The Global Medical Cannabis Market, by Point of Sale (Dispensaries, Online Pharmacy, Hospital Pharmacy), by Active Ingredient (Tetrahydrocannabinol (THC) and Cannabidiol (CBD)) and by Therapeutic Application (Pain, Arthritis, Neurological Disease (Epilepsy, Multiple Sclerosis and Other Neurological Applications), and Other Applications) was valued at US$ 3,520.7 million in 2017 and is projected to exhibit a CAGR of 24.4% over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights.
The legalization of medicinal cannabis would result in more research, offering a valuable medical option for the treatment of various symptoms, such as chemotherapy induced side effects, epilepsy, and chronic pain, which in turn is expected to support growth of medical cannabis market in the near future. In February 2016, the Australian government amended the Narcotics Drugs Act 1967 to allow cultivation of cannabis for medicinal or scientific purposes under a national licensing scheme, which is expected to favor the growth of the medical cannabis market in the region. Furthermore, the Australian government on January 2018, announced that it would allow medicinal cannabis exports, which is expected to provide growth opportunities for domestic manufacturers.
Browse 32 Market Data Tables and 31 Figures spread through 191 Pages and in-depth TOC on "Medical Cannabis Market, by Point of Sale (Dispensaries, Online Pharmacy, Hospital Pharmacy), by Active Ingredient (Tetrahydrocannabinol (THC) and Cannabidiol (CBD)) and by Therapeutic Application (Pain, Arthritis, Neurological Disease (Epilepsy, Multiple Sclerosis and Other Neurological Applications), Other Applications) - Global Forecast to 2025"
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Increasing clinical trials and approvals of the medicinal cannabis products are expected to fuel growth of the medical cannabis market over the forecast period. For instance, in July 2017, 18 states in the U.S. allowed the use of Cannabidiol (CBD) extract, majorly in oil form with minimal tetrahydrocannabinol (THC), which is used for the treatment of epilepsy or seizures in seriously ill children. Manufacturers are focused on developing drugs with medicinal cannabis in order to offer enhanced treatment for various diseases such as epilepsy and various types of cancers. For instance, GW Pharmaceuticals’ Epidiolex (cannabidivarin) is in developmental process and is used in clinical trials for the treatment of resistant epilepsy, supported by NSW and Queensland government. Moreover, in 2016, the UK Government gave GW Pharmaceuticals a special permission to investigate medicines derived from cannabis, which are used in treatment of a range of symptoms. Advertising laws are very stringent in majority of the economies, where cannabis are legalized for medical or recreational use. As most economies prohibit open advertising that exposes minors and other vulnerable members of society to the availability of marijuana.
Furthermore, due to the federal classification of marijuana as a Class I drug, mainstream media channels are hesitant about accepting advertising for cannabis-related products and services. Due to such restrictions, medicinal cannabis manufacturers use three options to market marijuana related products: direct mail, email, and SMS messaging. Among these, SMS messaging is the most effective way of marketing, as it reaches to consumers more quickly than direct mail and has a broader reach than email. Furthermore, SMS messaging service is used for offering discount coupons and latest promotion of the products. In December 2017, 17 of Canada’s licensed cannabis producers (LPs), representing around 90% of the current legal medical cannabis market in the economy, along with the Canadian Medicinal Cannabis Council developed guidelines to facilitate responsible branding and promotion of cannabis in Canada.
However, highly addictive nature of cannabis where users can become dependent on it experiencing withdrawal symptoms for a time, when they stop using it can hamper growth of the market.
Key Takeaways of the Medical Cannabis Market:
About Coherent Market Insights:
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