Global Medical Cannabis Market - Insights
Medicinal cannabis are also known as Medical marijuana, which area used either to treat disease or to improve their symptoms. The two cannabinoids - delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD) are used in treatment of certain disease or health conditions such as pain, blood pressure, memory, concentration, appetite, sensory stimulus, muscular problems, and seizures. The various economies are involved in the activities to legalize the export of medicinal cannabis product, which in turn is expected to fuel growth of the medical cannabis market. For instance, in January 2018, the Government of Australia allowed cannabis producers in the region to export medicinal cannabis and cannabis products in the global market.
The global medical cannabis market is valued at US$ 3,520.7 million in 2017 and is expected to witness a CAGR of 24.4% over the forecast period (2017 – 2025).
Figure 1. Global Medical Cannabis Market Share (%), by Region, 2017
Increase in the legalization of medicinal cannabis in various economies is expected to augment the market growth
Increasing approval of medicinal cannabis products and growing research and development activities in the medical cannabis market are expected to support the growth of the market. For instance, in March 2017, German parliament signed a law allowing the medicinal use of the cannabis plant by allowing the healthcare professionals to prescribe the medicinal cannabis products to the patients suffering from severe health issues such as chronic pain, vomiting, and nausea. Moreover, excessive cannabis consumption is known to induce tachycardia and can increase the risk of heart attack, notably for users with existing heart disease or arrhythmias and thus it is restraining growth of the market.
Potential medical cannabis markets other than the U.S. include Canada, Israel, Australia, and Spain. Mexico is also in process to consider the legalization of cannabis. For instance, in February 2016, Medical Marijuana, Inc. launched the HempMeds Mexico- a CBD hemp oil product in the Mexico. With the launch of HempMeds Mexico, company is intended to expand its cannabis business in the Latin America, by establishing the labs, manufacturing, sales and distribution facilities in the Mexico, in coming years. Other economies are expected to consider legalization of the drug, once conclusive evidence regarding the safety and efficacy of cannabis are obtained through extensive research. Czech Republic, in 2013, legalized medical marijuana for patients suffering from chronic pain, epilepsy, chemotherapy induced side effects, and other severe disease indications. Moreover, the law allows patients with marijuana prescription to purchase the medicinal marijuana from pharmacies. However, cultivation of marijuana in not allowed in the country, and thereby suppliers need to import medicinal cannabis from other economies. This implies that there is a huge potential for growth of the medicinal cannabis industry in pharmaceutical and biotechnology companies.
In Middle East, among other GCC economies, only Israel has approved the medical cannabis product. Furthermore, in Africa region, Lesotho and Malawi (South Africa) government has granted the license for medicinal marijuana in 2017. For instance, In June 2017, Verve Dynamics, a Cape Town-based alternative medicines company received license from the Government of Lesotho to cultivate the cannabidiol (CBD) medicinal cannabis. Verve Dynamics intends to cultivate and produce medicinal cannabis products and export these product in South Africa.
Expansion of medicinal cannabis product by various manufacturers is a prominent factor fueling market growth
Medicinal cannabis manufacturers in the U.S. are actively focusing on expansion of their medicinal cannabis product business. For instance, in July 2016, Insys Therapeutics, Inc. received the U.S. Food and Drug Administration (FDA) approval for dronabinol oral solution- Syndros, an orally administered liquid formulation of the pharmaceutical cannabinoid dronabinol. The Syndros is indicated to be used in the treatment of anorexia associated with weight loss among patients suffering from AIDS and those suffering from cancer chemotherapy-induced nausea and vomiting. Moreover, in January 2018, Apria, Inc. entered into a distribution agreement with Cannabis Wheaton, to supply 60,000 kilograms of the cannabis products between January 2018 and February 2022. The agreement allows Aphria to expand its brand through Cannabis Wheaton’s strong distribution network in Canada.
Some of the key players operating in the global medical cannabis market include BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc, and Medical Marijuana Inc.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.