Pune, India, Feb. 10, 2022 (GLOBE NEWSWIRE) — The Medical Marijuana Market Size to Rise at a Stellar 20.04% CAGR, and Hit USD 26,920.4 Million by 2026. Rising Demand for Legalization of Marijuana in Most States will Promote Growth, says Fortune Business Insights™. A recently published report by Fortune Business Insights™ titled, “Market Size, Share & Industry Analysis, By Application (Pain Disorders, Cancer, and Others), By Type (Flowers, Concentrates, Edibles and Others), By Distribution Channel (Dispensaries, Online, and Others), and Regional Forecast, 2019-2026” discusses the market comprehensively.
Market Growth Reasons:
- Increasing Awareness about Benefits of Medical Marijuana to Boost the Market
- Increasing preference towards inhalation route of administration leads to higher demand
- Increasing Authorization of Marijuana to Offer Significant Opportunity for Market Expansion
- FDA Approval of Marijuana for Treating Epilepsy Driving Market Expansion
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Market Growth Factors:
- The increasing demand for legalization of medical cannabis across various states is a major medical marijuana market growth driver. Besides this, the rising prevalence of diseases such as Parkinson’s disease, cancer, neurological disorders, and acute pain diseases is also expected to aid in expansion of the market in the forecast period.
- Medical marijuana has various applications in the healthcare field, such as treating or managing epilepsy and other neurological disorders. In June 2018, FDA gave approval to the first drug consisting of an active ingredient derived from marijuana for treating epilepsy.
- The inhalation route of administration dominated more than 72.4% of the medical marijuana market share in 2020. One of the prominent reasons for this significant dominance is the reduced latency of actions relative to other routes of administration.
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Based on application – The global market for medical marijuana is segmented into cancer, schizophrenia, Alzheimer’s disease, and multiple sclerosis.
By type segment – The market is classified as flowers, edibles, concentrates, and others. The flowers segment is anticipated to hold a considerable market share across the forecast period.
In terms of distribution channel – The market is segmented into dispensaries, online portals and others. The dispensaries segment held substantial market share in the year 2018 and is estimated to witness favorable growth across the forecast period.
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Increasing Awareness on medicinal Properties of Cannabis to Offer Lucrative Growth Opportunities for the Rest of the World
- Geographically, North America earned the maximum medical marijuana market share with a revenue of USD 5,994.9 million earned in 2018, that is anticipated to reach USD 24,578.3 million by the end of 2026.
- Growth of this region is attributed to the rise in the number of legalization of marijuana for both medical and recreational purposes, coupled with the presence of major vendors in the region.
- Europe ranks second in terms of cannabis cultivation and is expected to witness significant growth owing to the increasing investments for research activities by many public and private entities in the forthcoming years.
Entry of New Players will Intensify Market Competition
The rapid developmental pace of medical marijuana and its wide expansion has propelled many players to enter into this market and make heavy investments in research and development of the same. Although the most crucial part is its production and cultivation, significant medical marijuana market revenue is derived from the pharmacological organizations.
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Key Medical Marijuana Markets Manufacturers are:
• Aurora Cannabis
• CannTrust Holdings
• MedReleaf Corp
• Emerald Health Therapeutics
• The Cronos Group
• Green Relief Inc.
• Medical Marijuana, Inc.
• ABcann Medicinals, Inc.
• GW Pharmaceuticals
• Aphria Inc.
• Canopy Growth Corporation
• Other Vendors
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