Global medical cannabis market projected to reach $33.2 billion by 2027

https://www.thelaughinggrass.com/medical-marijuana-laws-changing-around-world/

Bethan Rose Jenkins, Cannabis News Writer/Editorial

The latest analysis from progressive statistical surveying firm Market Research Future has provided some updated insights into the worldwide medical cannabis market. 

Analysts responsible for carrying out the report pin a USD$33,210 million prediction on the global medical cannabis industry for the year 2027. 

During the forecast period, which stretches from 2021-2027, the market is expected to generate a compound annual growth rate (CAGR) of 18.4 percent. 

“In comparison to other therapy choices, cannabis is safer and has less severe negative effects. It’s also used in conjunction with other medicines, either to improve their efficacy or to mitigate negative side effects,” reads an excerpt from the report.

Report authors noted that cannabinoid-focused research and development (R&D) is being largely funded by corporate and government institutions for the sole purpose of increasing access to medical applications for patients with a variety of health conditions.

Additionally, the report authors noted that, on a long-term basis, the medical cannabis market’s growth is likely to be stimulated by product commercialization, clinical studies and R&D efforts.

Global medical cannabis market report: A segmented overview

The Market Research Future report provides an in-depth look at the ever-growing industry on a worldwide scale. In order to highlight the main areas of maturation, analysts segmented the predictions as follows:

  • Application – Among the many reasons why patients are using medical cannabis, cancer remains to be the most powerful market-fueling category.
  • Derivatives – CBD is taking over the medical cannabis market, since it is mostly used as a therapeutic tool. Additionally, the report authors noted how THC can be used to reduce the negative effects of AIDS and cancer-related chemotherapy.
  • Distributive Channel – Thanks to extended care services and the fact that retail pharmacy-sold medical cannabis is attainable 24 hours a day, seven days a week, this segment has been generating the most growth for the medical cannabis market.  
  • Product Type – The CBD oil sector looks set to attract the most market share, since this cannabinoid has been proven to treat Alzheimer’s disease, neurodegenerative disorders and post-traumatic stress disorder (PTSD).
  • Route of Administration – Last but not least, Market Research Future’s report indicates that medical cannabis consumers prefer capsules and orally-administered products two categories that constitute the largest chunk of revenue. 

North America still paving the way for medical cannabis 

One of the key takeaways from Market Research Future’s report is that 57 percent of the medical cannabis market’s overall inflation is expected to stem from North America. Last year, the continent led the global sector in terms of market share.

Specifically, Canada’s medical cannabis market is expected to generate the highest amount of growth during the forecast period, followed by the U.S. 

The U.S. medical cannabis sector is rapidly evolving due to “the inclusion of significant manufacturers, expanding use of medicinal cannabis products, and an increasing number of enterprises engaged in R&D activities,” say Market Research Future’s analysts.

Furthermore, the increase in market share has been attributed to the legalization of medical cannabis which, as of November 2021, has occurred in 37 U.S. states. 

 

A separate report published by Market Data Forecast suggests that the North American medical cannabis market size is valued at USD $5.61 billion this year and is expected to reach USD $15.29 billion by 2026. 

Examples of some companies that are attracting the most success in North America’s medical cannabis market include Aurora Cannabis, Aphria, BOL Pharma, Canopy Growth Corporation, GW Pharmaceuticals, plc., Insys Therapeutics, Medreleaf Corporation, MGC Pharmaceuticals Limited and Tilray,