Medical Marijuana Market Size By Application (Pain Management, Muscle Spasms, Nausea, Anorexia, Seizures, Others), By Route of Administration (Inhalation, Oral, Topical), By Distribution Channel (Dispensaries, Online), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Italy, UK, Czech Republic, France, The Netherlands, Argentina, Chile, Peru, Colombia, Australia, Israel) Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 - 2024
Medical Marijuana Market will exceed USD 55.0 billion by 2024; as per a new research report.
Increase in number of geriatric people suffering from chronic pain caused due to neurology diseases, cancer, HIV/AIDS and arthritis will propel the medical marijuana market growth over the forecast period. According to the Boston University, School of Public Health, about 1 in 5 or 1,500 million people suffer from chronic pain, through the prevalence increasing with age globally.
Currently, 29 states in the U.S. along with Washington D.C. have approved the application of marijuana for medicinal purpose. The number of states in the U.S. receiving approval for medical marijuana use is expected to increase swiftly, hence drive the market growth. Furthermore, other emerging countries such as Israel and Australia have also contributed towards the growth of the market by approving the medicinal use of marijuana. Various ongoing research and development projects are also going in these countries to support the application of medical marijuana in the treatment of a range of conditions.
However, factors such as adverse side effects of marijuana, lack of safety data, strict regulatory norms set by local government bodies and difficulty in setting up marijuana business coverage will be major hindrances for global medical marijuana market.
Medical marijuana muscle spasms market segment is estimated to witness a CAGR of around 35% during the forecast period. The main cause of muscle spasm is multiple sclerosis; and around 90% patients with multiple sclerosis develop muscle spasms. Increasing prevalence of multiple sclerosis with an estimated 2.5 million people affected by the same will boost market growth.
The medical marijuana inhalation market segment was valued at USD 5,348.7 million in 2017 owing to controlled dosage rates and better absorption of medical marijuana into the body. In addition, the effects of inhaling marijuana can be perceived in few minutes of its administration with high peak concentrations, hence making it the preferred route of administration for medical marijuana.
Online medical marijuana market segment is forecasted to expand at a CAGR of 36.8% owing to factors such as availability of variety products, convenience, competitive costs and privacy. Furthermore, with online medical marijuana products, one can take advantage of an effective customer service and outstanding product knowledge, hence will boost the medical marijuana sales.
Israel medical marijuana market valued USD 39.5 million in 2017. Growing number of research and development studies pertaining to the application of medical marijuana will augment market growth in the region. In addition, recently a new reform was passed in Israel, where medical marijuana can be sold at ordinary pharmacies. This would enable the doctors in Israel to prescribe marijuana-based medications, thereby increasing the sales of medical marijuana.
Some of the prominent industry players in medical marijuana market are Canopy Growth, Aurora Cannabis, Inc., Medical Marijuana, Inc., GW Pharmaceuticals, Aphria, Inc., CanniMed Ltd., Tilray, Emerald Health Therapeutics, and MedReleaf Corp., among others. Increasing research and development activities undertaken collaboratively by these companies could bring few novel medical marijuana products to the market in the coming future. In addition, strategic mergers and acquisitions will also aid companies to expand the market in various geographies in order to sustain in the competitive market.