The major factors for the growth of the medical marijuana market include the increasing number of countries legalizing the use of medical marijuana, the trend of producing edible products with cannabis, and favorable reimbursement environment and government support in selected countries, which are expected to experience a boost over the forecast period.
Each year, the legal use of cannabis for medical and recreational purposes is steadily growing, but it varies across countries, based on the possession, distribution, cultivation, and medical indications for its consumption. Currently, there is also an increasing use of marijuana as a functional food, with purported health benefits far outnumbering what consumers can get from kale, turmeric, or kombucha. With the new generation growing up in the United States, where cannabis is legal, new products are found rapidly entering the market, which is expected to grow rapidly over the forecast period.
Doctors also prescribe medical marijuana to treat muscle spasms caused by multiple sclerosis, nausea, poor appetite, and weight loss, caused by chronic illness, such as HIV, nerve pain, and Crohn's disease. Thus, with the increasing applications in medical indications, there is a huge opportunity for marijuana for medicinal and scientific community as well, thus boosting the overall market.
Key Market Trends
Chronic Pain, by Application is Expected to Experience the Fastest Growth Over the Forecast Period
There are many studies that have shown that medical cannabis is found to be an effective method for the treatment of chronic pain and that it is far safer than many other options. It is an affordable, natural alternative that lacks side effects and is traditionally used to treat chronic pain. There are also several ongoing researches on medical marijuana for the treatment of chronic pain, which is expected to directly impact the growth of the market.
Marijuana is also being used for the treatment of arthritis, as it has the potential to reduce inflammation, as well as reduce pain. There is also an increasing research on medical marijuana for the treatment of cancer and commercially available cannabinoids, which are approved drugs for chemotherapy, and which are likely to augment the growth of the market. Marijuana, being an effective treatment for neuropathic pain, is expected to further rise over the forecast timeframe. However, there are challenges associated with its abuse which vary in adoption rate between countries.
North America Accounted for the Largest Share in the Global Market
North America holds the major share in the medical marijuana market, and is expected to show a similar trend over the forecast period, without significant fluctuations. The surging pace of cannabis legalization in the United States is one of the key factors contributing to its increased demand. There are also many marijuana programs in the United States that have accelerated, and most of the states have started to approach medical marijuana from the perspective of good public health.
The market studied is dominated by a few major players, and currently, only in a few countries, the use of cannabis is legal. Because of this, several companies were not able to launch their products. Some of the major companies of the market are, Canopy Growth, Lexaria Corp., United Cannabis Corporation, Aurora Cannabis
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