Medical Cannabis Market to be Dominated by Cannabidiol (CBD) based Active Ingredient Segment through 2028
Increasing prevalence of chronic
diseases is expected to drive the global medical cannabis market during the
forecast period, 2024-2028.
According to TechSci Research
report, “Medical Cannabis Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028”, the global medical cannabis
market is expected to register a CAGR of 14.62% and reach USD 47.58 billion by
2028. This is attributed to the significant increase in research and
development activities for Medical Cannabis in recent years, driven by the need
of medical cannabinoid drugs for therapeutic medication. Also, the growing
collaboration and partnerships between governments, and private sector
companies have helped to increase access to Medical Cannabis. These
partnerships have helped to create an awareness for medical cannabis in the
market, thus driving the growth of Medical Cannabis market in the
forecast. For Instance,Pfizer, a prominent global pharmaceutical giant,
disclosed in December that it had paid USD 6.7 billion to acquire the medical
cannabis business Arena Pharma.
However, the lack of uniformity
in laws and regulations across different regions and countries can make it
difficult for businesses to operate and create a consistent market. This likely
to hamper the growth of the global medical cannabis market. Besides, the lack
of access to medical cannabis in several countries is expected to slow down the
growth of the global medical cannabis market in the coming years.
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in-depth TOC on "Global Medical Cannabis Market.”
Global Medical Cannabis market
is segmented into product type, active ingredient, distribution channel,
application, end user, and company.
Based on product type, the
global medical cannabis market is segmented into buds/marijuana flower and
cannabis extracts. Cannabis Extracts dominate the medical cannabis market with
an overall market share of 75.17% in 2022 due to the reason that Cannabis
extracts are produced by extracting the active compounds from the plant using
solvents, CO2, or other methods. This can result in products with higher
concentrations of THC, CBD, or other cannabinoids.
Based on active ingredient, the
global medical cannabis market is divided into Tetrahydrocannabinol (THC),
Cannabidiol (CBD), and others. Cannabidiol (CBD) dominates the medical cannabis
market with an overall market share of 25.38% due to the reason that CBD may be
more dominant due to its potential therapeutic applications in treating
anxiety, depression, and epilepsy, and other conditions.
Based on distribution channel,
the global medical cannabis market is divided into B2B and B2C. B2B dominates
the medical cannabis market with an overall market share of 79.64% due to the
reason that B2B channel involves the distribution of medical cannabis products
to other businesses such as dispensaries, pharmacies, and hospitals. This
channel is commonly used for bulk orders and for medical cannabis products that
are not directly accessible to end consumers.
Major companies operating in
global medical cannabis market are:
- Canopy Growth Corporation
- Aphria, Inc.
- Maricann Group, Inc
- Tikun Olam - Cannabit Pharmaceuticals Ltd
- Corp
- GW Pharmaceuticals plc.
- Cannabis Sativa, Inc.
- Medical Marijuana, Inc
- Aurora Marijuana Inc.
- Cronos Group Inc.
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“Asia-Pacific region dominates
the medical cannabis market with CAGR 16.01% in the forecast period due to the
fact that there is an increasing awareness and acceptance of the medicinal properties
of cannabis in the Asia-Pacific region. Several countries in the region have
legalized medical cannabis, including Thailand, South Korea, and Australia.
This has created a favorable environment for the growth of the medical cannabis
market. Also, there is a large population in the region, with many suffering
from chronic diseases and conditions that can be treated with medical cannabis.
This creates a significant demand for medical cannabis products, which is
expected to drive medical cannabis market growth. Additionally, the
Asia-Pacific region has a growing number of companies involved in the
cultivation, processing, and distribution of medical cannabis. These companies
are investing heavily in research and development to create new and innovative
medical cannabis products, which is expected to propel the global medical
cannabis market growth through 2028” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Medical Cannabis Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Product Type
(Buds/Marijuana Flower, Cannabis Extracts), By Active Ingredient
(Tetrahydrocannabinol (THC), Cannabidiol (CBD), Others), By Distribution
Channel (B2B, B2C),By Application (Chronic Pain, Mental Disorders, Cancer,
Epilepsy, Others), By End User Industry (Pharmaceutical & Biotechnology
Companies, Academic & Research Institutions, Others), By Region and
Competition”, has evaluated the future growth potential of
global medical cannabis market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global
medical cannabis market.
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