Industry Background:
Medicinal cannabis is also known as Medical marijuana, which is used either to treat disease or to improve their symptoms. The two cannabinoids such as delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD) are used in the treatment of a certain disease or health conditions such as pain, memory, blood pressure, concentration, appetite, sensory stimulus, muscular problems, and seizures. The numerous economies are involved in the activities to legalize the export of medicinal cannabis product, which in turn is expected to fuel the growth of the medical cannabis market.
According to AMA Research, the market for Medical Cannabis is expected to register a CAGR of 24.5% during the forecast period to 2030. This growth is primarily driven by Expansion Of Medicinal Cannabis Product By Various Manufacturers
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | Kilo Tons |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Pharmaceuticals sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as BOL Pharma (Israel), Tilray (Canada), Medreleaf Corporation (Canada), Aurora Cannabis, Inc. (Canada), Canopy Growth Corporation (Canada), Insys Therapeutics, Inc. (United States), Aphria, Inc. (Canada), MGC Pharmaceuticals Limited (Australia), GW Pharmaceuticals, plc (United Kingdom) and Medical Marijuana Inc. (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 22 Jan 2019, Tilray, Inc. has announced a definitive agreement with Natura Naturals Holdings Inc., the parent company of a licensed cultivator of cannabis. Due to the agreement, Tilray will obtain Natura’s 662,000 square-foot greenhouse cultivation facility, of which 155,000 square-feet are currently licensed, and all subsequent cannabis output from this facility. and On 19 March 2018, MedReleaf Corp., Canada's first and only ISO 9001 and ICH-GMP certified cannabis producer, has announced that it has entered into an agreement to become the largest supplier of medical cannabis products to Cannamedical Pharma GMBH, a leading medical cannabis distributor to pharmacies in Germany.
On 21 Jan. 2019, Canopy Growth Corporation has announced the expansion of its business in the European regions such as the United Kingdom and Poland where its medically-focused business Spectrum Cannabis continues to build a sophisticated, pan-European cannabis production as well as distribution network serving the needs of physicians and their patients throughout the continent. and On 9 Oct. 2018, Canopy Growth Corporation has completed a legal transfer of cannabis products to a research partner in the United States. This transfer is the initial export of legal cannabis products from Canada to the United States pursuant to an import permit issued by the federal United States Drug Enforcement Administration.Key players are adopting numerous strategies to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnerships to adopt certain technologies, and acquiring small players to finish the competition in the future. As well as investing money in the R&D sector to make technical upgrades to the product.
Regulatory Insights:
On January 16, 2019, California’s three state cannabis licensing authorities have announced that the Office of Administrative Law (OAL) officially approved state regulations for cannabis businesses across the supply chain.
Influencing Trend:
The launch of New Cannabis Consumer Products, Transition to Adult-Use Cannabis and Health Safety in Cannabis Products
Market Growth Drivers:
Expansion Of Medicinal Cannabis Product By Various Manufacturers, Legalization Of Medicinal Cannabis In Various Economies, Rising geriatric population in need of treatment for chronic diseases and Increasing Research And Development Activities
Challenges:
Excessive consumption Leads to The Risk of Heart Attack
Restraints:
Stringent FDA and other regulations
Opportunities:
Emerging Demand From Economies
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Medical Cannabis Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Medical Cannabis Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Medical Cannabis players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Medical Cannabis Study Sheds Light on
The Medical Cannabis Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Medical Cannabis industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Medical Cannabis industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.