Covid-19 Impact & Market Status
The worldwide medical cannabis market's supply chain has been interrupted by the COVID-19 outbreak, which has impacted the entire value chain, from raw material procurement through processing, packaging, and distribution. Currently, the impact does not appear to be significant because several manufacturers have sufficient raw materials and finished goods on hand. If the epidemic continues and trade restrictions are extended, the damage is expected to escalate.
By Product type Segment
Because of its stress-relieving properties, the Cannabidiol oil sector is expected to dominate the market by product type. It can also be used to treat other neurodegenerative diseases like Alzheimer's and post-traumatic stress disorder (PTSD).
By Derivatives type Segment
CBD leads the market in terms of derivatives since it is mostly utilised for medical purposes because to its non-psychoactive characteristics and low toxicity, whereas THC is used to reduce the side effects of AIDS and cancer therapy.
Cancer is the most prevalent application, which drives the market.
Oral solutions and capsules are the most prevalent administration methods, accounting for the majority of revenue.
Due to its 24/7 availability and extended care services, the retail pharmacy has been garnering the most popularity among distribution channels.
North America dominated the worldwide medical cannabis market in 2020, accounting for the largest share. The legalisation of medicinal cannabis in 37 US states, as well as the widespread acceptance of goods, are responsible for this massive market share. The market in this region is expanding as a result of the presence of major producers, increased usage of medicinal cannabis products, and an increase in the number of businesses engaged in R&D. Europe holds a significant share of the worldwide medicinal cannabis market. It is the second-largest market after North America, thanks to an increasing number of European countries legalising cannabis for medical use. Furthermore, due to the region's prominent research and manufacturing activities, the market size in this region is predicted to expand.
Because of the enormous number of cancer patients and government measures to reform healthcare, Asia-Pacific is expected to increase at a favourable rate for the duration of the forecast period. It is the third-largest player in the worldwide medical cannabis business. In the majority of Asia-Pacific countries, cannabis-based products are prohibited. As a result of the increase in epilepsy cases, some doctors are recommending cannabis-based treatments.
The Middle East would experience the slowest growth in the industry due to organisational factors such as outdated laws and poor adoption rates. The region's expansion is expected to be restrained due to strict government regulations. A few Arab countries have adopted strict laws governing the use and storage of cannabis-related products.
In 2020, the worldwide medicinal cannabis business will be worth $7.8 billion dollars. The market is expected to increase at a CAGR of 15.3 percent, according to Adroit Market Research. We're constantly watching and evaluating the direct and indirect effects of COVID-19 on various end-use industries, keeping in mind the pandemic's uncertainty. As a prominent market contributor, these insights are incorporated in the research.
Cannabis is a psychotropic substance generated from the Cannabaceae family's cannabis plant. Ancient Indian, Chinese, Egyptian, and Islamic cultures all employed it medicinally. Cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, multiple sclerosis, acquired immunodeficiency syndrome (AIDS), amyotrophic lateral sclerosis (ALS), Alzheimer's, post-traumatic stress disorder (PTSD), Parkinson's, and Tourette's are among the diseases and symptoms for which cannabis is used.
In comparison to other therapy choices, cannabis is safer and has less severe negative effects. It's also used in conjunction with other medicines, either to improve their efficacy or to mitigate negative side effects.
It helps chemotherapy patients feel better by lowering nausea and improving appetite. It's also used in tandem with standard opioid medicines, allowing patients to lessen their opioid dosage and frequency while still getting better pain relief. Because older people are more likely to develop chronic illnesses and require more physician visits, the constantly ageing population around the world has played a vital role in raising demand for medicinal cannabis.
Clinical studies, research and development (R&D) initiatives, and the commercialization of cannabis-based indications are also projected to boost market growth. Although health-care spending is less affected by changes in disposable income, medical marijuana use is affected by changes in disposable income due to its unconventional character. As a result, rising disposable incomes are expected to have a beneficial effect on medical cannabis demand.
The major players of the global Medical Cannabis Market are BOL Pharma, Tilray, Medreleaf corporation, Aurora Cannabis, canopy growth corporation, Insys Therapeutics, inc., Aphria Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, PIC. Cannabis has both positive and negative health effects, in addition to its well-known medical benefits. Heavy or long-term cannabis use has been connected to cannabis addiction, persistent psychosis-related health problems, altered brain
development, reduced life satisfaction, cognitive impairment, bronchitis, and poor educational outcomes. Dizziness was also discovered to be the most common non-serious side effect, occurring in 15.5 percent of cannabis users.
Latest happening in the global medical cannabis Market: a Snapshot
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Medical Cannabis Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||$7.8 billion dollars|
|Growth Rate||CAGR of 15.3% during 2021-2028|
|Segment Covered||Species, Derivatives, Application, End user, Route of Administration, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||BOL Pharma, Tilray, Medreleaf corporation, Aurora Cannabis, canopy growth corporation, Insys Therapeutics, inc., Aphria Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, PIC.|
Key Segments of the Global Medical Cannabis Market
Species Overview, 2018-2028 (USD Billion)
Derivatives Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
End user overview, 2018-2028 (USD Billion)
- Pharmaceutical industry
- Research and Development centers
Route of Administration overview, 2018-2028 (USD Billion)
- Oral solutions and capsules
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa