According to IMARC Group’s latest report, titled “Medical Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global medical cannabis market exhibited strong growth during 2015-2020. Cannabis refers to a psychoactive drug derived from the cannabis plant of the Cannabaceae family. Medical cannabis products are manufactured in the form of oils, capsules, and other edible products. They are used for treating chronic pain, anxiety, anorexia, muscle spasms, and nausea. Apart from this, they are also effective in modulating the immune system, promoting neuroplasticity, and improving vascular and digestive functioning.
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The escalating geriatric population who is more susceptible to chronic ailments is currently driving the demand for medical cannabis across the globe. Furthermore, the legalization of medical cannabis across several countries has enhanced the accessibility of the products through healthcare centers and authorized dispensaries, thereby contributing to the market growth. Moreover, cannabis is a safer option with less severe side effects as compared to other drugs. As a result, it is also used in combination with diverse treatments to enhance their efficacy or combat their adverse side effects. Various other factors, such as extensive R&D activities and the commercialization of cannabis-based products, are expected to further propel the market for medical cannabis in the coming years. Looking forward, IMARC Group expects the market to grow at a CAGR of 15.3% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Canopy Growth Corporation
- GW Pharmaceuticals, plc
- Aurora Cannabis, Inc.
- Aphria, Inc.
- MedReleaf Corporation
- Insys Therapeutics, Inc.
- CanniMed Therapeutics, Inc.
- Cara Therapeutics, Inc.
- United Cannabis Corporation
Market Segmentation:
Breakup by Species:
- Indica
- Sativa
- Hybrid
Breakup by Derivatives:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- Others
Breakup by Application:
- Cancer
- Arthritis
- Migraine
- Epilepsy
- Others
Breakup by End-Use:
- Pharmaceutical Industry
- Research and Development Centres
- Others
Breakup by Route of Administration:
- Oral Solutions and Capsules
- Smoking
- Vaporizers
- Topicals
- Others
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- Europe
- Germany
- France
- Italy
- Spain
- Netherlands
- Others
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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