The Global Medicinal 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) is estimated at US$ 5,448.4 million in 2019 and is projected to exhibit a CAGR of 24.4% over the forecast period (2019 – 2027). The legalization of medicinal cannabis would result in more research, offering a valuable medical option for treatment of various symptoms such as chemotherapy-induced side effects, epilepsy, and chronic pain, which is expected to support growth of the medicinal cannabis market in the near future. In February 2016, Australia’s 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 growth of the medicinal cannabis market in the region. Furthermore, the government of Australia announced in January 2018 that it would allow medicinal cannabis exports, which is expected to provide growth opportunities for domestic manufacturers.
Browse 44 Market Data Tables and 26 Figures spread through 191 Pages and in-depth TOC on "Medicinal 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 2027"
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Increasing clinical trials and approvals of medicinal cannabis products are expected to fuel growth of the medicinal 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), for the treatment of epilepsy or seizures in chronically ill children. Manufacturers are focused on developing drugs with medicinal cannabis in order to offer enhanced treatment for disorders 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 treatment of resistant epilepsy, supported by NSW and Queensland government. Moreover, in 2016, the U.K. government gave GW Pharmaceuticals special permission to investigate medicines derived from cannabis, which are used in treatment of a range of symptoms. Advertising laws are very stringent in several economies where cannabis is legalized for medical or recreational use, as most economies prohibit open advertising of medicinal cannabis to minors and other vulnerable population. 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 short-messaging-services (SMS). Among these, SMS is the most effective way of marketing, as it is quicker to reach consumers compared to direct mail, and has a broader reach than email. Furthermore, SMS service is used for offering discount coupons and latest promotion of products.
In December 2017, Canada’s 17 licensed cannabis producers (LPs), representing around 90% of legal medicinal cannabis market in Canada, along with the Canadian Medicinal Cannabis Council, developed guidelines to facilitate responsible branding and promotion of cannabis in the country. However, factors such as highly addictive nature of cannabis which increases user-dependency, and increasing likelihood of experiencing withdrawal symptoms is expected to hamper growth of the market.
Key Takeaways of the Medicinal Cannabis Market:
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