Medical cannabis, particularly the non-psychoactive cannabinoid CBD, has emerged as a promising avenue in the treatment of epilepsy, notably in conditions such as Dravet syndrome and Lennox-Gastaut syndrome. Its non-psychoactive nature makes it an attractive option, minimizing the risk of cognitive side effects associated with some other treatments. The therapeutic potential of CBD in epilepsy underscores the importance of exploring alternative approaches within the realm of medical cannabis, paving the way for more targeted and effective interventions in managing debilitating neurological disorders.
According to Data Bridge Market Research analyzes the Global Medical Cannabis Market is expected to grow at a CAGR of 22.8% during the forecast period of 2023 to 2030.
"Rise in use of cannabis in medicines boosts the market growth"
The increased use of cannabis in medicines is a significant driver for the global medical cannabis market. As scientific research continues to uncover the therapeutic potential of cannabis compounds, such as cannabinoids, in managing various medical conditions, there is growing acceptance and adoption of cannabis-based medications. These products are increasingly recognized for their efficacy in alleviating symptoms associated with chronic pain, epilepsy, and other medical conditions. Regulatory changes in many regions, allowing for the legal use of medical cannabis, further fuel market growth.
What restraints the growth of global medical cannabis market?
“Expensive manufacturing costs associated with the market hinders its growth”
The global medical cannabis market faces a significant restraint due to the expensive manufacturing costs associated with medical cannabis devices. The intricate technology and specialized materials required for the production of these devices contribute to their high manufacturing expenses. Stringent quality control standards and regulatory compliance further increase production costs. These financial barriers pose challenges for market growth, hindering accessibility for patients and limiting the widespread adoption of medical cannabis solutions.
Segmentation: Global Medical Cannabis Market
The global medical cannabis market is segmented on the basis of product type, source, application, derivatives, treatment type, route of administration, end user and distribution channel.
- On the basis of product type, the global medical cannabis market is segmented into oil, medical cannabis capsules, patch, whole flower, ground flower, vape pen, dried medical cannabis, creams and moisturizer, masks and serum, cleanser, and others
- On the basis of source, the global medical cannabis market is segmented into natural and synthetic
- On the basis of spices, the global medical cannabis market is segmented into cannabis indica, sativa, and hybrid
- On the basis of application, the global medical cannabis market is segmented into alzheimer’s disease, appetite loss, cancer, inflammatory bowel diseases, eating disorders, epilepsy, autism, mental health conditions, multiple sclerosis, pain management, nausea, muscle spasms, wasting syndrome (cachexia), elevate mood, depression and sleep disorders, anxiety, and others
- On the basis of derivatives, the global medical cannabis market is segmented into cannabidiol (CBD), tetrahydrocannabinol (THC)/ delta-8-tetrahydrocannabinol, cannabinol (CBN), cannabicyclol (CBL), cannabichromene (CBC), cannabigerol (CBG), and others
- On the basis of treatment type, the global medical cannabis market is segmented into expectorant, antiviral, analgesic, aphrodisiac, psychedelic, and others
- On the basis of rout of administration, the global medical cannabis market is segmented into oral solutions and capsules, smoking, vaporizers, topicals, and others
- On the basis of end user, the global medical cannabis market is segmented into pharmaceutical industry, research and development centers, homecare setting, hospital, rehab centers, and others
- On the basis of distribution channel, the global medical cannabis market is segmented into B2B and B2C
Regional Insights: North America is expected to dominate the Global Medical Cannabis Market
North America is expected to dominate the global medical cannabis market, driven by substantial investments in the industry. The U.S. in particular, is anticipated to spearhead this dominance within the region, propelled by the legalization of medical cannabis. The progressive regulatory landscape in the U.S. has fostered a conducive environment for the growth of the medical cannabis sector, positioning it as a key player in the evolving global market.
In Europe, Germany is expected to dominate the medical cannabis market, driven by rising demand in emerging markets and strategic expansion initiatives. The country's progressive approach to medicinal cannabis has created a favorable environment for industry growth. As the demand for medical cannabis continues to surge across Europe, Germany's proactive stance positions it as a key player, attracting investments and fostering market dominance.
In Asia-Pacific, Australia is expected to dominate the market, due to the concentration of key manufacturers and the adoption of advanced technological processes. The country's robust industrial landscape and commitment to innovation position it as a key player in the region. With a strong presence of leading industry players, Australia is expected to set the pace for technological advancements, contributing significantly to the growth and dominance of the market in the Asia-Pacific region.
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Recent Developments in Global Medical Cannabis Market
- In May 2018, the Canadian government introduced the Cannabis Act, establishing a stringent legal structure to regulate the production, distribution, sale, and possession of cannabis throughout the country. The primary objective is to safeguard youth and undermine organized crime's financial gains by promoting a resilient legal and regulated cannabis industry. By implementing this comprehensive framework, Canada aims to prevent the accessibility of cannabis to minors and diminish illicit profits, fostering a secure and controlled environment for the cultivation and trade of cannabis
The Prominent Key Players Operating in the Global Medical Cannabis Market Include:
- MediPharm Labs Inc. (Canada)
- Tilray (Canada)
- Aurora Cannabis (Canada)
- JAZZ Pharmaceuticals Inc. (GW Pharmaceuticals plc) (Ireland)
- HEXO Corp. (Zenabis Global Ltd) (Canada)
- Cresco Labs (U.S.)
- Peace Naturals Project Inc. (Canada)
- CANOPY GROWTH CORPORATION (Canada)
- Medical Marijuana, Inc. (U.S.)
- Seed Cellar (U.S.)
- EcoGen Biosciences (U.S.)
- CANNABIS SEEDS USA (U.S.)
- Seeds For Me (U.S.)
- HUMBOLDT SEED COMPANY (U.S.)
- Extractas (U.S.)
- World Class Cannabis Seeds (Crop King Seeds) (Canada)
- BARNEY'S FARM (Netherlands)
- FOLIUM BIOSCIENCES (U.S.)
- PharmaHemp (Slovenia)
- Elixinol Global Limited (Australia)
- ENDOCA (Denmark)
- Harmony (United Kingdom)
- MARY’S nutritionals, LLC (U.S.)
- Pure Ratios (U.S.)
- Greenwich Biosciences, Inc. (U.S.)
- Upstate Elevator Supply Co. (U.S.)
- Apothecanna (U.S.)
- BOL Pharma (Israel)
- IDT Australia (Australia)
Above are the key players covered in the report, to know about more and exhaustive list of global medical cannabis market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Medical Cannabis Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
