Medical marijuana market is expected to flourish by 2026 due to growing legalization of cannabis worldwide. Inhalation sub-segment is predicted to be highly lucrative. Market in the North America region to witness better growth opportunities.
NEW YORK, Jan. 25, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Medical Marijuana Market by Application (Pain Management, Muscle spasms, Nausea, Anorexia, Seizures, Others), By Route of Administration (Inhalation, Oral Topical), By Distribution Channel (Dispensaries, Online), Regional Analysis (North America, Europe, Asia Pacific, LAMEA) Global Opportunity Analysis and Industry Forecast, 2019-2026".
According to the report, the global medical marijuana market is projected to garner a revenue of $33,211.7 million and grow at 27.4% CAGR during the 2019-2026 forecast period.
Dynamics of the Market
Drivers: Growing legalization of cannabis from governments in several countries due to its benefits is predicted along with people's rising demand for pain management are some factors predicted to drive the growth of the global medical marijuana market during the forecast years. In addition, the extensive utilization of marijuana extracts in for clinical purposes is also estimated to boost the market growth by 2026.
Opportunities: The enormous expansion of the medical marijuana market across the North American region and its legalization is the prime factor anticipated to offer ample growth opportunities for the global medical marijuana market during the analysis years. Moreover, increasing R&D activities revolving around marijuana is also expected to augment the market development by 2026.
Restraints: Inadequate information about cannabis in the developing nations is the prime impeding factor for the market growth.
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Segments of the Market
The report has divided the global medical marijuana market into different segments based on application, route of administration, distribution channel, and region.
- By application, the pain management sub-segment is predicted to have the highest growth rate and register a revenue of $13,882.5 million during the forecast period. This immense growth is attributed to the growing requirement of pain relief among the cancer patients across the globe since it is the most difficult problem encountered by doctors.
- By route of administration, the inhalation sub-segment is projected to gather a revenue of $23,082.2 million during the 2019-2026 forecast period due to some major benefits like reduced noxious emissions and its faster effects. Additionally, the extensive utilization of cannabis for asthma treatment is yet another factor to bolster the sub-segment's growth by 2026.
- By distribution channel, the dispensaries sub-segment is estimated to hold a dominant market share and generate a revenue of $24,443.8 million by 2026. Reduced penalties for cannabis consumption in many countries and marijuana legalization policies worldwide are some factors to propel the sub-segment's growth.
- By region, the medical marijuana market in the North America region is anticipated to witness immense growth opportunities and grow at 25.6% CAGR during the forecast period due to legalization of marijuana by the government and various marijuana programs in the region for motivating good public health.
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Key Market Players
Some key players of the medical marijuana market include
- GW Pharmaceuticals
- Aurora Cannabis Inc.
- Insys Therapeutics Inc.
- Green Relief Inc.
- mCig
- ABcann Medicinals Inc.
- Aphria Inc.
- Cannabis Sativa Inc.
- Canopy Growth Corporation
- Emerald Health Therapeutics
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to assist the market growth.
For instance, in July 2022, Cilicon, a leading provider of cannabis vape technology and manufacturing, announced the launch of its partner program to help cannabis vaporizer organizations upgrade their product portfolios, reduce product inventory costs, and strengthen their footprints in the competitive market.
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The report also sums up many crucial facets including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Medical Marijuana Market:
- Medical Marijuana: A Potential and Effective Treatment for COVID-19 Disease
- How Medical Marijuana is Proving Beneficial for Health
- Global Medical Marijuana Market to Witness a Progressive Growth in the Near Future
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