Wilmington, Delaware, United States, Oct. 24, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – An in-depth medical cannabis market report by TMR analysts found that the prospects have expanded on the back of favorable legislations and societal acceptance of cannabinoids (CBD) for use in medical applications. A spate of clinical research has helped raise awareness of the effectiveness of medical cannabis in the treatment of multiple neurological diseases and pain management. Medical cannabis market is projected to expand at a CAGR of 27% during the forecast period of 2019 – 2027.
Companies are leaning on commercializing CBD products in regions where they have been approved in a bid to boost the medical cannabis market share. Of note, CBD products have shown promise in the management of mental health conditions such as anxiety and depression.
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Additionally, the global analysis of medical cannabis market observed that pharmaceutical firms are keenly exploring and testing the potential of cannabis extracts for patients with concerns of weight loss from HIV/AIDS and epilepsy. To this end, they are closely exploring pharmacodynamics and pharmacokinetics of CBD in multiple sclerosis and Parkinson disease. Efforts toward understanding the contraindications for cannabinoids and relationship between cannabinoids and human physiology will likely boost medical cannabis market size.
Key Findings of Medical Cannabis Market Study
- Legalization of Use of Medical Applications of Cannabis and Extracts Steering Market Expansion: Legalization of therapeutic application of medical cannabis and its extracts are propelling profitable demand for the products, found the study authors. This has led to a spate of clinical research on understanding the medical and therapeutic benefits of biologically active compounds particularly cannabinoids. On the other hand, evolving regulatory frameworks have spurred R&D in the medical cannabis market pertaining to hemp genetics cultivation.
- Producers & Sellers Gain from Product Approvals in Key Regions: Product approvals of CBD products have benefitted producers and sellers. They are geared toward strengthening their supply chain, which will stridently enrich the value chain of medical cannabis market.
- Pharmaceutical Firms Lean on Exploring New Therapeutical Applications: Increased availability of OTC medical cannabinoids has also boosted the prospects. Pharma companies are keenly growing their research spending on understanding the mechanism of action of CBD, which will open up new growth frontiers in the medical cannabis market.
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Medical Cannabis Market: Key Drivers
- Growing body of clinical studies on psychotropic and physiological effects of CBD and other cannabinoids are driving the prospects of the medical cannabis market.
- Societal acceptance of cannabis and its extracts, coupled with the rising awareness of the therapeutic benefits they promise, is a key driver of medical cannabis market. Advancements made in hemp genetics cultivation has paved the way for high quality yield, and will expand the avenue in the coming years.
- Burden of joint & muscle pain worldwide is also a key underpinning for ongoing R&D in the medical cannabis market.
Medical Cannabis Market: Regional Growth Dynamics
Europe and the North America have been remarkably promising markets. Favorable legalization, ongoing efforts toward decriminalization, and industry efforts toward exploring the medicinal use of cannabis are key underpinnings for the steady evolution of these medical cannabis markets. Of note, the study observed that the North America medical cannabis market is bolstered by a number of regulatory approvals of medical cannabis products. Approvals of CBD hemp oil by the U.S. FDA is a case in point.
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Medical Cannabis Market: Key Players
Some of the prominent market players are The Cronos Group, Medical Marijuana, Inc., Tilray, GW Pharmaceuticals plc., Cannabis Sativa, Inc., Canopy Growth Corporation, Aurora Cannabis, and United Cannabis.
Medical Cannabis Market: Segmentation
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- Mental Health Management
- Neurological Disorders Management
- Alzheimer’s Disease
- Parkinson’s Disease
- Pain Management
- Neuropathic Pain
- Cancer Pain
Route of Administration
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America
- Latin America
- Rest of the World
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