About Medical Marijuana
Medical marijuana is also called as medical cannabis, cannabis. Medical marijuana is just a marijuana plant that is treated to get composition of cannabinoids, which is essential to produce a product to be in use. Cannabinoids that are suggested by doctors for their patients. Medical marijuana is typically found in two forms dried and extract. The use of cannabis as drug has not been rigorously verified due to creation restrictions as well as other governmental regulations. Cannabinoids are generally intended to form a specific medicine to treat disorders such as cancer, anxiety, AIDS, nerve damage, epilepsy, PTSD, and arthritis.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 20.25% |
Global Medical Marijuana market is still in the introduction phase in healthcare industry. The United States and Canada are moving towards legalization of marijuana for recreational purposes. Thus, the North American medical marijuana market is highly concentrated. Moreover, legalization of marijuana in other developing countries will increase the accessibility and favorable environments for the new entrants. Countries including Germany and Australia are predicted to develop as leading markets in terms of sale, whereas, countries like Israel are focusing on research and development. Analyst at AMA Research estimates that Canadian Players will contribute the maximum growth to Global Medical Marijuana market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
GW Pharmaceuticals PLC. (United Kingdom), MedReleaf Corporation (Canada), Canopy Growth Corporation (Canada), Aphria Incorporation (Canada), Aurora Cannabis Inc. (Canada), Medical Marijuana, Inc. (United States), Green Relief Inc. (Canada), Cannabis Sativa, INC. (United States) and Insys Therapeutics, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Maricann Group, Inc. (Canada), Tilray (Canada), The Cronos Group (Canada) and Organigram Holdings, Inc. (Canada).
Segmentation Overview
AMA Research has segmented the market of Global Medical Marijuana market by Type (Buds, Oil and Tinctures), Application (Chronic Pain, Mental Disorders, Arthritis, Migraine, Cancer and Other) and Region.
On the basis of geography, the market of Medical Marijuana has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. If we see Market by Marijuana Type, the sub-segment i.e. Medical Marijuana will boost the Medical Marijuana market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Emergence of Luxury Cannabis Products and Increasing Number of Medical Marijuana Clubs
Market Growth Drivers:
Rising Chronical Diseases, High Adoption for Treatment of Neurological Disorders and High Public and Private Investments in Research and Developments
Challenges:
Straighten Government Regulations
Restraints:
High Price of Cannabis Testing Products and Difficulty in Procurement of License for Production
Opportunities:
Legalization of Medical Marijuana in Emerging Countries and Increasing Research and Development Related Medical Marijuana
Market Leaders and their expansionary development strategies
In January 2024, Aurora Cannabis Inc. launched three new cannabis-infused beverages. These products were initially available exclusively to Aurora's veteran patients and included THC, CBD, and CBG offerings.
In August 2020, FARMACEUTICALRX announced the launch of its new medical marijuana brand - Burst of Wellness - targeting quality and value-focused patients. The product portfolio initially launched with a selection of vape cartridges.
The federal government’s view of medical marijuana is evolving as the U.S. Food and Drug Administration (“FDA” or “Agency”), on June 25, 2018, approved Epidiolex, the first drug containing cannabidiol (“CBD”), a marijuana derivative, and the U.S. Congress considers several bills aimed at relaxing regulatory standards for medical marijuana. In a press release regarding this recent approval, FDA Commissioner Scott Gottlieb reiterated the Agency’s commitment to “careful scientific research and development,” noting that the “approval serves as a reminder that advancing sound development programs that properly evaluate active ingredients contained in marijuana can lead to important medical therapies.” Before Epidiolex can be made available to patients, CBD must be rescheduled by the U.S. Drug Enforcement Administration (“DEA”) from its current Schedule I classification under the Controlled Substances Act (“CSA”).
Key Target Audience
Medical Marijuana Providers, Medical Marijuana Suppliers, Healthcare Industry, Industry Associations and Experts, Private Research Organizations and Consulting Companies, Industry Associations, Government Market Research and Consulting Firm and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.