Due to the pandemic situation the medical marijuana market is predicted to have negative impact in 2020. The illegal supply of marijuana is predicted to hamper the market growth in the forecast period. Pain management segment is predicted to have the most profitable segment. Online segment is predicted to have the highest share in the forecast period. Asia-Pacific is predicted to have the maximum growth rate in the forecast period.
The medical marijuana market is predicted to have a decline in its overall market size during pandemic. The major vaccine manufacturer across the globe are focusing more on developing the vaccine for the COVID-19 disease. The medical marijuana vaccination is in a developing stage and needs continuous R&D to be fit for launch. With the span of time once the pandemic situation is over the market is predicted to grow enormously. The market is predicted to get recover by Q3/Q4 2022. The growth after the pandemic is predicted due to the increasing use of cannabis for treating various type of diseases and government legalizing the use of cannabis is predicted to be the major driving factor for the medical marijuana market in the forecast period. Moreover, Illegal selling of marijuana and using it for recreational activities it is predicted to hamper the market growth in the forecast period.
As per a new report published by Research Dive, the global medical marijuana market is set to generate a revenue of $33,211.7 million by 2026, at a CAGR of 27.4% during the forecast period from 2019 to 2026.
The segmentation of the market has been done on the basis of application, route of administration, distribution channel, and region. The report provides in-depth insights on drivers, vital segments, opportunities, restraints, and key players of the market.
Factors Affecting the Market Growth
As per our analysts, many government initiative to legalize the marijuana to treat chronic diseases is predicted to be the major driving factor for the medical marijuana market. Moreover, illegal selling and use of marijuana for recreational activities is predicted to hamper the market growth in the forecast period.
Pain Management Segment Is Predicted To Be Most Lucrative
Depending on application, the medical marijuana market is segmented into pain management, nausea, muscle spasms, anorexia, seizures, others. Pain management segment accounted for $2,068.3 million in 2018 and is predicted to grow with a CAGR of 27.0% in the forecast period. Pain management is the most effective way of treating chronic pain to the patient in the most cost effective manner due to which is predicted to boost the pain management segment in the forecast period.
Inhalation Segment Is Predicted Grow Immensely In the Forecast Period
On the basis of route of administration, the medical marijuana market is segmented into Inhalation, Oral and Topical. Inhalation segment was accounted for $3,463.2 million in 2018 and is predicted to grow with a CAGR of 26.8% in the forecast period. Due to the benefit of inhalation contain less noxious emission and increase in the asthma treatment is predicted to boost the inhalation segment in the forecast period.
Online Segment Is Predicted To Have the Highest Share in the Forecast Period
Depending on distribution channel, the medical marijuana market is segmented into dispensaries and online. Dispensaries accounted for $3,795.1 million in 2018 and is predicted to grow with a CAGR of 26.3% in the forecast period. Increasing preferences in dispensaries among the patients is predicted to boost the overall segment in the forecast period.
Regional Breakdown of the Market
Depending on the region, the medical marijuana market is segmented into North America, Europe, Asia Pacific, and LAMEA. Asia-Pacific market is predicted to grow with a CAGR of 29.5% in the forecast period by generating a revenue of $7,373.0 million by 2026. Increasing cases of chronic diseases, government initiatives for legalizing marijuana in most of the region is predicted to boost the overall market in the forecast period.
Top Companies Leading the Market
Some of the major medical marijuana market players include ABcann Medicinals, Inc., Aurora Cannabis, Inc., Aphria, Inc., Canopy Growth Corporation, Cannabis Sativa Inc., Emerald Health Therapeutics, Green Relief Inc., GW Pharmaceuticals, Insys Therapeutics, Inc., and mCig among others.
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