The growing application of medical cannabis in pain management in seizures, cancer, and muscle spasm will drive the demand for the market.
Medical cannabis is safe and has less side-effect as compared to other treatment options. It is used to treat nausea and combat negative side-effects, especially among chemotherapy patients, making the whole procedure more tolerable. The product is used with other opioid painkillers, which permits patients to reduce the dosage and frequency of opioids, relieving pain.
The global Medical Cannabis Market is forecasted to be worth USD 47.15 Billion by 2027, according to a current analysis by Emergen Research. An increase in medical cannabis products and the rise in research activities are driving the demand for the market. Moreover, the legalization of the product in several countries will also propel the demand for market growth.
The Global Medical Cannabis Market report offers a detailed analysis of the global market size, regional and country-level analysis of the market, segment growth, competitive landscape, sales analysis, industrial chain analysis, opportunities, recent developments, regulatory framework, market growth analysis, and strategic market initiatives.
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Key Market Dynamics: The global Medical Cannabis market research report details on the ongoing market trends, development outlines, and several research methodologies. It illustrates the key factors that directly manipulate the market, for instance, production strategies, development platforms, and product portfolio. According to our researchers, even minor changes within the product profiles could result in huge disruptions to the above-mentioned factors. Each of these factors has been elaborately discussed in the initial segment of the study.
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Key Highlights From The Report
- The oil product type is forecasted to grow with the fastest CAGR of 17.5% due to the high demand for hemp oil among healthcare workers for clinical purposes. CBD oil can reduce depression and anxiety, alleviate cancer-related symptoms, and also relieves pain.
- Inhalation is a preferred medium of administration, as it offers controlled dosage and effective absorption of cannabinoids into the body. This is expected to propel the demand for the market in the coming years.
- Patients who are prescribed medical cannabis prefer to buy it from a legal source to abide by the regulations, which will propel the demand for the dispensaries segment.
- North America held the largest market share of 31.1% in 2019, as the product is commonly used to treat patients. Countries in the region are promoting derivatives such as resins, tinctures, oil, and vaporizers among the youth, who are the primary consumers.
- Key participants include Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, Cronos Group, Organigram Holdings, Inc., Vivo Cannabis, Tikun Olam, and Insys Therapeutics, Inc., among others.
The findings of the report explain various aspects of the market, such as market status, developmental prospects, key regional segments, renowned market players, product offerings, end-use industries.
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The Medical Cannabis market intelligence report talks about the market size, share, value, and production cost analysis over the forecast period 2019-2027.
- Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Oil
- Buds
- Tinctures
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Chronic Pain
- Mental Disorders
- Anorexia
- Seizures
- Muscle Spasm
- Cancer
- Others
- Route of Administration Outlook (Revenue, USD Billion; 2017-2027)
- Oral
- Intravenous
- Inhalation
- Topical
- Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Dispensaries
- Online
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