New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The Medical Cannabis Market is expected to grow significantly in the forecast period driven by factors such as the increasing legalization of medical cannabis in various countries, rising prevalence of chronic diseases and development of new medical cannabis products and delivery methods. However, the medical cannabis market also faces certain challenges that could hinder its growth. Such factors include, regulatory uncertainty, lack of scientific evidence and negative public perception. The Medical Cannabis market size was estimated at USD 16.85 billion in 2023 and is projected to reach USD 68.26 billion in 2030 at a CAGR of 22.12% during the forecast period 2023-2030.
Medical Cannabis refers to the use of the cannabis plant of its derivatives, such as cannabinoids like THC and CBD, for medical purposes. It is used to treat various conditions, like chronic pain, epilepsy, multiple sclerosis, and nausea associated with chemotherapy and many more. Its legality and availability vary by country and region. The two main active compounds in cannabis are tetrahydrocannabinol (THC) and cannabidiol (CBD), each of which has distinct effects on the body.
Medical cannabis can be administered through various methods such as smoking, vaping, edibles, oil and tinctures, topicals, capsules, etc. However, it is important to note that while medical cannabis holds potential benefits, its not without risks. Side effects can include dizziness, dry mouth, impaired cognitive function, and in some cases, increased anxiety or paranoia. Additionally, its legality and regulations vary widely around the world, with some places allowing medical use under strict conditions and others not permitting it at all.
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Scope of the Medical Cannabis Market Report:
The Medical Cannabis Market is segmented into various segments such as product, source, species, derivatives, application, route of administration, treatment type, distribution channel and region:
Based on product, the medical cannabis market is segmented into:
Oil
Dried Medical Cannabis
Medical Cannabis Capsules
Vape Pen
Whole Flower
Creams & Moisturizer
Ground Flower
Patch
Masks & Serum
Cleanser
Others
Based on source, the medical cannabis market is segmented into:
Synthetic
Natural
Based on species, the medical cannabis market is segmented into:
Cannabis Indica
Sativa
Hybrid
Based on derivatives, the medical cannabis market is segmented into:
Cannabidiol (CBD)
Tetrahydrocannabinol (THC)/ Delta-8-Tetrahydrocannabinol
Cannabigerol (CBG)
Cannabichromene (CBC)
Cannabinol (CBN)
Cannabicyclol (CBL)
Others
Based on application, the medical cannabis market is segmented into:
Pain Management
Anxiety
Muscle Spasm
Nausea
Appetite Loss
Eating Disorders
Inflammatory Bowel Diseases
Cancer
Arthritis
Wasting Syndrome (Cachexia)
Alzheimer's Disease
Epilepsy
Depression and Sleep Disorder
Multiple Sclerosis
Autism
Mental Health Conditions
Elevate Mood
Others
Based on route of administration, the medical cannabis market is segmented into:
Oral Solutions and Capsules
Smoking
Vaporizers
Topicals
Others
Based on treatment type, the medical cannabis market is segmented into:
Analgesic
Psychedelic
Antiviral
Aphrodisiac
Expectorant
Others
Based on distribution channel, the medical cannabis market is segmented into:
B2B
B2C
Based on region, the medical cannabis market is segmented into:
Asia Pacific
North America
South America
Europe
Middle East & Africa
The prominent players in the Medical Cannabis Market are
Aurora Cannabis
BARNEY'S FARM
CANNABIS SEEDS USA
CANOPY GROWTH CORPORATION
Cresco Labs
EcoGen Biosciences
Elixinol Global Limited
ENDOCA
Extractas
FOLIUM BIOSCIENCES
HEXO Corp. (Zenabis Global Ltd)
HUMBOLDT SEED COMPANY
JAZZ Pharmaceuticals Inc. (GW Pharmaceuticals plc)
Medical Marijuana, Inc.
MediPharm Labs Inc.
Peace Naturals Project Inc.
PharmaHemp
Seed Cellar
Seeds For Me
Tilray
World Class Cannabis Seeds (Crop King Seeds)
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Medical Cannabis Market Recent Developments:
In August 2023, White Earth Nation Launches Medical Cannabis Program & Adult-Use Cannabis Sales becoming one of the first dispensaries to legally sell Adult-Use marijuana in Minnesota.
In Feb 2023, BOHECO introduces India’s first line of clinically trialled medical cannabis products. The company plans to provide hemp-based wellness by introducing clinically tested and research backed medical cannabis products.
Medical Cannabis Market Regional Analysis:
North America to Dominate the Market
North America is estimated to account for the largest market share during the forecast period due to the increasing investment in medical cannabis.
Moreover, the legalization of cannabis in various countries in North America allows the region to dominate the market during the forecast period.
The Medical Cannabis Market report answers a number of crucial questions, including:
Which companies dominate the Medical Cannabis Market?
What current trends will influence the Medical Cannabis Market over the next few years?
What are the market's opportunities, obstacles, and driving forces?
What predictions for the future can help with strategic decision-making?
What advantages does market research offer businesses?
Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
What is the anticipated growth rate for the Medical Cannabis Market economy globally?
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Delvens Industry Expert's Standpoint
The medical cannabis market is expected to grow during the forecast period. This growth can be attributed to various factors. Firstly, as of 2023, medical cannabis is legal in over 30 countries around the world, and this number is expected to grow in the coming years. This is due to the growing research that supports the use of medical cannabis for a variety of conditions, including chronic pain, nausea, seizures and anxiety. Moreover, the medical cannabis industry ins rapidly evolving, and new products and delivery methods are being developed all the time. This is making medical cannabis more accessible and convenient for patients, and it is also opening up new treatment possibilities. However, certain factors might hamper the growth of the market during the forecast period. The demand for medical cannabis is growing faster than the supply, which could lead to shortages in the future. This could drive up prices and make medicinal cannabis less accessible to patients. Moreover, synthetic alternatives to medical cannabis are being developed, and these could pose a threat to the industry.
For producing such excellent Medical Cannabis Market research report, principal attributes such as highest level of spirit, practical solutions, dedicated research and analysis, innovation, talent solutions, integrated approaches, most advanced technology and commitment plays a key role. Global Medical Cannabis Market report provides in-depth market data and forecast by analyzing key business trends and identifying potential growth avenues across the entire value chain. According to this market document, new highs will be made in the Medical Cannabis Market in 2023-2030. This report not only lends a hand for intelligent decision making but also better manages marketing of goods and services which leads to growth in the business.
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