The global Medicinal Cannabis Market is estimated to be valued at US$ 10,180.17 Million in 2022 and is expected to exhibit a CAGR Of 24.4% over the forecast period 2022-2030, according to Coherent Market Insights. The market is driven by the increasing demand for cannabis-based products for medicinal purposes.
Medicinal cannabis refers to the use of cannabis and its cannabinoids for the treatment of various medical conditions such as pain management, neurologic disorders, cancer, and muscle spasms, among others. Medicinal cannabis offers several advantages such as reducing nausea and vomiting, increasing appetite, and providing pain relief. The growing acceptance of cannabis for medical purposes and the increasing legalization of cannabis in various countries are driving the growth of the medicinal cannabis market. The need for alternative treatments for chronic diseases and the rising prevalence of chronic pain are also boosting market growth.
Market Key Trends:
One key trend in the medicinal cannabis market is the growing acceptance of cannabis-based products for pain management. Cannabis has been found to be effective in providing pain relief and reducing inflammation, making it a preferred choice for patients suffering from chronic pain conditions such as arthritis and neuropathy. The legalization of cannabis in several countries for medical purposes has led to a surge in demand for cannabis-based pain management products. This trend is expected to continue over the forecast period, driving the growth of the medicinal cannabis market.
Threat of New Entrants: The medicinal cannabis market faces a high threat of new entrants due to the growing acceptance and legalization of medical marijuana in several countries. This has led to a significant increase in the number of players entering the market, intensifying competition.
Bargaining Power of Buyers: The bargaining power of buyers in the medicinal cannabis market is relatively high. As the market grows, buyers have more options to choose from, giving them the ability to demand competitive prices and superior product quality.
Bargaining Power of Suppliers: The bargaining power of suppliers in the medicinal cannabis market is moderate. While there are numerous suppliers available, the cultivation and production of medicinal cannabis require specific expertise and resources. This gives suppliers some bargaining power to negotiate favorable terms.
Threat of New Substitutes: The threat of new substitutes in the medicinal cannabis market is currently low. Traditional pharmaceutical alternatives for certain medical conditions have proven to be less effective or have more severe side effects, thus driving demand for medicinal cannabis.
Competitive Rivalry: The competitive rivalry in the medicinal cannabis market is intense. The market is crowded with numerous players, both established pharmaceutical companies and specialized cannabis producers. This leads to price competition and aggressive marketing strategies to gain market share.
The global Medicinal Cannabis Market is expected to witness high growth, exhibiting a CAGR of 24.4% over the forecast period of 2022-2030. This growth can be attributed to the increasing acceptance and legalization of medical marijuana worldwide, as well as the growing recognition of its potential therapeutic benefits.
In terms of regional analysis, North America is the fastest-growing and dominating region in the medicinal cannabis market. The region has witnessed widespread legalization of medical marijuana in several states of the United States and Canada, leading to a significant increase in the demand for medicinal cannabis products.
Key players operating in the medicinal cannabis market include BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc., and Medical Marijuana Inc. These companies have a strong market presence and are actively engaged in research and development activities, partnerships, and acquisitions to expand their product portfolio and gain a competitive edge.
- Source: Coherent Market Insights, Public sources, Desk research
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