Medicinal Cannabis Market is Estimated To Witness High Growth Owing To Legalization of Medical Cannabis

Medicinal Cannabis Market


 Market Overview:

Medicinal cannabis, also known as medical marijuana, refers to using the whole unprocessed marijuana plant or its basic extracts to treat symptoms of illness and other conditions. It contains several cannabinoids such as tetrahydrocannabinol (THC) and cannabidiol (CBD), which bind to cannabinoid receptors in the body and brain for therapeutic benefits. Medicinal cannabis is prescribed for chronic pain, mental disorders such as depression and anxiety, cancer, epilepsy, multiple sclerosis and other conditions.

Market key trends:
One of the major market trends is the growing legalization of medical cannabis across various countries. The legalization of medical cannabis has led to immense availability and accessibility of medical cannabis, which is driving the growth of this market. Many countries and U.S. states have legalized medical cannabis after recognizing the medical benefits of cannabis for various diseases and conditions. For instance, in 2019, Luxembourg became the first country in Europe to legalize medical cannabis and cannabis derivatives. Similarly, in 2022, Thailand legalized medical cannabis for medical purposes, becoming the first country in Southeast Asia to do so. Such legalizations are expected to boost the adoption of medical cannabis and fuel market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of Global Medicinal Cannabis Market Demand is moderate due to high capital requirement for R&D, marketing and distribution. However, several small players are emerging due to legalization of cannabis in many countries.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of various product alternatives. Buyers can easily switch to substitutes based on quality and price.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitute raw materials. However, suppliers of specialized extraction equipment have some bargaining power.

Threat of new substitutes: The threat of new substitutes is high with ongoing research on new product formulations and delivery methods.

Competitive rivalry: High due to large number of players operating in the market.

SWOT Analysis

Strength: Growing medical applications of cannabis and legalization in many countries. Wide product portfolio with various consumption methods.

Weakness: Presence of substitutes. Stringent regulations in some regions.

Opportunity: Untapped growth potential in emerging markets. New product innovations and strategic collaborations.

Threats: Negative social perception and complexity in clinical research. Regulatory uncertainty in major markets.

Key Takeaways

The global Medicinal Cannabis market is expected to witness high growth at a CAGR of 24% over the forecast period, due to increasing legalization in major markets and growing application scopes. North America dominated the market in 2023 with highest number of cannabis dispensaries due to legalization in countries like U.S and Canada.

Europe is also expected to be one of the fastest growing regional market owing to increasing patient pool of chronic diseases and favorable regulatory framework. Countries like Germany have emerged as the largest medicinal cannabis market in Europe, exhibiting strong demand.

Key players operating in the medicinal cannabis market are BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc., and Medical Marijuana Inc. These players are focused on new product launches, capacity expansions and mergers & acquisitions to strengthen their market position.

Read More:

https://www.dailyprbulletin.com/the-growth-of-medicinal-cannabis-market-share/

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