The global medical marijuana market was $4,810.0 million in 2018, and is anticipated to generate a revenue of $33,211.7 million grow at a CAGR of 27.4% during the forecast period.
The medical marijuana market will witness a decrease in the 2020. The government initiative for legalizing of cannabis for treating various diseases is predicted to drive the market in the forecast period. Rise in the number of countries approving the use of marijuana for therapeutic treatment is predicted to drive the market in the forecast period.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|28.7%||27.4%||Q3/Q4 2022||129||USD 7,751.9 Million||USD 5,813.9 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Marijuana is used to treat the chronic disease such as cancer, neurological disorder, arthritis and many others. Due to various medicinal benefits in marijuana, many government across the globe is legalizing the use of marijuana which is predicted to boost the global medical marijuana market in the forecast period. The medical marijuana is in its initial stages and many pharmaceutical companies are investing more on R&D to develop medicine with the help of marijuana is predicted to the major driving factor for the medical marijuana market.
Moreover inadequate information about marijuana in most of the developing countries is predicted to hamper the market growth in the forecast period. In addition, illegal selling of marijuana is also predicted to be the biggest restraints for the medical marijuana market in the forecast period. Government earning through taxation are further anticipated to create more invest opportunity in the forecast period.
The pandemic has witnessed a decline in the overall marijuana market in the forecast period. It has been noticed that most of the places are shut down and no movements are taking place in most of the industries. But there has been a significant growth in the medical industry as most of the vaccine manufacturers are focusing more on producing the COVID-19 vaccine. Due to the shift in the focus in creating vaccine for COVID-19 there has been decline in the medical marijuana market.
Medical marijuana is in the introductory stage and many of the vaccine manufacturers are putting in effort to create vaccination through marijuana which would help treat various diseases and boost the market in the forecast period. Many acquisition and mergers among the cannabis manufacturers are predicted to boost the sale of medical marijuana in the forecast period. For instance, Cresco labs has expanded in Ohio medical cannabis market by acquiring four dispensaries.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
Medical marijuana market is expected to have a negative growth in 2020 and it is estimated that the market will recover by Q3/Q4 in 2022. The adoption of marijuana in treating most of the diseases and many government initiatives for legalizing cannabis across the globe is predicted to be the major driving factor for the medical marijuana market in the forecast period. For instance, in the U.S, the legal marijuana business is creating jobs and opportunities with around 9397 licenses which include those for manufacturers, cultivator’s deliverers and labs.
Selling marijuana in illegal manner and increase use of marijuana for recreational activities is predicted to be the biggest restraints for the medical marijuana market in the forecast period. The growing number of clinical trials with marijuana to treat neuropathic and chronic pain is one of the key indicators which is predicted to create more investment opportunities for the in the forecast period.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Medical Marijuana Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity