IMARC Group, a leading market research company, has recently releases report titled “Medical Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The study provides a detailed analysis of the industry, including the global medical cannabis market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the medical cannabis market?
The global medical cannabis market size reached US$ 31.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 57.4 Billion by 2028, exhibiting a growth rate (CAGR) of 8.47% during 2023-2028.
What is Medical Cannabis?
Medical cannabis, also known as medical marijuana, refers to the use of cannabis plants or its extracts for therapeutic purposes. It is increasingly being recognized for its potential health benefits, including the alleviation of chronic pain, nausea, and certain symptoms related to multiple sclerosis and epilepsy. Rich in compounds like cannabidiol (CBD) and tetrahydrocannabinol (THC), medical cannabis offers anti-inflammatory and neuroprotective properties. It is usually administered via smoking, vaporizing, or as an edible, oil, or topical cream. Due to its potent therapeutic properties, medical cannabis is emerging as a complementary treatment option in both conventional and alternative medicine.
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What are the growth prospects and trends in the medical cannabis industry?
The growing awareness and acceptance of the therapeutic benefits of medical cannabis represent one of the key factors driving the market growth. Moreover, the easing of regulations and legalization in certain jurisdictions have made it increasingly accessible, significantly propelling market growth. The versatility of medical cannabis in treating a variety of health conditions—from chronic pain to mental health issues—is contributing substantially to its market growth. Apart from this, the inclusion of medical cannabis in health insurance schemes in some regions has made it financially accessible to a larger population, supporting market expansion. Furthermore, the growing trend of patient-centric care in healthcare sectors is increasing the demand for personalized medicine solutions, of which medical cannabis can form a part. The emerging market of online healthcare platforms and telemedicine also offers convenient consultation and prescription services for medical cannabis, thereby boosting its market potential. Additional factors such as ongoing clinical trials, research investments, and increasing public and medical community awareness continue to positively influence the global market for medical cannabis.
Who are the key players operating in the industry?
The report covers the major market players including:
- Canopy Growth Corporation
- GW Pharmaceuticals, plc
- Aurora Cannabis, Inc.
- Aphria, Inc.
- MedReleaf Corporation
- Insys Therapeutics, Inc.
- CanniMed Therapeutics, Inc.
- Cara Therapeutics, Inc.
- United Cannabis Corporation
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Species:
- Indica
- Sativa
- Hybrid
Breakup by Derivatives:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- Others
Breakup by Application:
- Cancer
- Arthritis
- Migraine
- Epilepsy
- Others
Breakup by End-Use:
- Pharmaceutical Industry
- Research and Development Centres
- Others
Breakup by Route of Administration:
- Oral Solutions and Capsules
- Vaporizers
- Topicals
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)
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