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According to the estimates by IMARC Group, the global medical cannabis market is expected to grow at a CAGR of 15.3% during 2021-2026.
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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