Africa Medical Cannabis Market to Grow at 19.2% During 2024-2032, Impelled by the Legalization of Cannabis Farming

November 24, 2021 | Healthcare

According to the latest report by IMARC Group, titled "Africa Medical Cannabis Market Report by Species (Cannabis Indica, Sativa, Hybrid), Derivative (Cannabidiol, Tetrahydrocannabinol, and Others), Route of Administration (Capsules and Oral Solutions, Vaporizers, Smoking, Topicals, and Others), Application (Cancer, HIV/AIDS, Epilepsy, Pain, and Others) End User (Pharmaceutical Industry, Research and Development Centers, and Others), and Country 2024-2032," the Africa medical cannabis market is expected to grow at a CAGR of 19.2% during 2024-2032. Cannabis is a psychoactive drug that is generally extracted from cannabis ruderalis, cannabis indica and cannabis sativa plants. It usually provides a calming and relaxing effect when consumed. Therefore, it is widely utilized in the manufacturing of various medicines for the treatment of several conditions, including depression, insomnia, chronic pain, anxiety and inflammation. Apart from this, it is also consumed by patients in pill form who are suffering from acquired immunodeficiency syndrome (AIDS) as well as undergoing cancer chemotherapy.

Africa Medical Cannabis Market Trends:

The market in Africa is primarily driven by the rising prevalence of chronic illnesses among the masses. Along with this, the increasing awareness regarding the medicinal properties and benefits of cannabis is creating a positive outlook for the market across the region. This is supported by the government initiatives of numerous countries across the region to legalize cannabis farming in order to utilize it for medicinal purposes. Moreover, significant growth in the pharmaceutical industry across Africa and the rising investments by public and private firms to upgrade the existing pharmaceutical sector are also creating a positive outlook for the market. Apart from this, the widespread adoption of cannabis in the preparation of numerous health supplements to treat psychotic ailments is propelling the market growth further. Some of the other factors contributing to the market growth include extensive research and development (R&D) activities conducted by key players in order to introduce effective product variants in the market.

Market Summary:

On the basis of the species, the market has been segregated into cannabis indica, sativa and hybrid.
Based on the derivative, the market has been categorized into cannabidiol, tetrahydrocannabinol and others.
On the basis of the route of administration, the market has been divided into capsules and oral solutions, vaporizers, smoking, topicals and others.
Based on the application, the market has been classified into cancer, HIV/AIDS, epilepsy, pain and others.
On the basis of the end user, the market has been segmented into the pharmaceutical industry, research and development centers and others.
Based on the country, the market has been divided into Lesotho, Zimbabwe, South Africa, Ghana, Zambia and Malawi.
The competitive landscape of the industry has been examined in the report with the detailed profiles of the key players. Some of these players include AgriPharma Pty LTD., Bophelo Bioscience & Wellness (Pty) Ltd. (Halo Labs Inc), Canopy Growth Corporation, Medigrow Africa, Medi Kingdom, MG Health, Pharmaceutical Development Company, Precision Extraction Solutions and Verve Dynamics (Pty) Ltd.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Million
Segment Coverage	Species, Derivative, Route of Administration, Application, End User, Country
Countries Covered	Lesotho, Zimbabwe, South Africa, Ghana, Zambia, Malawi
Companies Covered	AgriPharma Pty LTD., Bophelo Bioscience & Wellness (Pty) Ltd. (Halo Labs Inc), Canopy Growth Corporation, Medigrow Africa, Medi Kingdom, MG Health, Pharmaceutical Development Company, Precision Extraction Solutions and Verve Dynamics (Pty) Ltd.
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Africa Medical Cannabis Market to Grow at 19.2% During 2024-2032, Impelled by the Legalization of Cannabis Farming

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