Medicinal cannabis, also known as medicinal marijuana, is used either to treat disease or improve symptoms. Cannabis has been considered to be a major source of drug addiction. Extract from the dried flower bud part of the plant called as Marijuana has certain medicinal properties. The two cannabinoids - delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD) are being used in treatment of certain disease or health conditions such as pain, blood pressure, memory, concentration, appetite, sensory stimulus, muscular problems, and seizures.
Medicinal Cannabis Market Dynamics
However, the debate still continues regarding the approval, safety and usage of cannabis (marijuana) for medicinal purpose, due to differences in the laws pertaining to this smoked drug. Hence, studies are conducted extensively to establish the safety aspect of this drug. Various states in the U.S. have already legalized cannabis (marijuana) for medicinal purposes. Scientific research of chemicals in the cannabis plant for its potential medicinal use has led to a shift in its demand purpose. Regulatory clearance has played a major role in the growth of medicinal cannabis market.
Other names of Cannabis - grass, pot, dope, Mary Jane, hooch, weed, hash, joints, brew, reefers, cones, smoke, mull, buddha, ganga, hydro, yarndi, heads, and green.
The U.S. FDA has approved two medications, Marinol and Syndros, which contain dronabinol in pill form. However, the FDA has not approved the marijuana plant as a medicine. The medicinal cannabis (marijuana) is administered in either of the ways – liquid extract, vaporized form, smoked or solid form.
Prevalent Scenario in the Medicinal Cannabis Market
According to the Medical Marijuana, Inc., the estimated size of the legal marijuana industry in the U.S. is US$ 7.1 billion in 2016. This is an increase of 25% Y-o-Y. As of 2016, 28 states in the U.S. have legalized marijuana for medicinal purpose with some more gearing up for votes on the recreational use of marijuana. California, Nevada, Maine, and Massachusetts states in November 2016, voted to legalize the recreational use of marijuana. The accelerated pace of legalization of cannabis (marijuana) in the U.S. has attracted the attention of global investors in the medicinal cannabis market. However, lack of formulation of a comprehensive law pertaining to medicinal marijuana in some states inhibits patient access to the drug.
Important role of Regulatory Authorities in the Medicinal Cannabis Market Trends
According to the United Nations, marijuana was the most widely used drug globally in 2014, with around 183 million users. Such a large user base makes it highly lucrative taxable opportunity, which is influencing various governments worldwide to initiate studies regarding legalization of the drug for medicinal use. The National Institute on Drug Abuse is still conducting research on cannabis (marijuana) to treat numerous diseases and conditions such as autoimmune disease, pain, inflammation, seizures, mental disorders, and substance abuse disorders. Regulatory compliance is a key factor that influences cost, quality, and safety of cannabis (marijuana) medicines, as well as the capacity for the manufacturers in the medical cannabis market to be responsive, scalable, and innovative.
Medicinal Cannabis Market Future Outlook
Potential medicinal cannabis markets other than the U.S., include Canada, Israel, Australia, and Spain. Mexico is also in process to consider the legalization of cannabis. Other countries are expected to consider legalization of the drug, once conclusive evidence regarding the safety and efficacy of cannabis are obtained through extensive research. According to Arcview Group—a cannabis industry investment and research firm—around 200 investors met companies to capitalize on lucrative opportunities from commercialization of medicinal cannabis. This implies that there is a huge potential in the medicinal cannabis industry and pharmaceutical and biotechnology companies need to focus on increasing awareness about the drug emerging economies.
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 email@example.com
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.