The global medical cannabis market has been witnessing a robust growth over the past few years. This can be accredited to the aging population, mounting investments in R&D activities and an increase in the number of countries which are legalising the use of cannabis for medical purposes.
According to the recent report by IMARC Group, titled “Medical Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global medical cannabis market reached a value of more than US$ 11 Billion in 2017. Medical cannabis is currently in an introductory phase in the pharmaceutical industry and is gradually gaining acceptance across the globe. It is prescribed by doctors in the form of smoke, vapour and liquid extracts so as to alleviate the symptoms of various conditions or diseases like depression, migraine, chronic pain, arthritis, multiple sclerosis, nerve damage, anxiety, epilepsy, Parkinson’s disease, PTSD, etc. In comparison with the recreational cannabis, medical cannabis has a higher amount of Cannabidiol (CBD) and lower count of Tetrahydrocannabinol (THC) which helps in retaining anti-psychotic effects and providing therapeutic advantages to patients.
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On account of anti-proliferative and anti-spasmodic effects of medical cannabis, several countries are legally approving its employment in the treatment of various health conditions. For instance, medical cannabis is now used for reducing nausea and increasing the appetite of chemotherapy patients. Besides this, as aging population is more likely to develop chronic diseases, it plays a vital role in strengthening the growth of the medical cannabis market. Some of the other major factors which are boosting the market growth include inflating disposable incomes, urbanisation, and high investment in clinical trials as well as research and development activities so as to develop safer forms of cannabis. Looking forward, the market value is projected to reach nearly US$ 37 Billion by 2023, expanding at a CAGR of 22% during 2018-2023.
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- On the basis of species, the market has been segmented into Indica, Sativa and Hybrid. Presently, Indica cannabis dominates the market as it is used for treating insomnia and relieving body pain, headache and migraine.
- Based on derivative, the market has been segregated into Cannabidiol (CBD), Tetrahydrocannabinol (THC) and others. Currently, Cannabidiol is widely used for medical purposes as it relatively consists low levels of toxicity.
- On the basis of application, cancer holds the majority of the market share. Other key applications of medical cannabis include arthritis, migraine, epilepsy and others.
- Based on end-use, the market has been bifurcated into pharmaceutical industry and development centres. At present, the pharmaceutical industry accounts for the largest market share.
- The market is also divided on the basis of route administration which includes oral solutions and capsules, smoking, vaporizers, topicals and others. Currently, oral solutions and capsules exhibit a clear dominance in the market.
- Region-wise, the market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa. While North America is further classified into the United States and Canada, the European region is segmented into Germany, Italy, France, Netherlands and Spain. Amongst these, North America is the leading market holding the majority of the global share.
- The competitive landscape of the market has also been examined with some of the key players being Canopy Growth Inc., GW Pharmaceuticals, Aurora Cannabis Inc., Aphria Inc., GreenGro Technologies, MedReleaf Corporation, Insys Therapeutics, CanniMed Therapeutics Inc., Cara Therapeutics Inc., and United Cannabis.
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