

Segmentation

With a 51.8% revenue share, the oil and tincture sector dominated the medical marijuana industry in 2021. Its expanding medical use is largely responsible for the growth. Clinical studies have demonstrated that marijuana's non-psychoactive constituents, such C-B-D, have the ability to lower inflammation and so have the potential to offer a new treatment for chronic pain. The helpful characteristic can also be used to treat other conditions like anxiety, cancer, and sleep disorders. Moreover, it is anticipated that the sector would develop as cannabes is increasingly legalised around the world. Additionally, since smoking flowers can create respiratory issues in youngsters, who utilise cannabes derivatives for treatment, oils and tinctures are suggested instead of flowers.

In 2021, the category for chronic pain accounted for 25.7% of total sales. According to numerous studies, medical cannabes is safe for treating individuals with neuropathic and chronic pain. One of the significant signs that cannabes use for pain management will increase over the next few years is the rise of clinical trials using the drug to treat neuropathic and chronic pain. However, with a CAGR of 30.9% over the course of the projection period, amyotrophic lateral sclerosis (ALS) will have the highest growth. Amyotrophic lateral sclerosis is becoming more common, which is one of the causes promoting the segment's expansion.

Regional analysis

25.7% of the sales in 2021 came from the chronic pain sector. According to findings from numerous research projects, medical marijuana is safe for treating individuals with neuropathic and chronic pain. One of the most important signs pointing to an increase in cannabes use for pain treatment over the next few years is the rise in clinical trials using the drug to treat neuropathic and chronic pain.
Due to expanding supportive government initiatives and backing, Asia Pacific is predicted to see the fastest CAGR over the following years. The cannabes market is undoubtedly impacted by increased legalisation of cannabes as well as an increase in disposable income, social acceptance, and consumer understanding of the product's advantages.

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Key Players

Tilray
Aphria, Inc.
Maricann Group, Inc.
Canopy Growth Corporation
Tikun Olam, Ltd.
MedReleaf. Corp.
Medical Marijuana, Inc
GW Pharmaceuticals plc.

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