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Medical Marijuana Market to Reach USD 26,920.4 Million by 2026; Rise in Preference for Cannabis as Therapeutic Ailment to Create Lucrative Growth Opportunities

April 09, 2020 | Healthcare

The global medical marijuana market size is anticipated to reach USD 26,920.4 million by 2026, on account of the increasing awareness about the medicinal properties of cannabis. Medical cannabis can be used as a therapeutic ailment for patients suffering from diseases such as acute pain diseases, Parkinson’s disease, cancer, and others. More information on this market is provided in a recently published report by Fortune Business Insights™ titled, “Medical Marijuana Market Size, Share & Industry Analysis, By Application (Pain Disorders, Cancer, and Others), By Type (Flowers, Concentrates, Edibles and Others), By Distribution Channel (Dispensaries, Online Channel, and Others), and Regional Forecast, 2019-2026.” The market was USD 6,338.1 million in 2018 and is anticipated to exhibit a CAGR of 20.4% between 2019 and 2026.


In-store Pickup or Home Delivery Service Provided by Verda Innovation – Setting New Market Trends


Revolution in the marijuana industry is brought on Feb 2020 by Verda Innovation with the launch of their cutting-edge platform for legal medical marijuana consumers and retailers. With the help of this platform, users can easily search nearby dispensaries that are licensed and choose from live menu containing products, place orders online and opt for either same-day delivery or in-store pickup within the boundaries of regulations imposed by the government.


The CEO of Verda Evan Adcock says, “We emerged as the first company providing such a platform and our main motto is to offer peace of mind to consumers within the legal boundaries.”


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/medical-marijuana-market-102609


Increasing Number of Clinical Research Trials will Add Impetus to Market


A number of therapeutics with marijuana content are utilized in the treatment of certain rare health conditions. These include nausea associated with chemotherapy, weight loss and appetite related with AIDS/HIV, neurological disorders, acute pain diseases, and others. This trend of rising initiatives to pertain to the clinical trials of cannabis is considered a major factor promoting the medical marijuana market growth. Besides this, the rising demand for permitting the use of legal medical cannabis in various states will also bode well for the market in the forecast period.


On the flip side, side effects associated with limitless consumption of this, may cause hindrance to the overall market in the coming years. Such side effects include low blood pressure, dizziness, and others.


Heavy Investment in Research and Entry of New Players will Intensify Market Competition


The fast pace of development for legal medical cannabis and its vivid growth has encouraged manufacturers to make their entry into this market and invest heavily in related studies and development. Although the basic element is its manufacturing and cultivation, most of the medical marijuana makes business from the pharmacological corporations. Furthermore, with the growing trend of legalizing cannabis in various states, players are increasingly moving into the market to generate revenue. Existing vendors are however focusing on geographical expansion for attracting high market revenue in the coming years.


Significant Industry Developments of Medical Marijuana Market include:



  • August 2019 –View Systems Inc., declared the partnership between their Medical Marijuana Company namely Sannabis, operating in Colombia and licensees operating in Uruguay for expansion of their product portfolio.


List of Important Vendors in the Market include:



  • Green Relief Inc.

  • Medical Marijuana, Inc.

  • Canopy Growth Corporation

  • Aurora Cannabis

  • CannTrust Holdings

  • MedReleaf Corp

  • Aphria Inc.

  • GW Pharmaceuticals

  • ABcann Medicinals, Inc.

  • Emerald Health Therapeutics

  • The Cronos Group

  • Other players


Further Report Findings



  • North America dominated the market with a revenue of USD 5,994.9 million in 2018 that is expected to reach USD 24,578.3 million by the end of 2026. Growth of this region is attributed to the presence of major market players especially in the U.S.

  • Based on segmentation by application, the pain disorders segment bagged the largest medical marijuana market share whereas the others segment earned 8.6 % share in the market.


Global Medical Marijuana Market is categorized into:











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Value (USD million)



Segmentation



By  Application



  • Pain Disorders

  • Cancer

  • Others



By  Type



  • Flowers

  • Concentrates

  • Edibles

  • Others



By  Distribution Channel



  • Dispensaries

  • Online Channel

  • Others



By Geography



  • North America (the U.S. and Canada)

  • Europe (Germany, Belgium, France, Italy, and the Rest of Europe)

  • Latin America (Mexico, Argentina, Brazil, and the Rest of Latin America)

  • The Rest of the World (Row)


Medical Marijuana Market
  • PDF
  • 2018
  • 2015-2017
  • 140

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