Pune, India, June 23, 2021 (GLOBE NEWSWIRE) – Medical Cannabis Market: Key Findings Insight
According to our new research study “Medical Cannabis Market Forecast to 2028 – Impact of COVID-19 and Global Analysis – By Product Type, Medical Application, Compound, and Geography,” the medical cannabis market size is projected to reach $ 49,116.4 million in 2028 from 8,926. $ 6 million in 2020; It is expected to grow at a CAGR of 23.9% between 2021 and 2028. Market growth is attributed to increasing government funding for awareness-raising and research into the medicinal benefits of cannabis. However, illegal use of cannabis as a street drug and misconceptions about cannabis are the main factors holding back market growth.
Medical Cannabis Market: Competitive Landscape and Key Developments
Aphria, Inc., Aurora Cannabis, Cannabis Science, Inc., Canopy Growth Corporation, Medical Marijuana, Inc., VIVO Cannabis Inc., Tikun Olam Ltd, Tilray, and Cronos Group are key companies in the medical cannabis market. The market leaders are continuously looking forward to expanding and diversifying their market presence as well as reaching new customers and thus taking advantage of existing business opportunities.
In July 2019, Aphria Inc. announced that its subsidiary Marigold Projects Jamaica Limited (Marigold) has received a Herb House retail license from Jamaica’s Cannabis Licensing Authority (CLA) to open its first store in Kingston, Jamaica.
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In September 2019, VIVO Cannabis Inc. announced its alliance with Linneo Health SL (Lineo Health), a subsidiary of Alcaliber SA, to become a medical cannabis supplier in Europe. Linneo Health, the European leader in the medical cannabis industry, recently received EU Good Manufacturing Practices (GMP) certification from Spanish regulators. The agreement will likely allow VIVO to expand its presence in the European medical industry.
In 2020, North America dominated the medical cannabis market with a sales share of more than a third. Countries such as the United States and Canada offer many opportunities to major players in the medical cannabis market. In Mexico, the government has introduced a regulatory framework for medical cannabis that requires companies to apply for research licenses to bring products to market. This would spur developments in the medical cannabis market in the country.
The medicinal potential of cannabis has led various researchers and companies to use cannabis in medicinal applications. Tetrahydrocannabinol (THC), for example, is mainly used in the manufacture of drugs. The US Food and Drug Administration (FDA) has approved THC-based drugs such as nabilone (Cesamet) and dronabinol (Marinol), which are prescribed to treat nausea in patients receiving chemotherapy; these drugs are also prescribed to stimulate appetite in patients with wasting syndrome, which was developed as one of the indications in AIDS.
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Various marijuana-based products have also been approved or are in clinical trials. For example, Nabiximols (Sativex) is an approved drug that has been commercialized in Canada, the UK, and some European countries. Nabiximols is a cannabis extract used to treat spasticity and neuropathic pain associated with multiple sclerosis. It is formulated with a combination of THC and other cannabidiol (CBD). In February 2020, CanaQuest Medical Corp, a Canadian company, applied to Health Canada for approval to manufacture and commercialize Mentabinol. Mentabinol is a THC-based product whose application for approval has been submitted under the Cannabis Act.
In March 2021, the New Zealand Department of Health and Medicinal Cannabis Agency approved the marketing of Tilray medical cannabis products across the country. In addition, the country is also one of the leading suppliers of medical cannabis to Australia. Tilray products are manufactured in a certified facility in Canada using Good Manufacturing Practices (GMP). Thus, the surge in medical cannabis registrations and the expansion of companies’ businesses are supporting the growth of the medical cannabis market worldwide.
Medical cannabis market: segment overview
Based on the product type, the medical cannabis market is divided into flowers, concentrates, cannabis oil and topical ointments, capsules, tablets, and beverages and edibles. In 2020, the flower segment had the largest market share. However, the Beverages & Edibles segment is expected to experience the highest CAGR during the forecast period.
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On the basis of the medical application, the Medical Cannabis market is segmented into Pain Therapy, Neurological Health Management, Mental Health Management, and others. In 2020, the pain management segment had the largest market share and is expected to have the highest CAGR in the market between 2021 and 2028.
Based on the composition, the medical cannabis market has been divided into Tetrahydrocannabinol Dominant, Cannabidiol Dominant, and Balanced Tetrahydrocannabinol and Cannabidiol. In 2020, the THC-dominant segment held the largest market share and is expected to have the highest CAGR during the forecast period.
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