Pain Management Held Larger Share of Application Segment in Medical Marijuana Market
According to our new research study on "Medical Marijuana Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, and Distribution Channel," the market was valued at US$ 11,706.50 million in 2021 to US$ 40,027.59 million by 2028. It is estimated to register a CAGR of 19.2% from 2022 to 2028.
Medical marijuana (medical cannabis) is derived from the Cannabis sativa plant, which has been used to treat chronic conditions and control pain for centuries. Cannabis sativa contains many active compounds, and the best known are delta-9 tetrahydrocannabinol (THC) and cannabidiol (CBD). Medical marijuana has been the subject of extensive research and discussion for several decades. The established medical benefits of various marijuana-based formulations have resulted in the FDA's approval of several drugs for commercial use.
Based on application, the medical marijuana market is segmented into pain management, Tourette’s, Alzheimer’s disease, migraines, depression and anxiety, multiple sclerosis, cancer, and others. The pain management segment held the largest market share in 2021. However, the multiple sclerosis segment is expected to register the highest CAGR of 20.3% during the forecast period.
Medical Marijuana Market Size and Forecast to 2028 - COVID-19 Impact and Global Analysis by Product (Dried Form and Extract Form), Application (Pain Management, Tourette’s, Alzheimer’s Disease, Migraines, Depression and Anxiety, Multiple Sclerosis, Cancer, and Others), Distribution Channel (Retail Pharmacy, E-Commerce, and Others)
Medical Marijuana Market Size Report & Growth Trends 2028
Download Free Sample
Impact of COVID-19 Pandemic on the Medical Marijuana Market
The supply chain disruptions and the massive demand for efficient treatments for the therapy of COVID-19 have put the healthcare research industry in a crucial situation globally. Moreover, the medical marijuana market growth declined by a rate of 32% from 2019 to 2020. Due to lockdown and shut down, no movements were taking place in most industries, as well as the import-export business was impacted and changes in guidelines for the supply of the product negatively impacted the market growth. In North Macedonia, construction of Pharmacon's 178,000-square-foot cannabis (marijuana) grow house, slowed due to social distancing guidelines. Additionally, in Barcelona, Cannabis Social Clubs—private, non-profit organizations, where the substance is collectively grown and distributed to registered members, was shut down following the government's declaration of a state of alarm across the country.
Aphria, Inc., Canopy Growth Corporation, CanaQuest Medical Corporation, GW Pharmaceuticals, Organigram Holdings Inc., VIVO Cannabis Inc., Panaxia Pharmaceutical Industries Ltd., Phoena Holdings Inc., Emerald Health Therapeutics Inc., and MARICANN INC are among the leading companies operating in the medical marijuana market.
The report segments the Medical Marijuana market as follows:
The medical marijuana market is segmented on the basis of product, application, and distribution channel. Based on product, the market is bifurcated into dried form and extract form. The extract segment held the largest share in 2021 and is anticipated to register the highest CAGR in the medical marijuana market during the forecast period. Based on application, the medical marijuana market is divided into pain management, tourette’s, alzheimer’s disease, migraines, depression and anxiety, multiple sclerosis, cancer, and others. Based on distribution channel, the medical marijuana market is categorized into retail pharmacy, e-commerce, and others. The retail pharmacy segment held the largest medical marijuana market share in 2021. However, the E-commerce segment is anticipated to register the highest CAGR during the forecast period.
Geographically, the medical marijuana market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com