Medical marijuana (MMJ) Market Research by Top Leaders, Size, Share, Trends and Global Opportunities

Medical marijuana (MMJ) or marijuana is a plant which contains cannabinoids with the ability to lower pain levels. Legalization of the cultivation of MMJ as well as its approval by federal agencies have widened the scope of the market. There are three major types of medical marijuana, namely - cannabis indica, cannabis sativa, and hybrid. The global medical marijuana market report by Market Research Future (MRFR) contains numerous factors, socio-political events, and challenges engulfing the market as well as a pulse on the latest trends.

Market Prospect

The global medical marijuana industry size is touted to touch a value of USD 54,677.1 million by 2023. It is bound to accumulate huge dividends by displaying a CAGR of 34% from 2018 to 2023 (forecast period). Benefits of medical marijuana such as pain alleviation of broken bones, chronic diseases, chemotherapy, and muscle spasms can drive the market volume. The high prevalence of various chronic diseases can widen the scope of the industry due to the affordability of the drug.

Legalization of the cultivation of the drug due to the rising awareness among consumers can bolster the market volume. Adoption of progressive drug policies to counter the rising healthcare policies can bode well for the global medical marijuana industry. Interest towards medical marijuana by venture capital firms due to its large potential can signal its growth. Establishment of crowdfunding platforms for easing the capital flow can lead to sustainability of production and rapid profits.

Governments in various nations are hesitant towards its production due to the recent addiction of opiates used for similar reasons. Rigorous government approvals of CBD-based products as well as opposition to its manufacture are challenges of the market.

Segmentation

The global Medical Marijuana Market Research is segmented into product type, application, and distribution channel.

On the basis of product type, the market is segmented into ointments & creams, solids, dissolvable/powders, and oil. The dissolvable/powders segment is expected to lead the market and register a substantial CAGR to reach USD 22,648.8 million by the end of 2023. Due to the affordability and convenience in using drives the demand for this segment.

Major applications of the market comprise schizophrenia, cancer, Alzheimer’s disease, and multiple sclerosis.

On the basis of distribution channel, the market is segmented into online platforms, retail & pharmacy stores, and others.

Regional Analysis

The global medical marijuana market report covers the regions of the Americas, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).

The Americas will be the undisputed region in rankings in the global market due to legalization of cannabis in countries with North America. Canada and the U.S. are prime contributors to the medical marijuana industry due to establishment of various marijuana farms and applications in food and beverage supplements. According to Statista, nearly 28,000 businesses are involved in cannabis production as of 2017, with the number predicted to rise even further.

The APAC has the largest potential for the global medical marijuana market due to the large consumer base as well as the soft stance taken by various nations. Legalization of the drug can hold the key to expansion within the market. Europe, on the other hand, has opened up its waters for the market with compliance to its standards and policies being central to its success.

Competitive Outlook

Major players include Canopy Growth Corporation, GBSciences Inc., Cannabis Sativa Inc, Pfizer Inc., Tilray, Aphria, Cara Therapeutics, MediPharm Labs, GW Pharmaceuticals, Emerald Health Therapeutics, CanniMed Ltd., and Medical Marijuana Inc.

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