Medical Cannabis Market: Current Outlook Of Industry & Forecast 2018-2026
According
to the U.S., marijuana was the most widely used drug globally in 2014
with around 183 million users. Such a large user base makes it highly
lucrative taxable opportunity, which is influencing various
governments worldwide to initiate studies regarding legalization of
the drug for medicinal use. The National Institute on Drug Abuse is
conducting research on cannabis (marijuana) to treat numerous
diseases and conditions such as autoimmune disease, pain,
inflammation, seizures, mental disorders, and substance abuse
disorders. Regulatory compliance is a key factor that influences
cost, quality, and safety of cannabis (marijuana) medicines, as well
as the capacity for the manufacturers in the medical cannabis market
to be responsive, scalable, and innovative.
Market
Dynamics
According
to the Medical Marijuana, Inc., an estimated size of the legal
marijuana industry in the U.S. was US$ 7.1 billion in 2016 with
increase of 25% Y-o-Y. In 2016, 28 states in the U.S. have legalized
marijuana for medicinal purpose with some more gearing up for votes
on the recreational use of marijuana. California, Nevada, Maine, and
Massachusetts states in November 2016, voted to legalize the
recreational use of marijuana. The accelerated pace of legalization
of cannabis (marijuana) in the U.S. has attracted the attention of
global investors in the medical cannabis market. However, lack of
formulation of a comprehensive law pertaining to medical marijuana in
some states inhibits patient access to the drug.
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Legalization
of medicinal cannabis in various economies is expected to drive the
market growth
Some
of the major factors driving growth of the market include increasing
approval of medicinal cannabis products and increasing research and
development activities. For instance, in March 2017, a law that
allows the use of cannabis plant was signed by the German parliament.
This would in turn allow the healthcare professionals to prescribe
medicinal cannabis products to the patients suffering from severe
health issues such as chronic pain, vomiting, and nausea
Key
features of the study:
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This report provides in-depth analysis of medicinal cannabis in medical sector and provides market size (US$ Million) and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2017 – 2025), considering 2016 as the base year
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It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
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This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players
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It profiles leading players in the global medicinal cannabis for medical sector market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies and future plans
Potential
medical cannabis markets other than the U.S. include Canada, Israel,
Australia, and Spain. Mexico is also in process to consider the
legalization of cannabis. For instance, in February 2016, Medical
Marijuana, Inc. launched the HempMeds Mexico- a CBD hemp oil product
in the Mexico. With the launch of HempMeds Mexico, company is
intended to expand its cannabis business in the Latin America, by
establishing the labs, manufacturing, sales and distribution
facilities in the Mexico, in coming years. Other economies are
expected to consider legalization of the drug, once conclusive
evidence regarding the safety and efficacy of cannabis are obtained
through extensive research.
Some
of the key players operating in the global medical cannabis market
include BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis,
Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria,
Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc, and
Medical Marijuana Inc.
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Cannabis Market
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