DUBLIN–(BUSINESS WIRE)–The “Medical Cannabis Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type, Medical Application, and Geography” report has been added to ResearchAndMarkets.com’s offering.
The global medical cannabis market is expected to reach US$ 49,116.4 million by 2028 from US$ 8,926.6 million in 2020. It is estimated to grow at a CAGR of 23.9% from 2021 to 2028.
Developing countries in South and Central America, Asia, and the Middle East & Africa, North America, and Europe have legalized the use and cultivation of medical cannabis.
However, despite widespread legalization for the use of cannabis, its legal cultivation and production has earlier been mostly limited to developing countries. In September 2019, the Ministry of Commerce, Agriculture, and Fisheries of Jamaica announced a partnership with Harvard International Phytomedicines and Medical Cannabis Institute (HIPI) for conducting research on the pharmacological benefits of cannabis.
At the same time, Jamaica aims to capitalize on this partnership and utilize this opportunity to grow and develop its national marijuana industry. Moreover, according to the World Health Organization (WHO), ~80% of the world’s population utilizes marijuana or cannabis for medical remedies. Therefore, the growing acceptance, cultivation, and production of cannabis in developing countries is contributing significantly to the growth of the medical cannabis market.
Based on product type, the medical cannabis market is segmented into flower, concentrates, cannabis oil and topical ointments, capsules, tablets and beverages and edibles. In 2019, the flowers segment held the largest share of the medical cannabis market, by product type. However, the beverages and edibles segment is expected to witness the highest CAGR over the coming years.
Based on medical application, the medical cannabis market is segmented into pain management, neurological health management, mental health management, and others. In 2020, the pain management segment held the largest share of the market and is anticipated to witness the fastest CAGR in the medical cannabis market.
Based on compound, the medical cannabis market is segmented into tetrahydrocannabinol (THC)-dominant, cannabidiol (CBD)-dominant, and balanced THC and CBD. In 2020, the THC dominant segment held the largest share of the market and is anticipated to witness fastest growth rate in the medical cannabis market.
Major primary and secondary sources referred to while preparing the report on the medical cannabis market are Council of Scientific and Industrial Research, National Centre for Biological Sciences, The Food and Drug Administration, National Research Foundation, European Observatory on Cannabis Cultivation, South African Health Products Regulatory Authority, and World Health Organization, among others.
Key Topics Covered:
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
2. Medical Cannabis Market- Key Takeaways
3. Research Methodology
4. Medical Cannabis Market- Market Landscape
4.2 PEST Analysis
4.3 Expert Opinion
5. Medical Cannabis Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Number of Approvals for Medical Cannabis Products
5.1.2 Rising Acceptance for Medicinal Use of Cannabis in Developing Countries
5.1.3 Growing Research on Medicinal Use of Cannabis
5.1.4 Escalating Government Funding for Spreading Awareness and Exploring Medicinal Benefits of Cannabis
5.2 Market Restraints
5.2.1 Illegal Use of Cannabis as Street Drug and Misconceptions Regarding Cannabis
5.3 Market Opportunities
5.3.1 Growing Demand for Cannabis During COVID-19
5.4 Future Trends
5.4.1 Widespread Distribution of Medical Cannabis
5.4.2 Continuous Growth of Pharmaceutical Industries Worldwide
5.5 Impact Analysis
6. Medical Cannabis Market- Global Analysis
6.1 Global Medical Cannabis Market Revenue Forecast and Analysis
6.2 Global Medical Cannabis Market, By Geography – Forecast and Analysis
6.3 Market Positioning of Key Players
7. Medical Cannabis Market Analysis – By Product Type
7.2 Medical Cannabis Market Revenue Share, by Product Type (2020 and 2028)
7.5 Topical Ointments
7.8 Beverages and Edibles
8. Medical Cannabis Market Analysis – By Medical Application
8.2 Medical Cannabis Market Revenue Share, by Medical Application (2020 and 2028)
8.3 Pain Management
8.4 Neurological Health Management
8.5 Mental Health Management
9. Medical Cannabis Market- By Compound
9.2 Medical Cannabis Market, by Compound, 2020 and 2028 (%)
9.3 Tetrahydrocannabinol (THC)-Dominant
9.4 Cannabidiol (CBD)-Dominant
9.5 Balanced THC and CBD
10. Medical Cannabis Market – Geographical Analysis
11. Impact of COVID-19 Pandemic on Global Medical Cannabis Market
12. Industry Landscape
12.2 Growth Strategies Done by the Companies in the Market, (%)
12.3 Organic Developments
12.3.2 Organic Developments Done by Companies
12.4 Inorganic Developments
12.4.2 Inorganic Developments Done by Companies
13. Company Profiles
13.1 Key Facts
13.2 Business Description
13.3 Products and Services
13.4 Financial Overview
13.5 SWOT Analysis
13.6 Key Developments
- Aphria, Inc.
- Aurora Cannabis
- Cannabis Science, Inc.
- Canopy Growth Corporation
- Medical Marijuana, Inc.
- VIVO Cannabis Inc
- Tikun Olam
- The Cronos Group
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