Often scoffed at for its adverse impacts on health, marijuana is now getting the pats for having healing components. The medical marijuana market is benefiting from it.
One major reason for the medical marijuana market’s surge is the rising cognizance of its medicinal impact among the medical fraternity. In fact, in West Virginia, the West Virginia Department of Health and Human Resources (DHHR) Bureau for Public Health would start accepting applications for medical marijuana permits from growers, processors, laboratories, and dispensaries. It will help the market in creating a niche customer base and register a 34% CAGR between 2018 and 2023, which is the forecast period as per Market Research Future (MRFR). The time would also witness a rise in marijuana market size to a valuation of USD 54,677.1 million by 2023.
Chronic Diseases to Strengthen its Acceptance
Marijuana has been well-lauded by companies for its chemical compounds like Delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD). THC carries psychedelic properties. Its intake in treatment for chronic diseases like Alzheimer’s disease, Crohn’s disease, and cancer is creating scope for the market to expand. In November 2019, Medlab launched NanaBis, a drug with cannabidiol to cure pain for the test, which is getting good results and can be considered positive for the market.
Research to Find Favor from Surging Investment
Its potential is well-documented and various countries are already on the wagon to explore opportunities that the medical marijuana industry has to offer. The marijuana market research is finding an influx of investment from both government and private bodies well-suited for growth.
DEA Can Hold Back Growth
The Medical Marijuana Industry Statistics is facing hurdles set by the U.S. Drug Enforcement Administration (DEA), which takes Marijuana as a Schedule I drug sharing the same league with LSD, heroin, and ecstasy. However, a study in 2013, conducted by the New England Journal of Medicine revealed that 8 out of 10 doctors are preferring medical marijuana and 92% of patients have said that they felt better after its application. This can bring back the medical marijuana business back on track.
Product Type, Application, and Distribution Channel: Major Segments
Players involved with the growth of the market could benefit from an effective segmentation of the medical marijuana market.
Dissolvable/Powders Leads the Type Segment
The global medical marijuana market can be segmented by type into solids, dissolvable/ Powders, oil, ointments & creams. Affordability and convenience can assist dissolvable/ powders to attain the predicted valuation of USD 22,648.8 million by 2023.
Chronic Diseases to Inspire Application-Wise Growth
The market has prominent diseases like Alzheimer’s disease, cancer, schizophrenia, and multiple sclerosis that eases market understanding. But chronic diseases like Alzheimer’s disease and cancer have better market understanding.
Segments by Distribution Channel
The global market for medical marijuana to include online platforms, retail & pharmacy stores, and others to facilitate a better study.
The Americas Market to Take the Lion’s Share
The market can be segmented into North and South of which the North would claim the maximum share. This is due to growth in Canada and the US, where legalization is happening at a rapid pace and research supporters are providing huge traction to the market by increasing funding. Pharmaceutical companies are leading the motion.
Competition
The medical marijuana market size would receive boost from active participation of Cannabis Sativa Inc (Nevada), Canopy Growth Corporation (US), Emerald Health Therapeutics Inc. (Victoria, BC), GW Pharmaceuticals Plc (US), Aphria (Ontario), Tilray (Nanaimo, BC), Cara Therapeutics (US), GBSciences Inc. (Nevada) CanniMed Ltd (Canada), Medical Marijuana Inc (US), Pfizer Inc. (US), and MediPharm Labs (US).
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