Global Medical Marijuana Market Size was valued nearly USD 9.3 million by 2017 and is estimated to reach up to USD xx.xx million by 2025. According to latest study conducted by our analysts and industry experts, the global market is expected to grow at a CAGR of 24.9 % during the forecast period, i.e. 2017-2025. Marijuana, also known as cannabis is a greenish color drug obtained from the cannabis plant (Cannabis sativa and Cannabis indica). The drug is known to be used for medicinal as well as recreational purposes, due to its psychoactive properties. The psychoactive response induced by marijuana is due to the presence of a chemical called delta-9-tetrahydrocannabinol (THC).

Global Market Growth Opportunities (Revenue, Growth) By 2017-2025

This global market study report analysis offers in-depth insights, revenue details, and other vital information regarding the global marijuana market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2025. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global marijuana market report has been segmented on the basis of type, application, and region. It includes the estimation of the market size, in terms of value, with respect to 4 main geographies, namely, North America, Europe, APAC, and RoW.  

Market Dynamics

The escalation in cancer incidences across the world is one of the major reasons that is expected to fuel the global marijuana market during the forecast period, coupled with the legalization of marijuana in some countries of North America, Europe, and the Asia Pacific. Compounds obtained from cannabis plant are reported to have potential in obstructing the development of cancer cells. Increasing research and development activities on the medicinal use of marijuana will further boost the global medical marijuana market. As per a report published by International Associations for Cannabinoid Medicines, cannabis and its derivatives showed positive response in clinical trial studies conducted for the treatment of cancer, depression, spinal cord injury, pain, and others.

The global medical marijuana market was valued at nearly US$ 9.3 million in 2017 and is anticipated to grow at a CAGR of over 24.9% during 2017 - 2025. Side-effects such as insomnia and fatigue by the uncontrolled dosage of marijuana, coupled with addiction risks associated with the consumption of marijuana can restrain the growth of the medical marijuana market. The complexity associated with the use of marijuana in the production of medicines and medicinal products can obstruct the growth of the market. Rigorous regulatory laws in some regions and illegal possession of marijuana by individuals can also restrain the growth of the medical marijuana market. For instance, in many Asian and European countries like India, Belgium, Japan, and others medical marijuana has not been approved yet.

Segment Analysis

The versatility of powder marijuana for utilization in the preparation of medicines, as well as edible cookies, lollipops, chews and bars to help in pain management and other diseases like cancer, multiple sclerosis, and HIV, are some of the major drivers for the growth of the segment. Dissolvable marijuana, being hydrophobic in nature, is preferred to be used in powder form by edible manufacturers like Baked Bros, Kush Nuts and researchers in the medicine preparation and production of medicated candies and chocolate bars, due to better control over dosage, coupled with their natural availability from dried leaves.

Medical marijuana for treating chronic pain is anticipated to grow at a faster pace over the forecast period, due to an increase in geriatric population, coupled with the escalation in clinical studies of medicinal marijuana for pain management. According to the National Center for Biotechnology Information (NCBI), around 100 million U.S adults suffer from chronic pain. The three main pain systems identified by NCBI are central, nociceptive and neuropathic. Of these, the neuropathic pain remained the most dominant segment, due to an escalation in the number of patients suffering from neuropathy symptoms. According to study report the revenue generated by the medical marijuana market in the application of pain management was nearly US$ 6.7 million in the year 2017.

Medical marijuana in the treatment of muscle spasms and multiple sclerosis is expected to grow over the forecast period, owing to the presence of THC compound in the marijuana. As per a clinical study conducted by NCBI on 30 multiple sclerosis (MS) patients for testing the efficacy of THC in muscle spasms, most of the patients reported improvement in symptoms after the trial.

