Medical Marijuana Market is Also Projected to be the Fastest Growing USD 55.8 billion by 2025
Feb 24, 2021: The global Medical Marijuana Market size is expected to value at USD 55.8 billion by 2025. The market is subject to witness a substantial growth due to the rise in number of medical applications such as pain management, appetite enhancement, and reducing eye pressure. Medical marijuana is broadly classified into two types based on their orientation such as Cannabis Sativa and Cannabis indica. The Cannabis Sativa and Cannabis indica are naturally found in the western hemisphere and central & south Asian region respectively. Globally, the medical marijuana industry is predicted to grow at CAGR of 17.1% in forecast period, providing numerous opportunities for market players to invest for research and development in the market.
Rise in the approval rate of medical marijuana in different parts of the globe is expected to boost market demand for cannabis in therapeutic applications. Additionally, growing competition in the market coupled with rising number of mergers and acquisitions in the medical marijuana market is anticipated to stimulate market development over the coming few years. The technological advancements in the healthcare industry coupled with development of innovative drugs are some of the key factors for sustained market growth.
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Increasing number of states with lawful legalizing medical marijuana in U.S. and high-end demand for cannabis in medical and recreational applications are predicted to favor market growth over the forecast period. Rise in the number of research and development activities in North America and Europe is also expected to fuel the demand for the drug in the near future.
Growing awareness of medical marijuana among general population coupled with increasing preference amongst the academic researchers and healthcare professionals associated with the therapeutic uses of marijuana are considered as the significant factors, which are propelling the market expansion over the coming years. Some of the potential therapeutic application of the medical marijuana are vomiting & nausea, pain relief, and appetite stimulation. Increasing adoption of medical marijuana providing pain relief for the patient suffering from HIV/AIDS, glaucoma, cancer, and multiple sclerosis diseases is projected to escalate market growth in the upcoming years. Therapeutic is one of the key application of the drug, thus propelling the market over the forecast period.
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The medical marijuana industry is broadly categorized into four major segments based on the application type such aschronic pain management segment, arthritis pain management segment, migraine pain management segment, cancer cell segment. The chronic pain management is considered as one of the fastest growing segment in the medical marijuana market with substantial revenue generation in the last few years. Growing popularity of the medical marijuana in chronic pain management segment is attributed to the rising usage of cannabis in pain management. The cancer cell segment has also witnessed substantial growth owing to the rise in number of studies showcasing cancer cell destroying capabilities of medical marijuana.
The medical marijuana industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in medicine & pharmaceutical sector, surging pace of cannabis legalization in the U.S. and Canada, and existence of well-established healthcare infrastructure in the region.
European regions are predicted to hold major market share in the medical marijuana market displaying a massive growth in forecast period. Countries such as Belgium, Croatia, Italy, Netherland, Finland, France and Portugal are leading the European market due to rising approval rate, increasing consumer awareness associated with health benefits of medical marijuana, growing market penetration with specialized departmental stores for medical marijuana, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the medical marijuana industry are Cara Therapeutics Inc., Cannabis Sativa, Inc., CannaGrow Holdings, Inc., United Cannabis Co., Growblox Sciences, Inc., GreenGro Technologies, Inc., GW Pharmaceuticals plc, International Consolidated Companies, Inc., and Lexaria Co.
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