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Medical Cannabis Industry Market Report 2019: Market Share, Size, Growth, Trends, Forecast and Analysis of Key players 2024

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Medical Cannabis Industry Market Report 2019: Market Share, Size, Growth, Trends, Forecast and Analysis of Key players 2024

November 27
11:38 2019
Medical Cannabis Industry Market Report 2019: Market Share, Size, Growth, Trends, Forecast and Analysis of Key players 2024

Global Medical Cannabis Market to Reach US$ 44.4 Billion by 2024, Fostered by Investments in Clinical Trials and R&D – IMARCGroup
Recent and upcoming legalization of cannabis for medical purposes, due to its anti-spasmodic and anti-proliferative properties, has led to the growth of the industry globally. Increasing investment in R&D and clinical trials in the coming years will further lead to robust growth in the global medical cannabis market.

Medical cannabis is obtained from the Cannabis Sativa and Cannabis Indica plants. It contains three major active compounds namely, Cannabidiol (CBD), Tetrahydrocannabinol (THC) and Cannabinol (CBN). As compared to recreational cannabis, medical cannabis has a lower amount of THC and a higher count of CBD which provides therapeutic advantages to patients and aids in retaining anti-psychotic effects. This plant-based drug is gradually gaining acceptance in the pharmaceutical industry as it helps in improving the mood, immune function and vascular health. It is now used for curing anxiety, nausea, depression, chronic pain and side effects of multiple sclerosis, epilepsy, PTSD and Parkinson’s disease. It is prescribed in different forms like vapor, oral capsules, topical solutions, creams and balms. As per the global medical cannabis market report by IMARC Group, the market reached a value of US$ 13.4 Billion in 2018.

Market Report Overview: https://www.imarcgroup.com/medical-cannabis-market

Market Drivers:

In comparison with other treatment alternatives, cannabis is safer and has less severe side effects. Owing to this, it is utilized in combination with other treatments to either combat side effects or to increase their effectiveness. For instance, it is used along with traditional opioid painkillers which enable patients to reduce the frequency and dosage of opioids gradually.

Additionally, a steadily aging population is playing a vital role in spurring the demand for medical cannabis as geriatric patients are more likely to develop chronic diseases and require frequent physician visits. Apart from this, manufacturers are investing in R&D activities and clinical trials to develop safer forms of cannabis. Further legalization of medical marijuana is anticipated to drive the market growth globally. As a result of these factors, the market is expected to grow at a CAGR of 22.9% during 2019-2024, reaching a value of US$ 44.4 Billion by 2024.

Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/medical-cannabis-market/requestsample

Market Segmentation:

Market Breakup by Species

Indica
Sativa
Hybrid

Market Breakup by Derivative

Cannabidiol (CBD)
Tetrahydrocannabinol (THC)
Others

Market Breakup by Application

Cancer
Arthritis
Migraine
Epilepsy
Others

Market Breakup by End-Use

Pharmaceutical Industry
Research and Development Centres
Others

Market Breakup by Route of Administration

Oral Solutions and Capsules
Smoking
Vaporizers
Topicals
Others

Do You Have Any Query or Specific Requirement? Ask to Our Industry Expert https://www.imarcgroup.com/request?type=report&id=1053&flag=C

Market Breakup by Region

North America
Europe
Latin America
Asia Pacific
Middle East and Africa

On analyzing the competitive landscape of the industry, it has been found that GW Pharmaceuticals (NASDAQ: GWPH), Aurora Cannabis, Inc., Canopy Growth Corporation (NYSE: CGC), Aphria Inc., MedReleaf Corporation, Cara Therapeutics, Inc., Insys Therapeutics, Inc., United Cannabis Corporation and CanniMed Therapeutics, Inc. are major players.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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