Medical marijuana is a type of pain management drug extracted from cannabis plant. Medical marijuana is mainly prescribe as analgesic in indications such as nausea and vomiting and muscle pain. The marijuana contains cannabinoids compounds such as tetrahydrocannabinol (THC) and cannabidiol (CBD). Though the other compounds are also found in the marijuana in small proportion having medical properties and health benefits such as cannabigerol (CBG) and cannabinol (CBN). THC compound usually gets users high due to its higher concentration in the marijuana. The cannabinoids interact with the body’s endocannabinoid system which works as a signaling network in the human or mammalian species.
Globally, the number of diseases is increasing rapidly due to the factors such as changing lifestyle and aging which leads to various health and medical conditions such as stress disorders and chronic diseases. There are various advantages of marijuana in medical treatments such as nausea, helping in pain ease and loss of appetite in people who are suffering from cancer or HIV. Medical marijuana also helps to relieve seizures in people with epilepsy, muscle stiffness and spasms and frequent urination.
The global market for medical marijuana is segmented on the basis of mode of administration and indications.
- On the basis of mode of administration, the medical marijuana is segmented into:
- Oil Capsules
- Oil Concentrates
- Oil Tinctures
- Oil Drops
- Dermal Patches
- On the basis of indications, the medical marijuana is segmented into:
- Nausea and vomiting
- Neurological Problems
- Posttraumatic Stress Disorder
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The global medical marijuana market is anticipated to register a moderate CAGR over a forecast period. The increasing demand of the medical marijuana from the medical industry for the treatment of various ailments or conditions such as pain, neurological problems, appetite of HIV patients and nausea, boost the growth of the global medical marijuana market. The increasing research and development activities for use of medical marijuana in the treatment of carcinogens and other diseases also propel the demand of medical marijuana and drives the global medical marijuana market. The availability of the medical marijuana in the various product forms such as edibles, oils and dermal patches which became the best alternative to the conventional vaporization method, also increases the demand of the medical marijuana and drives the market.
However, the marijuana has short term and long term side effects such as changing mood and anxiety, sleepiness, hallucination and paranoia. The longer vaporization of marijuana can make breathing problems such as bronchitis which may hamper the demand of marijuana in medical treatment and restrain the growth of the global medical marijuana market. The fluctuating and stringent rules and regulations from region to region for the use marijuana as a medical treatment, may also impede the growth of the global medical marijuana market.
On the basis of regional presence, the global medical marijuana market is segmented into five key regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Currently, North America is expected to capture the largest market share for medical marijuana due to high adoption rate and advanced healthcare facilities. Europe, is estimated to capture second largest market share in the medical marijuana market. The medical marijuana market in Asia Pacific and Middle East and Africa has become the most lucrative market and expected to register a high CAGR over the forecast period owing to increase in awareness about the advantages of medical marijuana in medical treatment as well as emerging medical technology companies in upcoming years. Overall, the global medical marijuana market is expected to show a significant growth over a forecast period.
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Some of the major market players in medical marijuana market globally include Medical Marijuana Inc., Abattis Bioceuticals Corp., Cresco Labs, LLC, ABcann Medicinals Inc., Agripharm Corp., Aurora Cannabis Enterprises Inc., Broken Coast Cannabis Ltd., Emerald Health Botanicals Inc., RedeCan Pharm, Tweed Inc. and Whistler Medical Marijuana Corp.