Medical Cannabis Market Exceed Valuation of CAGR of 22.8% by 2030
Data Bridge Market Research analyzes that the Global Medical Cannabis Market is expected to grow at a CAGR of 22.8% during the forecast period of 2023 to 2030.
Industry Analysis
The rising number of patients related to chronic diseases globally and an increased inclination towards a healthy lifestyle are some of the factors that are expected to drive market growth. In addition, the rise in the number of product approvals and increasing R&D activities for medical cannabis devices are expected to drive market growth. However, the high cost of medical cannabis devices and procedures, medicinal drugs, safety concerns and adverse effects associated with laser procedures, and lack of awareness about the treatment from laser devices are expected to restrain the market growth. Additional technological advancements in medical cannabis and strategic initiatives by emerging players are expected to act as opportunities for market growth. However, stringent regulations and a lack of skilled professionals are expected to pose a challenge to market growth.
The use of cannabis as medicine is not rigorously tested due to government restrictions and resulting in limited clinical research to define the efficacy of cannabis in medical and clinical applications. However, preliminary studies suggest that cannabis reduces vomiting and nausea in chemotherapy patients and helps in increasing appetite.
Cannabis is a psychoactive drug that is derived from the cannabis plant of the Cannabaceae family. For several years, it has been used medicinally and has a wide range of applications in the treatment of various diseases including chronic pain, cancer, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, AIDS, and Alzheimer’s among others.
The increased medicinal use of cannabis, the controlled legalization and use of cannabis in various industries, and the advanced methodologies present in the field are some of the factors expected to drive market growth.
Global Medical Cannabis Market Scope
The global medical cannabis market is segmented into nine notable segments based on product, source, species, derivatives, application, route of administration, treatment type, end user, and distribution channel. The growth amongst these segments will help you analyze market growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
Oil
Dried Medical Cannabis
Medical Cannabis Capsules
Vape Pen
Whole Flower
Creams & Moisturizer
Ground Flower
Patch
Masks & Serum
Cleanser
Others
Source
Synthetic
Natural
Species
Cannabis Indica
Sativa
Hybrid
Derivatives
• Cannabidiol (CBD)
• Tetrahydrocannabinol (THC)/ Delta-8-Tetrahydrocannabinol
• Cannabigerol (CBG)
• Cannabichromene (CBC)
• Cannabinol (CBN)
• Cannabicyclol (CBL)
• Others
Application
• Pain Management
• Anxiety
• Muscle Spasm
• Nausea
• Appetite Loss
• Eating Disorders
• Inflammatory Bowel Diseases
• Cancer
• Arthritis
• Wasting Syndrome (Cachexia)
• Alzheimer's Disease
• Epilepsy
• Depression and Sleep Disorder
• Multiple Sclerosis
• Autism
• Mental Health Conditions
• Elevate Mood
• Others
Route of Administration
Oral Solutions and Capsules
Smoking
Vaporizers
Topicals
Others
Treatment Type
• Analgesic
• Psychedelic
• Antiviral
• Aphrodisiac
• Expectorant
• Others
End User
• Homecare Setting
• Hospital
• Rehab Centers
• Pharmaceutical Industry
• Research and Development Centers
• Others
Distribution Channel
B2B
B2C
Get TOC Details: https://www.databridgemarketresearch.com/toc/?dbmr=global-medical-cannabis-market
Global Medical Cannabis Market Regional Analysis/Insights
The global medical cannabis market is segmented into nine notable segments based on product, source, species, derivatives, application, route of administration, treatment type, end user, and distribution channel.
The countries covered in this market report are U.S., Canada, and Mexico, Germany, Italy, U.K., Austria, Poland, Lithuania, Ireland, Netherlands, Norway, Switzerland, France, Russia, Spain, Hungary, Belgium, Turkey, and Rest of Europe, Australia, Thailand, South Korea, Japan, China, New Zealand, Singapore, India, Taiwan, Malaysia, Philippines, and Rest of Asia-Pacific, Brazil, Argentina, Peru, and rest of South America, Israel, South Africa, Lebanon, U.A.E., Kuwait, and rest of Middle East and Africa.
North America is expected to dominate the global medical cannabis market due to the increasing investment in medical cannabis. The U.S. is expected to dominate the North America region due to the legalization of medical cannabis use. Germany is expected to dominate the Europe region due to the increasing demand for medical cannabis in emerging markets and expansion. Australia is expected to dominate the Asia-Pacific region due to the presence of key manufacturers and advanced technological processes.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, and the impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Medical Cannabis Market Share Analysis
The global medical cannabis market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, and technology lifeline curve. The above data points provided are only related to the companies’ focus related to the market.
Some of the major market players operating in this market are MediPharm Labs Inc., Tilray, Aurora Cannabis, JAZZ Pharmaceuticals Inc. (GW Pharmaceuticals plc), HEXO Corp. (Zenabis Global Ltd), Cresco Labs, Peace Naturals Project Inc., CANOPY GROWTH CORPORATION, Medical Marijuana, Inc., Seed Cellar, EcoGen Biosciences, CANNABIS SEEDS USA, Seeds For Me, HUMBOLDT SEED COMPANY, Extractas, World Class Cannabis Seeds (Crop King Seeds), BARNEY'S FARM, FOLIUM BIOSCIENCES, PharmaHemp, Elixinol Global Limited, ENDOCA, Harmony, MARY’S nutritionals, LLC, Pure Ratios, Greenwich Biosciences, Inc., Upstate Elevator Supply Co., Apothecanna, BOL Pharma, and IDT Australia among others.
Get Full Access of reports @ https://www.databridgemarketresearch.com/reports/global-medical-cannabis-market
MAJOR TOC OF THE REPORT
Chapter One: Introduction
Chapter Two: Market Segmentation
Chapter Three: Market Overview
Chapter Four: Executive Summary
Chapter Five: Premium Insights
Chapter Six: Global Medical Cannabis Market by Product & Procedure type
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