Global Medical Marijuana Market - Upcoming Trends, Growth Drivers and Challenges – Forecast to 2025
Summary - A new market study, titled “Global Medical Marijuana Market - Upcoming Trends, Growth Drivers and Challenges – Forecast to 2025” has been featured on
WiseGuyReports.
The medical marijuana market is estimated to represent a
global market of USD 12.48 billion by 2016 with growth rate of 18.3%. According
to the National Institute on Drug Abuse (NIDA), Marijuana (also referred as
cannabis) is the dried leaves of female flowers of hemp plant which contain
psychoactive properties. Delta- 9- tetrahydrocannabinol (Delta-9-THC) is the
important psychoactive ingredient, the most abundant cannabinoid presents in
marijuana. The movement to accept cannabis as a medicine is propel by multiple
factors, including inadequate relief of current available treatment approaches
for number of chronic disease conditions such as Crohn’s disease, multiple
Sclerosis, cancer, Alzheimer’s disease, and chronic pain. Such conditions are
frequently cited by the proponents of marijuana i.e. cannabis for medical use.
The market for medical marijuana is primarily driven by the growing application
of marijuana in mentioned medical conditions.
Furthermore, large number of companies are increasingly
investing in this market to capture significant revenue share. For example,
Australia based MMJ PhytoTech Limited is considered to be the pioneer in the
development of medical cannabis for international market, under regulated
medical cannabis laws. The company is the first medical grade cannabis (MGC)
company to list on the ASX. PhytoTech is primarily focused on the research and
development activities on MGC therapeutics to be used in various medical
applications. The company is aimed to become a leader in commercialization of
cannabinoids based therapeutic products. Such initiatives would in turn help
this market to establish healthy platform, hence drives the market growth.
However, low penetration of marijuana for medical application in some developed
as well as developing countries hamper the market growth.
The market is categorized as Migraine, Arthritis, Cancer,
Chronic Pain, and Others. Chronic pain segment achieved largest share of the
total medical marijuana market, captured 35.26% share of the market. The use of
pain medication is rapidly increasing, imposing a major burden on the
healthcare system. The use of medical marijuana is reported to significantly
alleviate pain symptoms. Its application in cancer and arthritis is also
considered to be growing in near future due to advancements and increasing
awareness among patient population.
Regionally, developed countries of North America and Europe
is the big market for medical marijuana. In Europe, medical cannabis is
imported from Holland to the European countries such as Czech Republic,
Croatia, Switzerland, Italy, Netherland, and others. Increasing number of prescriptions
for the cannabis for various medical indication have surged the demand for
medical marijuana in developed regions which will drive the market growth. For
example, according to the Marijuana Business Fact Book (2014), more than
730,000 patients have received medical recommendation to use cannabis for
different medical indication. Similarly, Health Canada, official forecast
projected that medical cannabis patients will grow to 1.2% of the total
Canadian population in next 10 years. This industry is predicated to grow at
25% to 28% (i.e. more than 400,000 patients) patient growth by 2024. Huge
demand coupled with necessity to include cannabis for medical application will
support the market growth.
Owing to its huge benefits in medical application, the
market is predicted to grow at slow but steady growth rate in developing
regions. Government of some developing regions are considering marijuana as a
potential economic opportunity. For example, Agriculture Minister of the
Israeli government is researching to develop best ways to grow cannabis. The
Health Ministry, having its own medical cannabis department is planning to
extend the various licenses to support cannabis industry in the country. Such
types of initiatives would in turn support the market growth to great extent
during the forecast period.
Companies such as Cannabis Sativa, Cara Therapeutics,
Lexaria Corp, United Cannabis Corporation, CannaGrow Holdings Inc.,
International Consolidated Companies, Inc. and others are present in this
market. These companies are investing huge amount of their revenue share on
research and development activities to develop novel marijuana based
therapeutics for medical applications.
The market size and forecast for each segment has been
provided for the period 2014 to 2025, considering 2015 as the base year. The
report also provides the compounded annual growth rate (% CAGR) for the
forecast period 2016 to 2025 for every reported segment.
The years considered for the study are:
Historical Year – 2014 & 2015
Base Year – 2015
Estimated Year – 2016
Projected Year – 2025
TARGET AUDIENCE
Traders, Distributors, And Suppliers
Manufacturers
Hospitals
Government and Regional Agencies and Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major
segments, which include as follows:
MARKET, BY TYPES
Migraine
Arthritis
Cancer
Chronic Pain
Others
MARKET, BY REGION
North America
Europe
Asia Pacific
Rest of the World
MARKET, BY COUNTRY
Further Breakdown of The North America Market
U.S.
Canada
Further Breakdown of The Europe Market
Germany
France
Finland
Romania
Italy
Rest of Europe
Further Breakdown of The APAC Market
India
China
Rest of APAC
Further Breakdown of The Rest of the World Market
Middle East and Africa
Latin America
FOR MORE DETAILS: https://www.wiseguyreports.com/reports/5743940-medical-marijuana-market-by-types-migraine-arthritis-cancer
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