Medicinal Cannabis Market is Estimated to Expand its Size at a CAGR of 24.4% till 2027 | Top Key Vendors, SWOT Analysis, Regional Revenue, Strategy Profiling, Growth Drivers and Upcoming Trends
The Global Medicinal Cannabis Market, by Point of Sale (Dispensaries, Online Pharmacy, Hospital Pharmacy), by Active Ingredient (Tetrahydrocannabinol (THC) and Cannabidiol (CBD)) and by Therapeutic Application (Pain, Arthritis, Neurological Disease (Epilepsy, Multiple Sclerosis and Other Neurological Applications), and Other Applications) is estimated at US$ 5,448.4 million in 2019 and is projected to exhibit a CAGR of 24.4% over the forecast period (2019 – 2027).
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The legalization of medicinal cannabis would result in more research, offering a valuable medical option for treatment of various symptoms such as chemotherapy-induced side effects, epilepsy, and chronic pain, which is expected to support growth of the medicinal cannabis market in the near future. In February 2016, Australia’s government amended the Narcotics Drugs Act 1967 to allow cultivation of cannabis for medicinal or scientific purposes under a national licensing scheme, which is expected to favor growth of the medicinal cannabis market in the region. Furthermore, the government of Australia announced in January 2018 that it would allow medicinal cannabis exports, which is expected to provide growth opportunities for domestic manufacturers.
Browse 44 Market Data Tables and 26 Figures spread through 191 Pages and in-depth TOC on “Medicinal Cannabis Market, by Point of Sale (Dispensaries, Online Pharmacy, Hospital Pharmacy), by Active Ingredient (Tetrahydrocannabinol (THC) and Cannabidiol (CBD)), and by Therapeutic Application (Pain, Arthritis, Neurological Disease (Epilepsy, Multiple Sclerosis, and Other Neurological Applications), Other Applications) – Global Forecast to 2027”
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Increasing clinical trials and approvals of medicinal cannabis products are expected to fuel growth of the medicinal cannabis market over the forecast period. For instance, in July 2017, 18 states in the U.S. allowed the use of Cannabidiol (CBD) extract, majorly in oil form, with minimal tetrahydrocannabinol (THC), for the treatment of epilepsy or seizures in chronically ill children. Manufacturers are focused on developing drugs with medicinal cannabis in order to offer enhanced treatment for disorders such as epilepsy and various types of cancers. For instance, GW Pharmaceuticals’ Epidiolex (cannabidivarin) is in developmental process and is used in clinical trials for treatment of resistant epilepsy, supported by NSW and Queensland government. Moreover, in 2016, the U.K. government gave GW Pharmaceuticals special permission to investigate medicines derived from cannabis, which are used in treatment of a range of symptoms. Advertising laws are very stringent in several economies where cannabis is legalized for medical or recreational use, as most economies prohibit open advertising of medicinal cannabis to minors and other vulnerable population. Furthermore, due to the federal classification of marijuana as a class I drug, mainstream media channels are hesitant about accepting advertising for cannabis-related products and services. Due to such restrictions, medicinal cannabis manufacturers use three options to market marijuana related products: direct mail, email, and short-messaging-services (SMS). Among these, SMS is the most effective way of marketing, as it is quicker to reach consumers compared to direct mail, and has a broader reach than email. Furthermore, SMS service is used for offering discount coupons and latest promotion of products.
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In December 2017, Canada’s 17 licensed cannabis producers (LPs), representing around 90% of legal medicinal cannabis market in Canada, along with the Canadian Medicinal Cannabis Council, developed guidelines to facilitate responsible branding and promotion of cannabis in the country. However, factors such as highly addictive nature of cannabis which increases user-dependency, and increasing likelihood of experiencing withdrawal symptoms is expected to hamper growth of the market.
Key Takeaways of the Medicinal Cannabis Market:
- The global medicinal cannabis market is expected to exhibit a CAGR of 24.4% over the forecast period (2019 –2027) owing to increasing prevalence of chronic diseases and increasing approvals of medicinal cannabis in various economies
- Among active ingredient types, the Cannabidiol segment is expected to account for the largest share in the global medicinal cannabis market over the forecast period owing to increasing use of Cannabidiol in oil form. For instance, in July 2017, 18 U.S. states allowed the use of CBD extracts, usually in oil form, with minimal tetrahydrocannabinol (THC), majorly for treatment of epilepsy or seizures in chronically ill children.
- Increasing adaptation of mobile applications, e-commerce, and digital media is expected to drive growth of the online cannabis pharmacy market. Furthermore, cannabis-related online content, directories and online marketing is creating awareness regarding medicinal benefits of cannabis products, which is expected to facilitate growth of the market.
- Among therapeutic applications, pain segment accounted for the largest market share, owing to increasing incidence of chronic pain. According to the World Health Organization (WHO) data published in 2015, around 20% of the worldwide population, annually suffers from some form of chronic pain, which includes fibromyalgia, back pain, neck pain, chronic fatigue syndrome, temporomandibular joint disorders, sciatica, headaches, and itchiness.
- Some of the major players operating in the global medicinal cannabis market include BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc., and Medical Marijuana Inc.
- Global Medicinal Cannabis Market, By Point of Sale:
- Online Pharmacy
- Hospital Pharmacy
- Global Medicinal Cannabis Market, By Active Ingredient:
- Tetrahydrocannabinol (THC)
- Cannabidiol (CBD)
- Global Medicinal Cannabis Market, By Therapeutic Application:
- Neurological Disease
- Multiple Sclerosis
- Other Neurological Applications
- Other Applications
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