The global market for medical cannabis reached a value of USD 10.73 billion in 2022 and is projected to exhibit a revenue Compound Annual Growth Rate (CAGR) of 23.6% throughout the forecast period. The primary driving factors behind the growth in market revenue include the increasing demand for medical applications and the progressive legalization of cannabis. Medical marijuana is derived from the cannabis plant and its compounds are used to treat various illnesses or conditions. Although it shares similarities with recreational marijuana, medical marijuana is specifically employed for therapeutic purposes. The cannabis plant contains over 100 different cannabinoids, each exerting distinct effects on the human body. The two major compounds with medical applications are delta-9-Tetrahydrocannabinol (THC) and Cannabidiol (CBD).
Medical cannabis has proven beneficial in addressing diverse conditions such as Alzheimer’s, loss of appetite, and cancer. This pivotal role in treating ailments is a driving factor behind the market's revenue surge. When parents attest to the effectiveness of a particular medical marijuana variant in managing seizures among children, it garners significant attention. An instance of this is Peridiole, a CBD-based medication recently sanctioned by the U.S. Food and Drug Administration (FDA) for treating severe or hard-to-treat seizures. Some individuals experienced marked reductions in seizures after its usage.
The growing acceptance of cannabis legalization in various regions is a catalyst for market expansion. Numerous countries' governments and federal entities have legalized marijuana for medical purposes, aiming to curtail prescription drug abuse. Medical marijuana users generally report improved well-being due to its fewer adverse effects compared to traditional painkillers. Conventional opioid medications like morphine and Oxycodone carry the risk of dependence and abuse-related hazards. The key to avoiding overdose or fatalities with prescription medications lies in adherence to prescribed dosages. In contrast, medicinal cannabis carries minimal overdose risks, making it a secure alternative to prescription drugs. Health authorities have contemplated reducing conventional analgesics due to the associated opioid risks. The favorable risk-to-benefit ratio of medical cannabis positions it as a sensible choice, anticipated to fuel market revenue growth.
Furthermore, numerous countries have proactively advanced cannabis-related initiatives, propelling market expansion. For instance, by February 3, 2022, 37 states, three territories, and the District of Columbia in the United States had permitted medical cannabis use. Similarly, in November 2020, Mississippi voters approved medical cannabis usage through a ballot initiative, although the state supreme court overturned it on May 14, 2021. Additionally, on February 2, 2022, new legislation was passed and subsequently signed by the governor, expected to bolster market revenue growth.
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Major players in the market include Canopy Growth Corporation, Aurora Cannabis, MATNAS CHAIM MARROW, Cannabis Science Inc., Tilray, Maricann Inc, VIVO Cannabis Inc, Medical Marijuana, Inc., STENOCARE A/S, The Cronos Group, and MM Enterprises USA, LLC.
Benefits of the Medical Cannabis Market:
- Therapeutic Applications: Medical cannabis offers a wide range of therapeutic benefits, serving as an effective treatment option for various medical conditions such as chronic pain, epilepsy, multiple sclerosis, and nausea associated with chemotherapy.
- Reduced Side Effects: Compared to traditional pharmaceuticals, medical cannabis often comes with fewer and less severe side effects, enhancing patient comfort and minimizing the risk of adverse reactions.
- Non-Addictive: Medical cannabis is generally considered non-addictive, making it a safer alternative to opioids and other addictive prescription drugs. This aspect addresses concerns about substance dependence.
- Versatility: Cannabis-derived compounds like CBD (Cannabidiol) can be used without producing the psychoactive effects associated with THC (Tetrahydrocannabinol). This versatility allows patients to access the therapeutic benefits without the "high."
- Innovation and Research: The growth of the medical cannabis market drives research and innovation in the field, leading to the development of new and more effective medications based on cannabis compounds.
- Alternative to Traditional Treatments: For patients who may not respond well to conventional treatments, medical cannabis can provide a valuable alternative, giving them a chance to find relief where other options may have failed.
- Support for Legalization Efforts: The success and revenue generated by the medical cannabis market often contribute to efforts advocating for the legalization of cannabis for medical use, potentially leading to broader legal acceptance.
- Economic Growth: The medical cannabis market has the potential to stimulate economic growth, creating jobs in cultivation, processing, research, and retail sectors, benefiting both local and national economies.
- Improved Quality of Life: For individuals with chronic or debilitating conditions, medical cannabis can significantly improve their overall quality of life, helping them manage symptoms and regain a sense of normalcy.
- Potential for Health Advancements: Continued exploration of cannabis-based treatments may lead to breakthroughs in medical science, opening up new avenues for understanding human physiology and the potential of natural compounds for medical purposes.
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Segments covered in the report:
Segments covered by Application Outlook, End-use Industry, Regional Outlook
By Product Type Outlook
- Dried Medical Cannabis
- Medical Cannabis Capsules
- Vape Pen
- Creams Moisturizer
- Ground Flower
- Masks Serum
By Source Outlook
By Application Outlook
- Pain Management
- Neurological Health Management
- Mental Health Management
By End-Use Outlook
- Pharmaceutical Center
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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