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Medical Marijuana Market By Application (Chronic Pain, Neurological Disorders, Cancer, Others), By Point Of Sale (Hospital Pharmacy, Dispensaries) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Industry Outlook

The medical marijuana market is expected to be worth US$ 57,582.5 million by 2026, up from US$ 13,908.7 million in 2017, with a compound annual growth rate (CAGR) of 17.1% from 2018 to 2026. According to the International Association for the Study of Pain (IASP), any pain persisting for more than six months is defined as chronic pain. The diseases in which the clinical manifestation is chronic pain are rheumatoid arthritis, psoriasis, ankylosing spondylitis, multiple sclerosis, etc. Chronic pain affects approximately 30% to 50% of the world's population.

In the last decade, researchers throughout the globe have shown keen interest in understanding the therapeutic benefits of marijuana, resulting in high-content screening for compounds such as tetrahydrocannabinol, cannabidiol, cannabigerol, cannabidivarin, etc., to treat chronic pain by stimulating the CB1 and CB2 receptors, respectively. Healthcare agencies throughout the globe are drafting effective guidelines to legalize the production and sale of marijuana for medicinal purposes, and stringent regulations and penalties have also been implemented for offenders using marijuana for recreational purposes.

Market Synopsis

The rising prevalence of patients suffering from cancer will drive the medical marijuana market.

According to the latest research cited by the World Health Organization (WHO), cancer stands second for the cause of mortality in patients globally; approximately 1 in 6 deaths is due to cancer. Patients in the last stage of cancer and even those receiving chemotherapy suffer from tremendous pain and nausea. Cannabinol has been found to be beneficial in clinical trials studies for addressing both concerns of cancer patients by stimulating the cannabinoid receptors CB1 and CB2 receptors. Chronic pain will garner good growth during the forecast period due to the increasing number of geriatric patients suffering from musculoskeletal diseases such as osteoarthritis, rheumatoid arthritis, and joint pain. Cannabinoids have also proven beneficial for their pain-relieving effect in patients suffering from chronic pain due to psoriasis and multiple sclerosis.

The supportive regulatory environment and government approval propel the sale of medical marijuana in hospital pharmacies.

A large number of patients suffering from chronic pain such as arthritis, migraine, multiple sclerosis, psoriasis, and other autoimmune inflammatory diseases visit hospital pharmacies to avail themselves of prescribed anti-inflammatory drugs. In the last decade, government healthcare agencies have implemented jurisdiction to make marijuana available in hospital pharmacies to address the needs of patients suffering from chronic pain, anorexia, and nausea. Dispensaries will register impressive growth during the forecast period to cater to the needs of patients in suburban areas. Buying marijuana from dispensaries gives patients the assurance that it is not tainted and will have no negative health effects because the patient is given a pure Cannabis sativa strain. Proper records regarding the patient's information and the amount of marijuana dispensed are maintained on a regular basis.

The rise in chronic pain and cancer in the geriatric population will drive the growth of the medical marijuana market in North America.

North America currently controls 52% of the medical marijuana market. The rising prevalence of geriatric patients suffering from chronic pain and the increasing number of patients suffering from cancer drive the medical marijuana market in North America. The U.S. Food and Drug Administration (USFDA) has been proactive in understanding the medicinal requirements of marijuana in treating anorexia and nausea by giving fast-track drug approval. In Europe, the approval of marijuana for medicinal purposes faces tremendous challenges as there is no unanimity among the local regulatory agencies. Since 2016, Germany has drafted regulatory guidelines for the production and sale of marijuana for medicinal purposes.

Other European Union countries have started working on the same statutes adopted by Germany for the growth of the medical marijuana market in the European Union. The rest of the world will be the fastest-growing regional segment for the medical marijuana market on account of key factors such as the largest production of legal marijuana (Cannabis sativa and Cannabis indica) in countries such as Afghanistan, Australia, and South Asian countries. Three-fourths of chronic pain and cancer patients are found in the rest of the world. Regulatory agencies are working to legalize the sale of marijuana in hospital pharmacies and dispensaries for medicinal purposes.

Periods of History and Forecast

This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

Marker estimation and the compounded annual growth rate for the medical marijuana market were determined by quantitative analysis. The market segmentation consists of an application, point of sale, and geography.

Quantitative growth analysis was performed to perform the overall market assessment for the medical marijuana market. Throughout the globe, the regulatory and legal jurisdiction regarding the sale and production of marijuana is variegated, and so in-depth analysis pertaining to medical marijuana prescribed for medicinal purposes in different regional segments has been covered. The competitive landscape was studied to understand the existing competition prevailing in the medical marijuana market. Different types of marijuana products are mentioned in the product portfolio segment. The major players engaged in the legal production and sale of medical marijuana are AbbVie, Inc., CannaGrow Holdings, Inc., Canopy Growth Corporation, Inc., GW Pharmaceuticals, Plc., Insys Therapeutics, Inc., Novartis AG, Lexaria Corporation, Pfizer, Inc., Teva Pharmaceutical Industries Ltd., and United Cannabis Corporation.

Key questions are answered in this report.

  • What are the market estimation and compound annual growth rate (CAGR) for the medical marijuana market?
  • Who are the major players engaged in the production and sale of legal marijuana for medicinal purposes?
  • What are the legal and regulatory prerequisites involved in the production and sale of medical marijuana?
  • What are the drivers and restraints for the medical marijuana market?
  • Which is the leading and fastest-growing application segment for the medical marijuana market?
  • Which is the leading and fastest-growing point of sale for the medical marijuana market?
  • Which is the leading and fastest-growing regional segment for the medical marijuana market?

Frequently Asked Questions:

The market for Medical Marijuana Market is expected to reach US$ 57,582.5 Mn by 2026.

The Medical Marijuana Market is expected to see significant CAGR growth over the coming years, at 17.1%.

The report is forecasted from 2018-2026.

The base year of this report is 2017.

AbbVie, Inc., CannaGrow Holdings, Inc., Canopy Growth Corporation, Inc., GW Pharmaceuticals, Plc., Insys Therapeutics, Inc., Novartis AG, Lexaria Corporation, Pfizer, Inc., Teva Pharmaceutical Industries Ltd are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Sep 2018
Category:  Pharmaceuticals
Report ID:   59334
Report Format:   PDF
Pages:   120
Rating:    4.4 (66)
Delivery Time: 24 Hours to 48 Hours   
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