Medical Cannabis Market Set to Reach USD 54.34 Billion and is expected to undergo a CAGR of 22.1% by 2029, Industry Shares, Key Players, Size and Future Growth Analysis

MELBOURNE, Australia, July 29, 2022 /PRNewswire/ -- "Global Medical Cannabis Market" the new research report added in Data Bridge Market Research's reports database. This Research Report spread across 350 Pages, 220 No of Tables, And 60 No of Figures with summarizing top companies, with tables and figures. The rapidly revolutionizing market place demands the best market and business solutions to thrive in the market. This Medical Cannabis report contains comprehensive data of market definition, classifications, applications, engagements, market drivers and market restraints of this industry all of which is derived from Porter's Five Forces analysis. Market definition covered in this Medical Cannabis report gives the scope of particular product with respect to the driving factors and restraints in the market. The sources of data and information mentioned in the Medical Cannabis report are very reliable and include websites, annual reports of the companies, journals, and mergers which are checked and validated by the market experts.

Data Bridge Market Research analyses that the medical cannabis market which was USD 11.0 billion in 2021, would rocket up to USD 54.34 billion by 2029, and is expected to undergo a CAGR of 22.1% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

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Market Overview:-

According to the poll, nearly 13,400 physicians in Canada supplied prescriptions for an average of 2.1 grammes of marijuana each day to patients. The growing number of scientific trials of cannabis-infused medications for various therapeutic areas, particularly the usage of cannabidiol, is boosting market growth. There were around 400 completed or continuing clinical trials as of June 2018. Clinical trials sponsored by GW Pharmaceuticals totaled 40, whereas clinical trials sponsored by sanofi totaled 38. Furthermore, the narrative among physicians about the benefits and supporting clinical evidence is leading to an increase in patient prescriptions for cannabis-infused medicines.

Medicinal marijuana (MMJ), often known as medical cannabis is marijuana and cannabinoids that doctors recommend for their patients. Due to production and political constraints, the use of cannabis as medicine has not undergone thorough testing. As a result, there has been little clinical study to determine the safety and effectiveness of utilising cannabis to treat ailments.

Opportunities

To provide the intended medical benefits, the dosage of the capsules must be precise before consumption. More dependable are the use of sophisticated machinery, skilled, licensed lab technicians, and the producer. Because medical cannabis is now legal in the United States, the demand for it is skyrocketing, thanks to the medicinal benefits of Cannabis Capsules. As a result, investors are keen on establishing or acquiring plants with appropriate machinery, skilled labor, and a license to produce cannabis capsules. Existing manufacturers are also investing time and skills to innovate for the production of high-quality capsules in appropriate doses.

Some of the major players operating in the medical cannabis market are:

• Joy Organics (U.S.)
• CBD istillery (U.S.)
• Gaia Botanicals (U.S.)
• Harmony (U.S.)
• Floyd's of Leadville (U.S.)
• Lazarus Naturals (U.S.)
• cbdMD (U.S.)
• Pure Hemp Botanicals (U.S.)
• ENDOCA(Netherlands)
• Green Roads (U.S.)
• Tilray (U.S.)
• Canopy Growth Corp. (Canada)
• GW Pharmaceuticals PLC (U.K.)
• Aurora Cannabis (Canada)
• Aphria Inc. (Canada)
• CV sciences Inc. (U.S.)

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Recent Development

• In March 2021 - STADA Arzneimittel AG, one of Germany's leading pharmaceutical companies, has entered the medical cannabis market with a deal with MediPharm Labs, a Canadian company, to introduce two flower products and six more in the future.
• In May 2021- TCV Sciences, Inc. announced the launch of PLUSCBDTM calm and sleep gummies, two tasty candies that help individuals go back to their normal routines by supporting healthy stress responses and sleep cycles.

The investment made in the study would provide you access to information such as:

• Medical cannabis Market [Global – Broken-down into regions]
• Regional level split [North America, Europe, Asia Pacific, South America, Middle East & Africa]
• Country wise Market Size Split [of important countries with major market share]
• Market Share and Revenue/Sales by leading players
• Market Trends – Emerging Technologies/products/start-ups, PESTEL Analysis, SWOT Analysis, Porter's Five Forces, etc.
• Market Size by application/industry verticals
• Market Projections/Forecast

Medical Cannabis Market Dynamics

Key Drivers

• Advancements in research and development

Cannabis is now approved for treating various ailments, including restlessness, muscle tightness, persistent discomfort, and the reduction of vomiting and illness caused by chemotherapy. The majority of businesses are making rapid progress in their research into the potential of therapeutic cannabis and hemp.

• Cannabinol and Tetrahydrocannabinol-modified edibles

CBD and THC-modified edibles are becoming increasingly popular throughout all permitted states. In addition, customers and investors are becoming more interested in infused drinks. The convoluted administrative process for cannabis acceptance can act as a roadblock to industry development. The therapeutic properties of cannabis and the ongoing legalisation of cannabis capsules will serve as opportunities for market expansion.

• Increasing legalization of cannabis

Cannabis makes up a sizable portion of the medical cannabis market. Consumers in the United States provinces where cannabis has been legalised are usually above the age of 50. This demographic profile is predicted to raise cannabis demand in the country due to a higher likelihood of chronic diseases after 50 years of age and the effectiveness of cannabis in treating such conditions. Cannabis's popularity and demand are projected to rise in the future due to ongoing research and standardisation of products for medicinal uses.

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Industry Segmentation:-

Product

• Oil
• Dried Medical Cannabis
• Medical Cannabis Capsules
• Vape Pen
• Whole Flower
• Creams and Moisturizer
• Ground Flower
• Patch
• Mask and Serum
• Cleanser
• Others

Source

• Natural
• Synthetic

Species

• Sativa
• Hybrid
• Cannabis Indica

 Derivatives

• Cannabidiol (CBD)
• Tetrahydrocannabinol (THC)/Delta-8-Tetrahydrocannabinol
• Cannabigerol (CBG)
• Cannabinol
• Others

 Application

• Pain Management
• Anxiety
• Muscle Spasms
• Nausea
• Appetite Loss
• Cancer
• Arthritis
• Alzheimer's Disease
• Epilepsy
• Depression and Sleep Disorders
• Multiple Sclerosis
• Autism
• Mental Health Conditions
• Elevate Mood
• Others

 Route of Administration

• Oral Solutions and Capsules
• Smoking
• Topicals
• Vaporizers
• Others

End User

• Homecare Settings
• Hospital
• Rehab Centers
• Pharmaceutical Industry
• Research and Development Centers
• Others

Distribution Channel

• B2C
• B2B

Regional Breakdown:-

The countries covered in the medical cannabis market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the medical cannabis market due to the growing number of geriatric population along with adoption of innovative medical technology.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the rising health awareness among the people and growing demand of advanced medical technology.

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