The global medical cannabis market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 15.3% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
Cannabis is a psychoactive drug that is derived from the cannabis plant of the Cannabaceae family. It was used medicinally in ancient Indian, Chinese, Egyptian and Islamic cultures. Nowadays, cannabis finds application in the treatment of a wide range of diseases and symptoms, including cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, multiple sclerosis, acquired immunodeficiency syndrome (AIDS), amyotrophic lateral sclerosis (ALS), Alzheimer’s, post-traumatic stress disorder (PTSD), Parkinson’s and Tourette’s. Owing to its therapeutic benefits, cannabis has been approved for medical use in numerous countries, with varying degrees of legal restrictions. Some of these countries include Argentina, Brazil, Canada, Chile, Colombia, Czech Republic, Germany, Italy, Mexico, Spain, the United Kingdom, the United States and Uruguay.
IMARC Group provides an analysis of the key trends in each sub-segment of the global medical cannabis market report, along with forecasts for growth at the global, regional and country-level from 2021-2026. Our report has categorized the market based on region, species, derivatives, application, end-use, and route of administration.
Breakup by Species:
On the basis of species, the market has been segmented as cannabis Indica, Sativa and hybrid. Currently, Cannabis Indica dominates the market, holding the largest share. It is often used in the treatment of insomnia, relaxing the muscles, relieving body pains, headaches and migraines.
Breakup by Derivatives:
Based on derivatives, the market has been divided into cannabidiol (CBD), tetrahydrocannabinol (THC) and others. CBD is majorly used for medical purposes due to its non-psychotic effect and low levels of toxicity, whereas THC is utilized to reduce the side-effects of AIDS and cancer treatment.
Breakup by Application:
The market has also been divided on the basis of application; wherein cancer represents the leading category. Other major applications of cannabis include arthritis, migraine, epilepsy and others.
Breakup by End-Use:
On the basis of end-use, the market has been segregated into the pharmaceutical industry, research and development centers, and others. Currently, the pharmaceutical industry represents the biggest end user.
Breakup by Route of Administration:
Based on the route of administration, the market has been categorized into oral solutions and capsules, smoking, vaporizers, topicals and others. Oral solutions and capsules represent the biggest segment, accounting for the largest market share.
On the geographical front, North America (the United States and Canada) enjoys the leading position in the market. The recent legalization of cannabis in North America for both recreational and medical purposes has been a major driver of the market growth. Other key regions include Europe (Germany, Italy, France, the Netherlands and Spain), Asia Pacific, Latin America, and Middle East and Africa.
The report has also examined the competitive landscape of the market. Some of the major players include:
The global medical cannabis market size was valued at US$ 7.8 Billion in 2020.
According to the estimates by IMARC Group, the global medical cannabis market is expected to witness CAGR of 15.3% from 2021 to 2026.
The growing prevalence of chronic diseases, along with the increasing utilization of medical cannabis for treating different conditions, represents some of the key factors impelling the market growth.
Rapid legalization of cannabis for numerous medicinal applications across several nations represents one of the major key trends in the global medical cannabis market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in disrupted supply chains for medical cannabis.
On the basis of the species, the market has been segmented into cannabis Indica, Sativa, and hybrid. At present, cannabis Indica exhibits a clear dominance in the market.
On the basis of the derivatives, the market has been bifurcated into cannabidiol (CBD), tetrahydrocannabinol (THC), and others. Currently, cannabidiol (CBD) holds the majority of the total market share.
On the basis of the application, the market has been divided into cancer, arthritis, migraine, epilepsy, and others. Among these, cancer represents the largest segment.
On the basis of the end-use, the market has been segmented into pharmaceutical industry, research and development centers, and others. At present, the pharmaceutical industry exhibits a clear dominance in the market.
On the basis of the route of administration, the market has been divided into oral solutions and capsules, smoking, vaporizers, topicals, and others. Among these, oral solutions and capsules represent the largest segment.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa, where North America dominates the global market.
The key companies in the global medical cannabis market are Canopy Growth Corporation, GW Pharmaceuticals, plc, Aurora Cannabis, Inc., Aphria, Inc., MedReleaf Corporation, Insys Therapeutics, Inc., CanniMed Therapeutics, Inc., Cara Therapeutics, Inc., and United Cannabis Corporation.
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