The medical marijuana market is estimated to represent a global market of USD 12.48 billion by 2016 with growth rate of 18.3%. According to the National Institute on Drug Abuse (NIDA), Marijuana (also referred as cannabis) is the dried leaves of female flowers of hemp plant which contain psychoactive properties. Delta- 9- tetrahydrocannabinol (Delta-9-THC) is the important psychoactive ingredient, the most abundant cannabinoid presents in marijuana. The movement to accept cannabis as a medicine is propel by multiple factors, including inadequate relief of current available treatment approaches for number of chronic disease conditions such as Crohn’s disease, multiple Sclerosis, cancer, Alzheimer’s disease, and chronic pain. Such conditions are frequently cited by the proponents of marijuana i.e. cannabis for medical use. The market for medical marijuana is primarily driven by the growing application of marijuana in mentioned medical conditions.
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Furthermore, large number of companies are increasingly investing in this market to capture significant revenue share. For example, Australia based MMJ PhytoTech Limited is considered to be the pioneer in the development of medical cannabis for international market, under regulated medical cannabis laws. The company is the first medical grade cannabis (MGC) company to list on the ASX. PhytoTech is primarily focused on the research and development activities on MGC therapeutics to be used in various medical applications. The company is aimed to become a leader in commercialization of cannabinoids based therapeutic products. Such initiatives would in turn help this market to establish healthy platform, hence drives the market growth. However, low penetration of marijuana for medical application in some developed as well as developing countries hamper the market growth.
The market is categorized as Migraine, Arthritis, Cancer, Chronic Pain, and Others. Chronic pain segment achieved largest share of the total medical marijuana market, captured 35.26% share of the market. The use of pain medication is rapidly increasing, imposing a major burden on the healthcare system. The use of medical marijuana is reported to significantly alleviate pain symptoms. Its application in cancer and arthritis is also considered to be growing in near future due to advancements and increasing awareness among patient population.
Regionally, developed countries of North America and Europe is the big market for medical marijuana. In Europe, medical cannabis is imported from Holland to the European countries such as Czech Republic, Croatia, Switzerland, Italy, Netherland, and others. Increasing number of prescriptions for the cannabis for various medical indication have surged the demand for medical marijuana in developed regions which will drive the market growth. For example, according to the Marijuana Business Fact Book (2014), more than 730,000 patients have received medical recommendation to use cannabis for different medical indication. Similarly, Health Canada, official forecast projected that medical cannabis patients will grow to 1.2% of the total Canadian population in next 10 years. This industry is predicated to grow at 25% to 28% (i.e. more than 400,000 patients) patient growth by 2024. Huge demand coupled with necessity to include cannabis for medical application will support the market growth.
Owing to its huge benefits in medical application, the market is predicted to grow at slow but steady growth rate in developing regions. Government of some developing regions are considering marijuana as a potential economic opportunity. For example, Agriculture Minister of the Israeli government is researching to develop best ways to grow cannabis. The Health Ministry, having its own medical cannabis department is planning to extend the various licenses to support cannabis industry in the country. Such types of initiatives would in turn support the market growth to great extent during the forecast period.
Companies such as Cannabis Sativa, Cara Therapeutics, Lexaria Corp, United Cannabis Corporation, CannaGrow Holdings Inc., International Consolidated Companies, Inc. and others are present in this market. These companies are investing huge amount of their revenue share on research and development activities to develop novel marijuana based therapeutics for medical applications.
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The market size and forecast for each segment has been provided for the period 2014 to 2025, considering 2015 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2016 to 2025 for every reported segment.
The years considered for the study are:
Historical Year – 2014 & 2015
Base Year – 2015
Estimated Year – 2016
Projected Year – 2025
Traders, Distributors, And Suppliers
Government and Regional Agencies and Research Organizations
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY TYPES
MARKET, BY REGION
Rest of the World
MARKET, BY COUNTRY
Further Breakdown of The North America Market
Further Breakdown of The Europe Market
Rest of Europe
Further Breakdown of The APAC Market
Rest of APAC
Further Breakdown of The Rest of the World Market
Middle East and Africa
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