Medical Cannabis Market to Show Lucrative Growth with CAGR Of 29.3% by 2019-2026
Global medical cannabis market is expected to reach USD 56.70 billion by 2026. Increasing application of cannabis derived products to control symptoms of various diseases is expected to fuel the demand for medical cannabis in the coming years.
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Cannabis is effective in treatment of chronic pain, which is one of the leading medical conditions affecting a large portion of the American population. According to the National Health Interview Survey, more than 20 million people suffer from pain on daily basis within the U.S., with high economic burden of chronic pain. Medical cannabis is expected to show positive interventions in overcoming pain. Furthermore, increasing number of countries passing bills for legalization of medical marijuana is expected to spur the market growth in the years to come.
Continuous research on developing cannabis strains with highest medical value has been attracting large potential patient population. Additionally, various companies are concentrating on partnerships to expand their business and enter newer markets. For instance, in 2018, WeedMD partnered with Technion-Israel Institute of Technology for cannabis database project. The collaboration will research on cannabinoid & terpenoid profiles of WeedMD’s cannabis strains. Additionally, in 2017, the Oxford University declared its partnership with Kingsley Capital Partners, for developing marijuana based therapies for cancer, pain and many more disorders. These research initiatives are expected to change the perception of society towards cannabis and reduce social stigma.
The “Global Medical Cannabis Market Size by Indication (Pain Management, Neurological disorders, and others) by Region and Forecast 2016 to 2026” study provides an elaborative view of historic, present and forecasted market estimates.
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In terms of indication, pain management dominated the global market by contributing over 60% of revenue and is expected to maintain its dominance by 2026. Large number of patients with chronic pain opting for medical cannabis is expected to drive the segment growth in the coming years. Furthermore, cannabis has been showing positive results in management of neurological diseases such as Epilepsy, Parkinson’s, and Alzheimer’s. CNS relaxant properties of chemical compounds present in marijuana are shown to reduce seizures in various patients. Similar research evidence are expected to bring new patient pool under cannabis consumption.
In terms of regional demarcation, North America dominated the global market and is expected to retain its command through the forecast period. U.S. and Canada both are the major countries with legalized medical cannabis and large number of users too. High level of awareness regarding medical benefits of cannabis in disease management is expected to drive the regional market. However, Europe and Asia Pacific are expected to grow at a faster pace compared to North America owing to recent legalization in some countries and growth phase of the market.
As of 2018, North America dominates the global medical cannabis market by contributing over 90% of total revenue, of which majority comes from the U.S. Additionally, legalization in Canada is expected to grow at a faster CAGR compared to the U.S., on account of growth phase of Canadian market. The total number of patients using medical cannabis in Canada has increased in the past few quarters with corresponding increase in the number of licensed producers. This increase in number of medical cannabis users has led to a spike in revenues for companies. Such prevailing dynamics in the Canadian market is expected to attract investors in the coming years.
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Segment overview of Global Medical Cannabis Market
Indication Overview, 2016-2026 (USD Million)
- Pain management
- Neurological disease
Regional Overview, 2016-2026 (USD Million)
- North America
- Asia Pacific
- New Zealand
- Central & South America
- Middle East & Africa