According to a thorough Persistence Market Research analysis, the worldwide medical marijuana market was estimated to be worth US$ 16.5 billion in 2020 and is projected to grow to US$ 76.5 billion by 2031, reflecting a CAGR of 14.8% over the forecast period (2021-2031). Nearly 80% of the worldwide cannabis business, which was estimated to be worth $20 Bn in 2020, is consumed as medical marijuana.
Medical marijuana, commonly referred to as medical cannabis, is becoming more and more well-known every day as a result of its expanding use in the medicinal industry. It comes from the Cannabis sativa plant, which is also used to treat chronic illnesses and control pain.
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Analysis of medical marijuana use from 2016 to 2020 in relation to demand forecast (2021-2031)
Persistence Market Research estimates that from 2016 to 2020, medical marijuana sales grew at a CAGR of 12.2%. Medical marijuana offers a wide range of uses in the medical field, particularly for the treatment of pain.
One essential component of marijuana is tetrahydrocannabinol (THC). THC stimulates the cannabinoid receptors in the brain, which turn on the reward system and lessen pain when someone takes or inhales it. In order to treat or manage chronic pain, medicinal marijuana may therefore be an alternative.
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Key Segments Covered in Medical Marijuana Industry Research
Medical Marijuana Market by Product
- Dried Flower Medical Marijuana
- Extract Form of Medical Marijuana
Medical Marijuana Market by Application
- Medical Marijuana for Pain Management
- Medical Marijuana for Seizures
- Others
Medical Marijuana Market by Distribution Channel
- Retail Pharmacy Sales of Medical Marijuana
- e-Commerce Sales of Medical Marijuana
Medical Marijuana Market by Region
- North America Medical Marijuana Market
- Latin America Medical Marijuana Market
- Europe Medical Marijuana Market
- East Asia Medical Marijuana Market
- South Asia Medical Marijuana Market
- Oceania Medical Marijuana Market
- Middle East and Africa (MEA) Medical Marijuana Market
Competitive Landscape
As a large number of European and Asian countries have legalized marijuana for medical purposes, the market is rapidly expanding. Early adopters are expected to reap the benefits by expanding their regional presence and consolidating their market dominance. Cross-border trade is also impacted by various regulatory, quality, and pricing standards.
Companies producing medical marijuana are mainly strengthening their position through various strategic steps, including collaborations, acquisitions, and agreements, to improve their product portfolios.
Some of the recent instances include:
- In April 2018, Peace Naturals collaborated with Strainprint, a mobile application used to track patients’ MMJ dosage, intake methods, and different strains.
- In June 2018, Aurora Cannabis Inc. announced that it had signed an agreement to acquire Anandia Laboratories Inc. Anandia is known as an industry leader in science, genetics, and independent cannabis product testing.
- In May 2018, Aurora Cannabis Inc. announced completion of the acquisition of CanniMed Therapeutics Inc.
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FAQ’S
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