History of Cannabis
Cannabis is a drug derived from the cannabis plant and it has psychoactive properties. It has a long medical history and was used before 1000’s of years as a medical drug. India, China, Egypt, and Arab countries have historical records of cannabis being a part of their culture and medicine.
Today the cannabis is used in the treatment of multiple physical and mental diseases and symptoms such as chronic pain, cancer, diabetes, arthritis, depression, glaucoma, migraines, epilepsy, multiple sclerosis, an acquired immunodeficiency syndrome (AIDS), amyotrophic lateral sclerosis (ALS), Alzheimer’s, post-traumatic stress disorder (PTSD), Parkinson’s, Tourette’s and many more. Due to the medicinal and therapeutic benefits cannabis has been accepted and approved legally with varying restrictions in many countries. In the global Cannabis market, Europe stands next behind North America as many European countries have started legalizing it due to its medical applications.
The medical cannabis market right now is in expansion mode. Many of the countries are considering opening up their markets for medical cannabis products. Analysis state that the “Medical Cannabis Market”, is growing at a CAGR of 25.16% – 2021 and is expected to reach $ 67,354.01 million by 2028. This growth is driven by the factors such as the legalization of cannabis, Safety, fewer side effects, and an increase in the use of cannabis medicines.
Cannabis is used separately as a medicinal drug also it is combined with other medicines to improve their efficiency and to minimize their side effects. Due to its varied usage, Corporate companies and other Government institutions have started research and development of cannabinoids for medical applications. R & D, clinical studies and commercialization of cannabis will drive the market for it. An increase in population and a rise in chronic diseases such as brain disorders, cancers, etc can improve the revenue. Health conditions pertaining to the aging population, financial-economic crisis that affect the majority of the population’s mental and physical stability can fuel the market growth.
Medical Cannabis Market Size and Scope
The medical cannabis market is categorized into eight segments.
- Route of Administration
- End User and
- Distribution Channel
The growth in these above-mentioned segments decides the growth of the market.
Product – The medical cannabis market is further segmented as Oil, Capsules, Patch, Whole Flower, Ground Flower, Vape Pen, Dried Cannabis, Creams, Moisturizers, Mask, Serum, Cleanser, Edibles, and other products. Cannabidiol oil as a product type will dominate the market as it is used in the treatment of anxiety and stress. It is also used in the treatment of Alzheimer’s and PTSD. Since the product is recognized for both medical and recreation purposes, it would propel the market growth in future.
Source – The medical cannabis market is divided into Natural and Synthetic. Beyond 2021 the synthetic segment is predicted to dominate the market because of the increase in demand and healthcare expenditure.
Species – When it comes to species the market is divided into Cannabis Indica, Sativa, and Hybrid. In 2021 Cannabis Indica is expected to dominate the market as a result of an increase in demand for medical cannabis products.
Derivatives – Derivatives obtained are segmented into the Cannabidiol – CBD, Tetrahydrocannabinol – THC, Delta-8-Tetrahydrocannabinol, Cannabigerol – CBG, and many more.
Application – On the basis of application the medical cannabis market caters to Alzheimer’s disease, Appetite Loss, Cancer, Epilepsy, Autism, Migraine, Mental Health Conditions, Multiple Sclerosis, Pain Management, Arthritis, Mood Stabilizing, Depression, Nausea, Muscle Spasms, Anxiety, Sleep Disorders, and others. In 2021 Alzheimer’s disease segment is predicted to dominate the market. Cancer is another popular disease that will fuel the market growth.
Route of Administration – The route of administration is further classified into capsules, oral solutions, topical, vaporizers, smoking products, and others. In 2021 oral solutions and capsules are expected to influence the market due to the increase in chronic disease.
End-User – The end-user category is further divided into B2B – Pharmaceutical Industry, Research, and Development Centres, and B2C – Individual Consumers. In 2021 both business consumption and individual consumption are predicted to grow due to the awareness of medical cannabis products and an increase in demand for such products.
Distribution Channel – The medical cannabis market’s distribution channel is normally as follows. Cultivation – Harvest – Drying – Curing – Processing – Quality Control – Release. The product reaches the end-user through supply chains like physical stores or online networks. In 2021 online mode of distribution is said to dominate.
Geographical Presence of Medical Cannabis
North America – the United States and Canada, dominate the market due to its liberty of legalizing cannabis usage for both recreational and medical purposes. Other key regions are Europe – Germany, France, Italy, Spain, Netherlands, and Others, Latin America and the Middle East, and Africa. The UK has approved medical marijuana in 2018 due to the growing medical use of the product.
It is also expected that the following companies will control the medical cannabis market.
- Canopy Growth Corporation
- GW Pharmaceuticals, Plc
- Aurora Cannabis, Inc
- Aphria, Inc
- MedReleaf Corporation
- Insys Therapeutics, Inc
- CanniMed Therapeutics, Inc
- Cara Therapeutics, Inc and
- United Cannabis Corporation