Market Highlights
Medical cannabis, also known as medical marijuana, is an herbal drug derived from plants of the genus Cannabis used to treat a specific symptom or disease. Although the word cannabis refers specifically to the plant genus, it is also used interchangeably with marijuana, which describes the crude drug isolated from the plants’ leaves and flowers.
The global medical cannabis market is expected to register a CAGR of 18.84% during the forecast period and hit USD 33,210.21 million by 2027.
The key factors that drive the global medical cannabis market are the rising research & development activities and financial support by various government and private organizations for cannabinoid research. However, stringent government policies and increasing illegal use of marijuana sizes are anticipated to hamper the market growth.
Regional Analysis
The Americas dominated the global medical cannabis market by accounting for the largest share in 2020. This large market share is due to medical cannabis legalization in 37 US states and the increasing adoption of products. The presence of major manufacturers, the rising adoption of medical cannabis products, and an increasing number of companies involved in R&D activities are driving the growth of the market in this region.Europe holds a strong share in the global medical cannabis market. It is the second-largest market due to an increasing number of European countries legalizing cannabis for medical purposes.
Additionally, prominent research and manufacturing activities in the region are anticipated to increase the market size in this region. The increasing prevalence of diseases such as multiple sclerosis, epilepsy, Alzheimer’s disease, Parkinson’s disease, post-traumatic stress disorder, depression, and anxiety are fueling the market growth in Europe. Asia-Pacific is expected to have a favorable growth rate during the forecast period, owing to the huge patient pool of cancer and government initiatives of healthcare reforms. It holds the third-largest position in the global medical cannabis market. The Middle East would depict the least growth due to major factors, such as underdeveloped regulations and lower adoption rates. The region is expected to witness a restricted growth due to stringent government policies.
Segment Analysis
The global medical cannabis market has been segmentedbased on product type, derivative, route of administration, application, and distribution channel.
The market, based on product type, has been segregated into solid, dissolvable/powders, oil, and ointment & creams.On the basis of derivative, the market is bifurcated into cannabidiol and tetrahydrocannabinol.Based on route of administration, the global medical cannabis market has been segmented into inhalation, oral, and topical.
Based on application it is divided into pain management, neurological health management, and mental health management. The inhalation segment dominated the market segment is expected to register the fastest growth in the application segment of the global medical cannabis market during the forecast period. The medical cannabis market, by distribution channel, is segmented into hospital pharmacy, retail pharmacy, and online pharmacy.
Medical Cannabis Market Players
The key players in the global emergency medical services market are Johnson & Johnson Services, Inc. (US), Stryker (US), Smiths Medical (US), Becton, Dickinson and Company (US), Smith & Nephew (UK), Cardinal Health (Ireland), Koninklijke Philips NV (Netherlands), 3M Company (US), Braun, R. Bard (US), Medtronic plc (Ireland), Asahi Kasei (Japan), and GE Healthcare (US).
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