The global
medical marijuana market is expected to witness considerable growth during the
forecast period on account of the rise in the number of countries legalizing
the consumption of the drug for medicinal purposes and its potential
application in the treatment of several chronic diseases. Increasing awareness
among healthcare providers and individuals regarding the benefits of medicinal
marijuana will also support the market growth in the future. Moreover, growing
investments (by both private and public organizations) in research associated
with the use of marijuana for medical purposes are expected to continue driving
the market growth.
On the
basis of application, the medical marijuana market is categorized into chronic
pain, arthritis, migraine, cancer, and others. Among these, chronic pain is the
largest application area of medical marijuana and is expected to continue
leading the market during the coming years. This can be attributed to the
increasing prevalence of chronic diseases and rising awareness among patients
and healthcare providers regarding the potential benefits of using marijuana
for relieving chronic pain.
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Globally, North
America was the largest revenue generator in the medical marijuana market in
2017, because of high investments in research and development activities to
investigate the potential medical applications of cannabinoids. Moreover,
Canada and some states of the U.S. are planning to legalize the usage of
marijuana for medical as well as recreational purposes. For instance, by
October 2018, Canada plans to legalize the drug use by adults. As per the
current medical regime associated with cannabis, patients are allowed to access
cannabis under the authorization of their healthcare providers.
Thus, government initiatives to spread awareness about the medical application of marijuana and legalize its usage are expected to contribute to the market growth in the near future.
Thus, government initiatives to spread awareness about the medical application of marijuana and legalize its usage are expected to contribute to the market growth in the near future.
Some of the
major factors contributing to the growth of the medical marijuana industry are
the increasing prevalence of chronic diseases, growing investments by public
and private organizations to conduct research focusing on the medical applications
of marijuana, and rising awareness among healthcare providers toward the usage
of the drug.
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Several
research projects have been funded by the National Institute of Health (NIH)
and the National Institute on Drug Abuse (NIDA) to explore the possible
benefits of marijuana in different medical conditions. Furthermore, increasing
consumption of cannabinoid-based drugs approved for certain disorders is
promoting the market growth. For instance, nabiximols (Sativex), a mouth spray
containing two cannabinoids of marijuana, that is, tetrahydrocannabinol (THC)
and cannabidiol (CBD), is used for treating muscle control problems caused by
multiple sclerosis. Nabiximols is approved in the U.K., Canada, and several European
countries, and studies are being conducted for the drug approval in the U.S. as
well.
Players,
through the acquisition of other similar companies, are strengthening their
position in the medical
marijuana market. For instance, in October 2018, Wuhan General
Group [China] Inc. (Wuhan) announced that it signed a letter of intent to
acquire MJ MedTech Inc. (MedTech), a manufacturer of medical marijuana and
cannabidiol (CBD) products. Through this acquisition, Wuhan expects to gain
from MedTech’s insights, market value, and advanced technology to establish its
presence in the U.S., Canadian, and European markets and strengthen its
position in the medical CBD product business.
Some of the
other key players in the medical marijuana industry are Canopy Growth
Corporation, Aurora Cannabis Inc., Medical Marijuana Inc., GW Pharmaceuticals
PLC, Aphria Inc., CanniMed Ltd., Tilray Inc., and Emerald Health Therapeutics
Inc.
