How Medical Cannabis is Becoming a Global Industry
The report by TechSci Research, “Medical Cannabis Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, forecasts that the global medical cannabis market will grow at a CAGR of 14.62% and reach USD 47.58 billion by 2028. The main reason for this growth is the increasing research and development activities for Medical Cannabis in recent years, which aim to develop medical #cannabinoid drugs for #therapeutic medication. Moreover, the collaboration and partnerships between governments and private sector companies have increased the access to Medical Cannabis. These partnerships have also created an awareness for medical cannabis in the market, which boosts the growth of #MedicalCannabis market in the forecast. For example, Pfizer, a leading global pharmaceutical company, announced in December that it had acquired the medical cannabis business Arena Pharma for USD 6.7 billion.
However, the global medical cannabis market faces some challenges due to the lack of uniformity in laws and regulations across different regions and countries. This can make it difficult for businesses to operate and create a consistent market. This is likely to hinder the growth of the global medical cannabis market. In addition, the lack of access to medical cannabis in several countries is expected to slow down the growth of the global medical cannabis market in the future.
Global Medical Cannabis market is segmented into product type, active ingredient, distribution channel, application, end user, and company.
The global medical cannabis market can be categorized by product type, active ingredient, and distribution channel. The product type segment includes buds/marijuana flower and cannabis extracts. Cannabis extracts have the largest market share of 75.17% in 2022 because they are made by isolating the active compounds from the plant using different methods, such as solvents or CO2. This leads to products with higher levels of #THC, #CBD, or other cannabinoids.
The active ingredient segment consists of #Tetrahydrocannabinol (THC), Cannabidiol (CBD), and others. Cannabidiol (CBD) has the largest market share of 25.38% because it has potential therapeutic benefits for various conditions, such as anxiety, depression, and epilepsy.
The distribution channel segment comprises B2B and B2C. B2B has the largest market share of 79.64% because it involves the supply of medical cannabis products to other businesses, such as dispensaries, pharmacies, and hospitals. This channel is typically used for large orders and for medical cannabis products that are not easily available to end consumers.
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Major companies operating in global medical cannabis market are:
“Asia-Pacific region dominates the medical cannabis market with CAGR 16.01% in the forecast period due to the fact that there is an increasing awareness and acceptance of the medicinal properties of cannabis in the Asia-Pacific region. Several countries in the region have legalized medical cannabis, including Thailand, South Korea, and Australia. This has created a favorable environment for the growth of the medical cannabis market. Also, there is a large population in the region, with many suffering from chronic diseases and conditions that can be treated with medical cannabis. This creates a significant demand for medical cannabis products, which is expected to drive medical cannabis market growth. Additionally, the Asia-Pacific region has a growing number of companies involved in the cultivation, processing, and distribution of medical cannabis. These companies are investing heavily in research and development to create new and innovative medical cannabis products, which is expected to propel the global medical cannabis market growth through 2028” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Medical Cannabis Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F,?Segmented By Product Type (Buds/Marijuana Flower, Cannabis Extracts), By Active Ingredient (Tetrahydrocannabinol (THC), Cannabidiol (CBD), Others),?By Distribution Channel (B2B, B2C),By Application (Chronic Pain, Mental Disorders, Cancer, Epilepsy, Others), By End User Industry (Pharmaceutical & Biotechnology Companies, Academic & Research Institutions, Others), By Region?and Competition”,?has evaluated the future growth potential of global medical cannabis market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global medical cannabis market.