Unprecedented, constructive disruption to drive the Medical Marijuana Market
The Medical Marijuana Market is slated to witness exponentiation going forward. The IoMT (Internet-of-Medical-Things) is already transforming every walk of life, including healthcare. Healthcare IT has let both – patients and doctors carry/download information about each other anywhere and anytime through their smartphones/tabs. In other words, more connectivity translates to better access to data, thereby rendering better healthcare for patients. This would be the future of the healthcare vertical in the upcoming period.
The Medical Marijuana Market is slated to reach US$ 3,538.7 Million at a CAGR of 16.1% between 2026. The present scenario is that of consumers driving as well as the accelerating pace of alteration in the healthcare vertical. This drives the digitally-enabled, seamlessly connected, and on-demand clinician-patient interactions. As such, patient-centric delivery transcending geographical barriers would be the epicenter going forward.
The medical marijuana market is anticipated to record a year-over-year growth rate of 15.9% and reach a market value of US$ 39,891.2 Mn by 2026. Extract form segment is expected to have high revenue share, accounting for 63.9% share in 2018 of the overall medical marijuana market. In this report, the medical marijuana market is segmented based on product type, application type, distribution channel and region.
The extract form is the dominant segment in the market for medical marijuana as maximum number of products are made out of extract form and they are conveniently used by majority of the population. The product listed include oil concentration, tinctures, sprays, edibles, tablets, and capsules based on prescription. In contrast, the companies conduct research activities to introduce novel products in the market.
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- Aphria Incorporation
- The Peace Naturals Project
- Aurora Cannabis Inc
- Canopy Growth Corporation
- CANNABIS SATIVA, INC.
- Green Relief Inc.
- GW PHARMACEUTICALS PLC
- Insys Therapeutics, Inc.
- Medical Marijuana, Inc.
- MedReleaf Corporation
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In terms of revenue, the extract segment is expected to account for large revenue share of 63.9% in 2018, is expected to witness significant growth during the forecast period. The growth in the dried flower segment is expected to be primarily driven by traditional use and purpose of usage with options available to consume dry form medical marijuana without any interventions.
Pain management seems to be the preferred choice to use medical marijuana, as the segment includes pain associated with many diseases such as cancer, arthritis, AIDS, multiple sclerosis, and nerve damage, among others. The common practice associated with the routine checks involve the dynamic use of medical marijuana.
Others segment has a range of indications in which medical marijuana is used such as PTSD, anxiety, mental health conditions, and many more. However, the seizures segment which involves cases of multiple sclerosis, Parkinson’s disease, and convulsions is expected to witness high CAGR of 16.1% during the forecast period.
The retail pharmacy distribution segment is expected to hold maximum share in the overall medical marijuana market due to the large number of companies forming dispensaries of their own to sell the products on a major scale. Retail pharmacy is the first choice of distribution among manufacturers and consumers.
Retail pharmacy distribution segment is estimated to have a market share of 77.9% in 2018 and a steady growth the E-commerce is also expected in the medical marijuana market due to change in operational functions that offer a high growth rate during the forecast period.
Medical marijuana is well known for its notorious qualities that are being projected in different communities around the world. It is not in use by majority of the global population for medical cases. In the U.S., marijuana is classified as a schedule 1 controlled substance, which makes it illegal to consume or possess.
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Limited use of medical marijuana has latched on to claims that it is useful to treat various ailments such as Crohn’s disease, multiple sclerosis results into muscle spasm, epilepsy, glaucoma, and nausea, among others. Though the medical marijuana is being synthesized to be used for medical purposes, the legalization of recreational marijuana would have some serious effects on overall marijuana pricing.
Recreational marijuana is not subjected to be in use for health reasons, but are often consumed for its soothing and psychotic nature. But with developments for medical marijuana usage for medical purpose are on a rise in both developing and developed countries, progress with medical marijuana consumption in severe health issues often makes it a noticeable choice for physicians to prescribe it to treat diseases. Besides, there must be solid evidence to make it rather official to be in use.
Conventional Chinese medicines are becoming expensive with time, whereas the adult population is increasing, which fails to adapt to this dynamic shift.
PMR’s report has segmented the global medical marijuana market on the basis of region into North America, Europe, Latin America, Asia Pacific Excluding China, China and Middle East & Africa. This report assesses trends driving each market segment and offers analysis and insights about the medical marijuana market in specific regions.
North America is expected to account major share in the global medical marijuana market and it is expected to grow at a CAGR of 16.2% being the most lucrative regional market for medical marijuana. Europe is expected to follow North America during the forecast period due to high prevalence of cases that require medical marijuana for the treatment.
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