Medical Marijuana Market Size Worth $56.98 Billion By 2025 | CAGR: 18.3%
Published Date : 01 / 11 / 17 | Report Format: PDF
The global medical marijuana market is expected to grow at growth rate of 18.3% to reach USD 56.98 billion by 2025.
Marijuana is the most widely used illicit substance across the globe. Guidelines developed by the Diagnostic and Statistical Manual of Mental Disorders (DSM-V) and the International Classification of Diseases (ICD-10) suggested that marijuana is an addictive substance and responsible for dependence disorders. According to the United Nations Office on Drugs and Crime (UNODC), around 13.1 million people are cannabis dependent across the globe. Delta- 9- tetrahydrocannabinol (Delta-9-THC) is the important psychoactive ingredient, the most abundant cannabinoid presents in marijuana. On other side, this substance is rapidly catching market place in the field of medical application owing to its unique properties to treat variety of disease conditions. For example, many research studies suggested marked medical benefits in conditions such as anorexia, cancer chemotherapy, chronic pain, spinal cord injury, spasticity in multiple sclerosis and other conditions with use of cannabis.
Due to this fact, large number of cannabinoids are approved under therapeutic applications. For example, psychoactive cannabinoid, THC (Marinol) is approved for treatment for multiple scelerosis (Canada) due to its strong anti-emetic stimulating properties. Similarly, Sativex, a combination of cannabidiol and THC is approved for spasticity in many countries. Additionally, preclinical research studies have suggested various potential therapeutic use for non-psychoactive phytocannabinoids. CBD exhibits putative therapeutic applications, that can be use for the treatment of psychosis, and seizure disorders. Also, THC is considered to be the another phytocannabinoid, useful in treatment of obesity and epilepsy. This would in turn provide healthy platform for the market growth of medical marijuana globally.
The market is categorized as Migraine, Arthritis, Cancer, Chronic Pain, and Others. Chronic pain segment achieved largest share of the total medical marijuana market, captured 35.26% share of the market. The use of pain medication is rapidly increasing, imposing a major burden on the healthcare system. The use of medical marijuana is reported to significantly alleviate pain symptoms. On other hand, the use of medical marijuana in migraine is considered to be the lowest revenue generating segment. However, increasing awareness about the effectiveness of medical marijuana in treating migraine coupled with the rising patient base owing to its increasing adoption is likely to drive the market during the forecast period.
Regionally, developed countries of North America and Europe is the big market for medical marijuana Rising prescriptions for the cannabis for various medical indication have surged the demand for medical marijuana in developed regions which will drive the market growth. For example, according to the Marijuana Business Fact Book (2014), more than 730,000 patients have received medical recommendation to use cannabis for different medical indication. Similarly, Health Canada, official forecast projected that medical cannabis patients will grow to 1.2% of the total Canadian population in next 10 years. This industry is predicated to grow at 25% to 28% (i.e. more than 400,000 patients) patient growth by 2024. Huge demand coupled with necessity to include cannabis for medical application will support the market growth.
Owing to its huge benefits in medical application, the market is predicted to grow at slow but steady growth rate in developing regions. Government of some developing regions are considering marijuana as a potential economic opportunity. For example, Agriculture Minister of the Israeli government is researching to develop best ways to grow cannabis. The Health Ministry, having its own medical cannabis department is planning to extend the various licenses to support cannabis industry in the country. Such types of initiatives would in turn support the market growth to great extent during the forecast period.
Companies such as Cara Therapeutics, Cannabis Sativa, International Consolidated Companies, Inc., United Cannabis Corporation, CannaGrow Holdings Inc., Lexaria Corporation and others are present in this market. Companies are researching to develop new drug compound from cannabis THC and the cannabidiol (non-psychoactive). For this, the companies are investing significant share of the revenue on research and development activities.
KEY BENEFITS OF THE REPORT:
- Understanding of the strategies that are being adopted by the key players in this market to stay competitive
- Extensive analysis of the key players dominating the competitive landscape of this market
- In-depth analysis of the key factors are propelling the growth of the global market
- Detailed analysis of the geographic region that will witness the strongest growth
- Granular analysis of the current market scenario and the expected market grow
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TYPES
- Chronic Pain
MARKET, BY REGION
- North America
- Asia Pacific
- Rest of the World
MARKET, BY COUNTRY
- Further Breakdown of The North America Market
- Further Breakdown of The Europe Market
- Rest of Europe
- Further Breakdown of The APAC Market
- Rest of APAC
- Further Breakdown of The Rest of the World Market
- Middle East and Africa
- Latin America
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