The global medical cannabis market size was estimated to reach a value of US$ 13.4 Billion in 2018. The market value is further expected to reach value of US$ 44.4 Billion by 2024, exhibiting a CAGR of 22.9% during 2019-2024. Cannabis is a psychoactive drug which is derived from the cannabis plant of the Cannabaceae family. It has been used medicinally for several years 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, MS, AIDS, ALS, Alzheimer’s, PTSD, Parkinson’s, Tourette’s, etc. Owing to its therapeutic benefits, cannabis has been approved for medical use in numerous countries, with varying degrees of legal restriction. Some of these countries include Argentina, Brazil, Canada, Chile, Colombia, Czech Republic, Germany, Italy, Mexico, Spain, United Kingdom, United States, Uruguay, etc.
Global Medical Cannabis Market Drivers:
Breakup by Species:
On the basis of species, the market has been segmented as Indica, Sativa and hybrid. Currently, 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 utilised 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, etc.
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 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 a geographical front, North America enjoys the leading position in the market. 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, 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:
Key Questions Answered in This Report:
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