The medical cannabis market is expected to experience market growth in the forecast period 2021-2028. Data Bridge Market Research analyzes that the market will grow at a CAGR of 25.16% in the forecast period 2021 to 2028 and is expected to reach $ 67,354.01 million by 2028.
Credible Medical Cannabis market report has a detailed description, competitive scenario, broad product portfolio of major vendors, and business strategy of the competitors along with their SWOT analysis and Porter’s Five Forces analysis. This annual report provides customers with actionable market insights that they can use to develop sustainable and profitable business strategies. The market research report is an absolute rundown of the global healthcare industry held in such a way that both unskilled individuals and professionals can easily extrapolate the entire market within seconds. According to the Medical Cannabis Market Report, new highs will occur in the market between 2020 and 2027.
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The key players in the global Medical Cannabis market report are Tilray, Elixinol Global Limited, Medical Marijuana, Inc., Extractas, Peace Naturals Project Inc., BOL Pharma, PharmaHemp, Kiehl’s (a subsidiary of L’ORÉAL) and Vermont Hemp Health, Discover Health LLC, ENDOCA, Pacific roots, CANOPY GROWTH CORPORATION, Aurora Cannabis, GW Pharmaceuticals plc Pty Ltd (a subsidiary of Althea Group Holdings Limited), Apothecanna, Zenabis Global Ltd, Cresco Labs, IDT Australia, MEDIFARM, Greenwich Biosciences, Inc., MediPharm Labs Inc., THC Global Group Limited, Saatkeller, CANNABIS SEEDS USA, Seeds For me, among others, HUMBOLDT SEED COMPANY, Crop King Seeds, BARNEY’S FARM and Aphria Inc. DBMR analysts understand the competitive strengths and offer competitive analyzes for each competitor separately.
Many product developments are also initiated by companies worldwide that are also accelerating the growth of the medical cannabis market.
- In February 2021, MediPharm Labs Inc. received the Cannabis Drug License. This was seen as a milestone as MediPharm Labs will now be able to manufacture and distribute medicinal products with cannabis as an ingredient. This will help drive market growth in the years to come.
COVID19th DEMAND IMPACT
Despite the COVID-19 pandemic, the demand for medical cannabis is still increasing in some areas. As in Europe, the demand for medical cannabis is strong and growing continuously at a very good rate.
However, due to the COVID-19 pandemic, legislative efforts are being hampered in various countries, which is somehow the main reason behind the delay in demand and driving consumers into the unregulated market. Mainly the demand for medical cannabis is increasing from the European countries and the markets mainly serve around 5.9% of the total population of 28 European countries.
Medical cannabis has shown many changes in the treatment of disease because of its anti-inflammatory properties. As a result, many countries are trying to legalize the manufacture and use of medical cannabis, but only in the health market. Similar growth can be seen in the US market as consumers have the medical cannabis in stock. Because medicinal cannabis is consumed alone, the majority of consumers choose to consume the medicinal cannabis themselves.
Now there are various innovations and developments in the manufacture of medical cannabis so that the drug does not cause side effects and can be made in the form of food or infused products.
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Key points mentioned in the report:
- How big was the market in 2020?
- What are the main actors’ movements?
- Which region is the global market leader?
- A comprehensive / competitive analysis of the market?
- What are the drivers and restraint systems for the medical cannabis market?
- How will the market stand in the forecast period 2021-2028?
Global Medical Cannabis Market Scope and Size
The medical cannabis market is segmented by type, derivative, application, and route of administration. The growth between these segments helps you analyze meager growth segments in the industries and provide users with valuable market overview and insights so that they can make strategic decisions to identify core market applications.
- The medical cannabis market is divided into cannabis indica, sativa and hybrid by type.
- The derivatives segment of the medical cannabis market is divided into cannabidiol (CBD), tetrahydrocannabinol (THC), and others.
- The application segment of the medical cannabis market is divided into the pharmaceutical industry, research and development centers, and others.
- Based on the route of administration, the medical cannabis market is divided into oral solutions and capsules, smoking, vaporizers, topical products, and others.
Drivers and Restraints of the Global Medical Cannabis Market:
The increasing medical use and legalization of cannabis is acting as a driver for the medical cannabis market.
The increased use of cannabis in cosmetic products can be seen as a driver for the medical cannabis market. A complex regulatory structure for cannabis use is a constraint on the medical cannabis market.
Novel product developments with increased R&D activities can represent an opportunity for the medical cannabis market. The rise of the marijuana black market is challenging the medical cannabis market.
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Reasons to Buy the Medical Cannabis Market Report:
- Current and future market outlook for medical cannabis in developed and emerging markets
- Analysis of different market perspectives with the help of Porter’s five forces analysis
- The segment expected to dominate the medical cannabis market
- Regions in which the fastest growth is expected during the forecast period
- Identify the latest developments, medical cannabis market shares, and strategies of key market players
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