Global Medical Marijuana Market, by Application, 2017

Offline medical marijuana market is expected to dominate during the forecast period in terms of revenue due to patient’s inclination towards purchasing marijuana-based drugs from authorized stores and dispensaries in order to obey the governmental rules made in the countries, where the product is legal. Increase in demand for legalization of medical marijuana in various regions is expected to boost the sale of medical marijuana through offline stores and pharmacies during 2017-2025. Significant growth in the number of dispensaries regulated by governmental bodies is one of the major factors driving the medical marijuana sales through offline stores. A licensed dispensary holds the right to sell marijuana and marijuana-based drugs legally, to the patients who possess prescription and permission from a licensed medical practitioner.

The launch of companies like The Botanist, who aims at providing safe and reliable marijuana products for medical as well as the recreational purpose is expected to fuel the sales of medical marijuana through offline stores. Increase in local, small-sized and mid-sized marijuana medicine manufacturers like Medical Marijuana Inc., Cara Therapeutics, Together Pharma, etc. are also anticipated to escalate the growth of offline stores segment.

Medical marijuana market through online stores is expected to grow at a CAGR of 24.5% over the forecast period, owing to the rise in demand for legalization of medical marijuana in countries, coupled with the ease of purchase of medically approved marijuana products from online stores.

Regional Analysis

North America, followed by Asia-pacific, and Europe respectively accounted for a major share in the global medical marijuana market in terms of revenue in 2017 and the trend is anticipated to remain the same during the forecast period. In 2017, North America held the dominant market revenue share of around USD 4,647.3 million. The legalization of the medicinal use of marijuana in states like Nevada, Arizona, California, Maine, and Massachusetts will drive the growth of the medical marijuana market in the region. 30 states in the U.S., along with Washington DC has permitted the use of medical marijuana, as per 2018 reports. In North America, use of medical marijuana is legal in U.S. and Canada.

Global Medical Marijuana Market, By Region

In Europe, Germany is expected to hold the major market share in the medical marijuana market and is expected to grow at a CAGR 25.2% during the forecast period. The legalization of medical marijuana in the country in the year 2017, coupled with increased interest of healthcare companies in marijuana-based medical products is further expected to boost the growth of Germany medical marijuana market. In Europe, use of medical marijuana is legal in Germany, Czech Republic, Croatia, Denmark, and Italy.

In Asia Pacific region, China is expected to hold the major revenue share over the forecast period due to the excessive plantation of marijuana in various parts of the country, coupled with increased research over medical marijuana in the area will significantly improve the demand for Asia Pacific medical marijuana market over the projected period.

Key Players

Key players operating in the global medical marijuana market include United Cannabis Corporation, Teva Pharmaceutical USA Inc., Cannabis Sativa Inc., GW Pharmaceuticals, Plc., CannaGrow Holdings Inc., Novartis International AG, Aurora Cannabis Inc., and Cara Therapeutics Inc. among several others. Several key players in the global medical marijuana market follow various strategic moves in order to sustain the increasing product demand. Some of the key strategic moves by some companies are given below:

• In June 2018, US Food and Drug Administration (FDA) approved Epidiolex, manufactured by UK based GW Pharmaceuticals, to be used in the treatment of two severe form of epilepsy, namely Dravet Syndrome and Lennox-Gastaut syndrome (LGS)

• In June 2018, Casa Verde Capital, a venture capital firm of Snoop Dogg and Imperial Brands Plc., fetched an unknown stake in Oxford Cannabinoid Technologies, in order to expand the product portfolio of Imperial Brands Plc.

• In April 2018, Cannabis Science Inc., a US-based company that develops cannabinoid-based medicines along with its partner Cali RX, announced the opening of CBIS Cali RX. The CBIS Cali RX will be providing cannabis-based products and high-quality cannabinoid to doctors, hospitals, patients and licensed individuals

• In November 2017, Net Savings Link Inc. (NSAV), a medical marijuana technology and software company based at US, announced the completion of acquisition of China-based Vital Strategic Research Institute (VSRI), a medical software company, with the aim to expand its business of medical marijuana technology into the most populous country of the world

Global Marijuana Market Study Report Offer You!

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