Medical Cannabis Market Trends – Legalization of marijuana in various countries
VANCOUVER, BC, CANADA, October 24, 2021 /EINPresswire.com/ — The global medical cannabis market size is expected to reach USD 24.52 Billion at a steady revenue CAGR of 11.5% in 2028, according to latest analysis by Emergen Research. The report strives to offer authentic information about the Medical Cannabis market size, share, product portfolio, revenue estimations, and growth rate. The report further provides a comprehensive analysis of the competitive landscape and provides complete coverage with regard to company profiles, product portfolio, revenue generation, financial standing, and market position. Increase in medical cannabis products and the rise in research activities are driving the market revenue growth. Moreover, legalization of the product in several countries is also propelling growth of the market.
The product is used with other opioid painkillers, which permits patients to reduce the dosage and frequency of opioids, relieving pain. Legalization of marijuana throughout the country could create up to 1 million jobs by 2025 in the U.S. Workers are needed to farm, process, distribute and sell marijuana and its related products. Medical cannabis has not only created jobs but have also generated significant amount of taxes. For instance, Colorado, in 2019, collected more than USD 302 million in taxes and fees on medical and recreational marijuana.
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Rise in geriatric population is also fueling market growth as older people are more susceptible to illness and experience a high level of pain. Research and development activities, clinical trials, and commercialization of the product will also foster market growth. Medical cannabis is deemed safer and has fewer side-effect as compared to other treatment options. It is used to treat nausea and combat negative side-effects, especially among patients undergoing chemotherapy, making the whole procedure more tolerable.
Some Key Highlights in the Report
In October 2020, MediPharm Labs Corp. signed an exclusive supply agreement with STADA to meet the growing demand for medical cannabis in Germany. STADA wanted to be the go-to partner for generics, which is achieved by the partnership.
Oil segment is expected to register significant growth rate during the forecast period due to high demand for hemp oil among healthcare workers for clinical purposes. Cannabidiol (CBD) oil can reduce depression and anxiety, alleviate cancer-related symptoms, and relieves pain. CBD oil can also treat acne owing to its ability to reduce sebum production and anti-inflammatory properties.
Medical cannabis growth is deterred by certain side-effect incurred by the patients, such as fatigue, dizziness, constipation, and a problem in speech. Moreover, the problem of undertaking medical cannabis and a lack of data safety will hinder the growth for medical cannabis. The report projects the market is anticipated to grow at a significant rate owing to raid advancements and technological developments in the sector. The report is a comprehensive research study of the global Medical Cannabis market inclusive of the latest trends, growth factors, developments, opportunities, and competitive landscape. The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces analysis. The report further explores the key business players along with their in-depth profiling, product catalog, and strategic business decisions.
Key Market Competitors Profiled in the Report:
Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, Cronos Group, Organigram Holdings, Inc., Vivo Cannabis, Tikun Olam, and Insys Therapeutics, Inc.
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The report offers strategic recommendations to the businesses and investors to capitalize on the lucrative growth opportunities. The report is furnished with the latest scenario and growth outlook of the market with regard to the impact of the pandemic. It also covers mergers and acquisitions, joint ventures, product launches, brand promotions, collaborations, agreements, and partnerships, among others. It also offers insights into the manufacturing processes, revenue estimations, R&D advancements, and industrial penetration.
Emergen Research has segmented the global Medical Cannabis market on the basis of product type, application, and route of administration, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
Route of Administration Outlook (Revenue, USD Billion; 2018-2028)
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
The report offers a comprehensive analysis of the current growth opportunities for various regions of the Medical Cannabis market. It gauges the revenue shares of these regions over the forecast timeline. Furthermore, the report analyzes the year-on-year growth rate of these regions over the forecast duration. The leading geographic regions encompassed in the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Global Medical Cannabis Market Highlights:
Regional demand estimation and forecast
Product Mix Matrix
Technological updates analysis
Raw Material Sourcing Strategy
Mergers & Acquisitions
Table of Content
Chapter 1. Methodology & Sources
1.1. Medical Cannabis Market Definition
1.2. Research Scope
1.4. Research Sources
1.5. Medical Cannabis Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2021-2028
Chapter 3. Key Insights
Chapter 4. Medical Cannabis Market Segmentation & Impact Analysis
4.1. Medical Cannabis Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Medical Cannabis Market indicators analysis
4.2.2. Medical Cannabis Market drivers analysis
220.127.116.11. Rapid urbanization and industrialization
18.104.22.168. Stringent government regulations regarding carbon emissions
22.214.171.124. Increasing prevalence of respiratory diseases
126.96.36.199. Rising need to enhance indoor air quality
4.2.3. Medical Cannabis Market restraints analysis
188.8.131.52. High cost associated with the maintenance of Medical Cannabis products
184.108.40.206. Availability of renewable sources of energy
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Key Benefits of Buying the Global Medical Cannabis Report:
The report offers an 8-year forecast and assessment of the Global Medical Cannabis Market
Helps in understanding the key product segments and their estimated growth rate
In-depth analysis of market drivers, restraints, trends, and opportunities
Comprehensive regional analysis of the Global Medical Cannabis Market
Extensive profiling of the key stakeholders of the business sphere
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