November 08, 2019
According to the latest study titled ‘Global Medical Cannabis Market - Analysis By Product Type (Cannabis Indica, Cannabis Sativa, Others), By Application (Chronic Pain, Mental Disorders, Cancer, Others), By Consumption Pattern (Flowers, Concentrates, Edibles, Others), By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024) - By Region (North America, Europe, APAC, ROW), By Country (US, Canada, Germany, Italy, Czech Republic, Croatia, Thailand, Australia, Uruguay, Turkey)’ available with Market Study Report LLC, the global medical cannabis market is estimated to grow with a CAGR of 16.82% during the period of 2019-2024.
Medical cannabis is prescribed by physicians to their patients to lessen nausea and vomiting during chemotherapy. It also reduces muscle contractions. Cannabis finds application in several industries such as healthcare, food and beverage, textile, paper, and skin & beauty products among others, which is augmenting medical cannabis market growth. Widespread legalization of product across various nations is one additional factor aiding the market expansion.
The study examines the market for revenue shares of each segment and offers information about the growth patterns. It identifies and analyses the emerging trends along with drivers, challenges, and opportunities influencing medical cannabis market.
Based on product type, the medical cannabis market is segmented into cannabis indica, cannabis sativa, and others, wherein cannabis indica segment is expected to register significant growth over the forecast period on account of its extensive legalization and multiple applications.
In terms of application spectrum, the industry is divided into mental disorders, chronic pain, cancer, and others. While speaking of consumption patterns, medical cannabis market is split into concentrates, flowers, edibles, and others.
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Considering the geographical landscape, medical cannabis market is fragmented into four major regions, namely, Europe, APAC, North America and rest of the world. As per the report, North America dominated the global medical cannabis market in 2019, owing to rising production of cannabis, favorable government policies regarding product usage, and presence of leading market players in the region.
Some of the vendors that operate in medical cannabis market are Canopy Growth Corp (Canada), Scotts Miracle-Gro Co, Aurora Cannabis Inc (Canada), GW Pharmaceuticals PLC, MedReLeaf Corp, Aphria Inc (Canada), Insys Therapeutics Inc, Medical Marijuana Inc, Cara Therapeutics Inc, and CanniMed Therapeutics Inc.
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