BANGALORE, India, Jan. 25, 2021 /PRNewswire/ -- Medical Cannabis Market is Segmented by Type (Tetrahydrocannabinol (THC) and Cannabidiol (CBD)), by Application (Pain, Arthritis, Neurological Disease (Epilepsy, Multiple Sclerosis and Other Neurological Applications)), by Regions & Key players Regional Growth: Global Opportunity Analysis and Industry Forecast, 2021–2026. This report is published on Valuates Reports in the Pharmaceuticals Category.
The global Medical Cannabis Market size is valued at 12870 Million USD in 2020 is expected to reach 30520 Million USD by the end of 2026, growing at a CAGR of 13.0% during the forecast period 2021-2026.
Major factors driving the growth of the medical cannabis market size are rising awareness regarding various medical applications such as pain management, appetite enhancement, and reducing eye pressure.
This report focuses on Medical Cannabis volume and value at the global level, regional level, and company level. From a global perspective, this report represents the overall Medical Cannabis market size by analyzing historical data and future prospects. Regionally, this report focuses on several key regions: North America, Europe, China, and Japan, etc.
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TRENDS INFLUENCING THE MEDICAL CANNABIS MARKET SIZE
The growing number of states legalizing medical marijuana and increasing demand for cannabis in medical and recreational applications are some of the main factors that are expected to drive the growth of the medical cannabis market size. The ability of cannabis to provide relief from chronic pain, vomiting, and sleep disorders, along with increasing cannabis use to prevent cancer, is expected to fuel the medical cannabis market size.
Cannabis-based Consumables are expected to fuel the growth of the medical cannabis market size. Cannabis consumer goods companies and retailers are increasingly evolving to meet the needs of mainstream cannabis consumers. Cannabis customers are no longer limited to smoking flowers with cigars, pipes or bongs, and have their choice of a growing range of items, including concentrates, flavored products, and topicals. Products coming onto the market increasingly address the qualities requested by modern consumers-more significant discretion, ease of use, product protection, and accurate dosing.
The number of patients reporting symptomatic benefit from medical cannabis (Cannabinoids THC and CBD) has increased over the 10 years. Medical cannabis users with mental health conditions reported big increases in their cannabis use since Covid-19 began - increasing their use on average by 91%. The cannabis spend overall is also expected to rise by up to 58 percent, owing primarily to the fact that prices for legal products will be higher.
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TOP COMPANIES IN THE MEDICAL CANNABIS MARKET
The medical cannabis industry is still mostly run by LPs (Limited Partners) and other ancillary start-ups. Clinical trials, R&D activities, and commercialization of medical cannabis are expected to increase the competition in the medical cannabis market.
Top companies in the market are considering the idea of microdosing in order to improve the balance between therapeutic and psychoactive events for future delivery systems.
Some of the top companies in the medical cannabis market include Canopy Growth Corp. (CGC), Cronos Group Inc. (CRON), and Tilray Inc. (TLRY).
MEDICAL CANNABIS MARKET SHARE
Europe is expected to hold the largest medical cannabis market share during the forecast period. The legalization of the medicinal use of marijuana in Germany in 2017 created a domino effect for marijuana-related study projects to be launched in other European countries. This has contributed to the legalization of cannabis medical usage in the United Kingdom. With public support overwhelmingly in favor of legalizing medicinal cannabis, most patients in Europe are expecting to gain access to legalized cannabis. In addition, diverse demographics and a large patient population are attracting numerous medical marijuana companies in Europe, contributing to industry growth.
North America is also expected to witness significant growth during the forecast period. The development of the medical marijuana market in North America will fuel the increasing number of research studies to explore novel therapeutic applications. The growth of the medical marijuana industry in North America is largely motivated by the growing need for medical cannabis for the treatment of different conditions.
The key regions covered in the Medical Cannabis market report are:
- South Korea
Middle East & Africa
- Saudi Arabia
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MEDICAL CANNABIS MARKET SEGMENTS
Segment by Type, the Medical Cannabis market is segmented into
- Tetrahydrocannabinol (THC)
- Cannabidiol (CBD).
Segment by Application
- Neurological Disease (Epilepsy, Multiple Sclerosis and Other Neurological Applications)
The major players are:
- BOL Pharma
- Medreleaf Corporation
- Aurora Cannabis, Inc
- Canopy Growth Corporation
- Insys Therapeutics, Inc
- Aphria, Inc
- MGC Pharmaceuticals Limited
- GW Pharmaceuticals, plc
- Medical Marijuana Inc
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SIMILAR REPORTS :
Cannabidiol (CBD) Market size will increase to 2288.7 Million USD by 2025, from 303 Million USD in 2018, at a CAGR of 33.5% during the forecast period.
Delta-9-Tetrahydrocannabinol Market is Segmented by Type Purity 98%, Purity 99%, by Application Pharmaceutical Industry, Research Organization and by various regions.
Medical Cannabis Vaporizers Market is Segmented by Type Portable, Desktop, by Application Hospital, Clinic and by various regions.
The Medical Cannabis Oil Market is Segmented by Type Organic Cannabis Oil, Non-Organic Cannabis Oil, by Application Online Sales, Offline Sales and by various regions.
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