PORTLAND, Ore., Nov. 8, 2021 /PRNewswire/ -- Allied Market
Research published a report, titled, "Medical Cannabis Market by
Product Type (Buds/Marijuana Flower and Cannabis Extracts),
Application (Chronic Pain, Mental Disorders, Cancer, and Others),
and End User (Pharmaceutical and Research & Development
Centers): Global Opportunity Analysis and Industry Forecast,
2021–2030." According to the report, the global medical
cannabis industry generated $6.82
billion in 2020, and is expected to reach $53.88 billion by 2030, witnessing a CAGR of
23.6% from 2021 to 2030.
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Prime determinants of growth
Increase in legalization of cannabis across various regions,
rise in awareness among consumers regarding health benefits of
cannabis and its medical applications, and innovative product
development with increased R & D activities drive the growth of
the global medical cannabis market. However, complex regulatory
structure for the usage of cannabis hinders the market growth. On
the other hand, beginning of cannabis legalization in Asia-Pacific presents new opportunities in the
coming years.
Covid-19 Scenario
- During the Covid-19 pandemic, there has been a significant
decline in the demand for medical cannabis from key end-users,
restricted manufacturing operations in most of the industries, and
inadequate funding for research and academic institutes.
- In addition, there have been disrupted supply chains and
challenges in terms of essential/post-sales services. Cannabis
businesses that offered an e-commerce platform experienced a surge
in growth.
- Many governments deemed medical cannabis as essential service.
This, in turn, led to growth of the market during the
pandemic.
The cannabis extracts segment to continue its leadership
status during the forecast period
Based on product type, the cannabis extracts segment accounted
for the largest share in 2020, contributing to more than half of
the global medical cannabis market, and is expected to continue its
leadership status during the forecast period. Moreover, this
segment is projected to witness the highest CAGR of 24.0% from 2021
to 2030. This is due to preference for cannabis extracts such as
oils and tinctures, increase in legalization of marijuana for
treatment of various chronic diseases, and new product launches.
The research also analyzes the buds or marijuana flower
segment.
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The chronic pain segment to maintain its lead position during
the forecast period
Based on application, the chronic pain segment contributed to
the highest share in 2020, accounting for nearly two-fifths of the
global medical cannabis market, and is estimated to maintain its
lead position during the forecast period. This is due to surge in
use of cannabis in the pharmaceutical industry and increase in
investments by pharmaceutical companies in CBD for health benefits
of cannabis. However, the mental disorders segment is estimated to
portray the highest CAGR of 25.3% from 2021 to 2030. This is
attributed to surge in usage of cannabis in patients with
psychiatric disorders.
North America estimated to
continue its dominance in terms of revenue by 2030
Based on region, North America
held the highest market share in 2020, contributing to more than
four-fifths of the global medical cannabis market, and is estimated
to continue its dominance in terms of revenue by 2030. This is due
to legalization of cannabis in the U.S. and Canada for medical and recreational purposes
and rise in the usage of medical cannabis for treatment of several
diseases associated with changing lifestyles. However, LAMEA is
expected to manifest the fastest CAGR of 36.3% during the
forecast period, owing to government approvals for cannabis
cultivation and rise in prevalence of chronic diseases such as
cancer and usage of cannabis for their treatments.
Leading market players
- Aurora marijuana Inc.
- Canopy Growth Corporation
- Cronos Group Inc.
- Maricann Group, Inc.
- Medical Marijuana, Inc.
- OrganiGram Holding Inc.
- Terra Tech Corp.
- Tikun Olam Ltd.
- Tilray, Inc.
- VIVO Cannabis Inc.
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