Medical Cannabis Market Size to Reach 47.15 Billion in 2027

Twitter icon
marijuana plants growing

Increasing Use of Medical Marijuana to Alleviate Symptoms, Treat Diseases and Conditions and in Pain Management are Key Factor Driving Industry Growth, says Emergen Research

VANCOUVER, BC, July 26, 2021 /PRNewswire/ — The global medical cannabis market size is expected to reach USD 47.15 billion in 2027 at a CAGR of 16.9%, according to the latest report by Emergen Research. Market revenue growth can be attributed to the increasing use of medical cannabis to treat diseases and conditions, rising research and development activities, and legalization of cannabis in various countries across the globe. Increasing government initiatives to encourage safe usage and consumption of the product is also a key factor expected to contribute to market growth over the forecast period.  

Emergen_Research_Logo

Medical cannabis is cannabis and cannabinoids that are prescribed by doctors and physicians for relieving symptoms or treating diseases. Preliminary studies suggest cannabis can reduce nausea and vomiting that are primary side effects of chemotherapy, improve appetite in people suffering from HIV/AIDS, and alleviate chronic pain and muscle spasms. Medical cannabis can be administered through capsules, tinctures, dermal patches, and cannabis edibles, among others. Increasing incidence of severe and chronic diseases such as cancer, Parkinson’s disease, Alzheimer’s disease, and ALS, among others have boosted the use of medical cannabis and this has led to the development of new products. In addition, cannabinoids have been increasingly recommended for treatment of anorexia, arthritis, migraines, and glaucoma when other treatment regimens are ineffective. This is expected to further boost revenue growth of the market over the forecast period.

Increasing research and development activities to study the medical applications of cannabis and availability of synthetic cannabinoids as prescription medicine are some other key factors expected to contribute to revenue growth of the market going ahead. However, lack of data on long-term safety of medical cannabis, chronic side effects such as fatigue, dizziness, and hallucinations, among others, and implementation of stringent regulatory policies regarding cultivation and commercialization of cannabis are some key factors expected to restrain market growth going ahead.

Some Key Highlights in the Report:

  • Oil segment revenue is expected to expand at a CAGR of 17.5% during the forecast period owing to increasing demand for hemp oil for clinical purposes such as reduction of depression and anxiety and alleviation of cancer symptoms and associated pain.
  • Chronic pain segment is expected to account for largest revenue share over the forecast period as medical cannabis is primarily used to treat chronic pain and involuntary muscle spasms. Cannabis is used to treat chronic pain associated with many diseases and conditions such as multiple sclerosis, nerve pain, Parkinson’s disease, and PTSD, among others.
  • Inhalation segment dominated other route of administration segments in terms of revenue share in the global market in 2019 attribute to inhalation being the most common routes of administration. Advancements in product development have led to the introduction of inhalers of various types to make it easy for patients to consume medical cannabis.
  • North America is expected to account for largest revenue share in the global market between 2020 and 2027 owing to legalization of cannabis for recreational and medical purposes, growing number of product launches, increasing investment to accelerate R&D for medical cannabis, and robust presence of key players and manufacturers in the region.
  • Major companies in the market include Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, Cronos Group, Organigram Holdings, Inc., Vivo Cannabis, Tikun Olam, and Insys Therapeutics, Inc., among others.
  • In July 2021, the medical cannabis commission awarded medical marijuana licenses to 6 companies in Georgia, United States, to – under supervision of the state – cultivate marijuana, convert it to CBD oil, and commercialize the products to eligible patients in Georgia.
  • In July 2021, a first-of-its-kind medical marijuana app, EcoCaNN developed by international pharmaceutical firm, MediCane, launched in Israel that will allow the medical cannabis patients to consult and communicate with doctors specializing in the field. MediCane focuses on the research and development of cannabis-based medication.

Make Payment [Buy your Exclusive copy]@ https://www.emergenresearch.com/select-license/174

For the purpose of this report, 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; 2017-2027)

  • Oil
  • Buds
  • Tinctures

Application Outlook (Revenue, USD Billion; 2017-2027)

  • Chronic Pain
  • Mental Disorders
  • Anorexia
  • Seizures
  • Muscle Spasm
  • Cancer
  • Others

Route of Administration Outlook (Revenue, USD Billion; 2017-2027)

  • Oral
  • Intravenous
  • Inhalation
  • Topical

Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)

  • Dispensaries
  • Online

Have a look at Report Description and Table of Contents of Market Report@ https://www.emergenresearch.com/industry-report/medical-cannabis-market

Regional Outlook (Revenue, USD Billion; 2017-2027)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • U.A.E.
    • Israel
    • Rest of MEA

Explore more reports offered by Emergen Research:

Cannabis Market By Product Type (Flower, Concentrates, Others), By Compound (Tetrahydrocannabinol, Cannabidiol (CBD), Balanced THC & CBD), By Application (Medical, Recreational, Pain Management, Neurological Health Management, Others), and Regions Forecasts to 2027

Drug Infusion Systems Market By Control Systems (Open Loop System, Closed Loop System), By Infusion Type (Continuous Infusion, Intermittent Infusion, Patient Controlled Infusion, Total Parenteral Nutrition), By Administration Route, By Application, By End-Use, and By Region Forecast to 2028

Compound Management Market By Solution (Products and Outsourcing Services), By Sample Type (Chemical Compounds, Biosamples), By Application (Drug Discovery, Gene Synthesis, Biobanking, Others), By End-Use (Biopharma Companies, Pharma Companies, Biobank, CRO) and By Region Forecast to 2028

Nanotechnology Market Size, Share, Trends, By Type (Nanomaterials, Nanocomposites, Nano devices, Nano tools), By Industry (Food and Agriculture, Healthcare, Information and Technology, Environment, Energy, Cosmetics), and By Region, Forecast to 2028

In-vitro Fertilization: Overcoming Insurmountable Barriers of Infertility

Joint Reconstruction Devices: Addressing the Need for Long-term Relief from Orthopedic Diseases

Liquid Biopsy: A Revolution in the Field of Medical Oncology

About Emergen Research 

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web: www.emergenresearch.com

Direct Line: +1 (604) 757-9756

E-mail: sales@emergenresearch.com

e-mail icon Facebook icon Twitter icon LinkedIn icon Reddit icon
Rate this article: 
Article category: 
Regional Marijuana News: