Legalization of Marijuana in Most of the Countries is predicted to drive the Medical Marijuana Market

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The pandemic situation across the globe is predicted to have a negative impact on the market. The market is predicted to recover by Q3/Q4 2022. The major vaccine manufacturer are focusing more on developing the vaccine for the COVID-19 which is predicted to hamper the market growth in the estimated period. Moreover once the pandemic situation is over then the normal procedure for creating vaccination by the marijuana will resume. The vaccine through the marijuana is in the initial stages and many manufacturer are finding the solution through the use of marijuana.  Increasing use of marijuana in medical science for treating chronic diseases is predicted to boost the region market in the estimated period. The illegal use of marijuana and use of marijuana for recreational activities is predicted to hamper the market growth in the estimated period. 

Our report includes:

• Technological Impact
• Social Impact
• Investment Opportunity Analysis
• Pre- & Post-COVID Market Scenario
• Infrastructure Analysis
• Supply Side & Demand Side Impact

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, legalize the marijuana to treat chronic diseases and government initiative for using marijuana in medical purpose is predicted to be the major driving factor for the medical marijuana market. Moreover, the extensive use of marijuana for recreational activities in an illegal manner are predicted to hamper the market growth in the estimated period.

Pain Management Segment Is Predicted to Be the Most Profitable Segment 

On the basis of application, the medical marijuana market is classified into pain management, nausea, muscle spasms, anorexia, seizures and others. Pain management segment generated a revenue of $2,068.3 million in 2018 and is predicted to rise at a CAGR of 27.0% in the estimated period. With the pain management treatment method most of the chronic diseases can be treated by the use of raw cannabis which is predicted to rise the segment in the forecast period. 

Inhalation Segment Is Predicted to Have the Highest Market Share 

Depending on route of administration, the medical marijuana market is segmented into inhalation, oral and topical. Inhalation segment generated a revenue of $3,463.2 million in 2018 and is predicted to rise at a CAGR of 26.8% in the forecast period. Increase in the prevalence’s of the chronic lung diseases is predicted to boost the segment in the estimated 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.

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