Press Release

Global Medical Marijuana Market to Surpass US$ 51.46 Billion by 2025

Published On : 2018-10-05

Global Medical Marijuana Market Size was valued at US$ 9.30 billion in 2017, according to a new report published by Insights and Reports.

Increase in therapeutic application of medical marijuana in chronic pain management, due to escalation in incidence of neuropathic and nociceptive pain, coupled with increase in reported muscle spasms problems, and cancer cases across the world, are expected to aid the growth of medical cannabis market. An estimate by National Health Interview Survey (NHIS) suggests that more than 25.0 billion U.S. population suffer from pain, on a daily basis.

Complexity associated in the production of marijuana-based drugs and governmental restrictions on the use of medical marijuana in several major countries like India, Japan, and Belgium can restrain the growth of medical marijuana market. The problem of black market which mainly targets youths under the age of 18 can result in increased governmental restrictions on marijuana, which can further restrain the market.

Global powder medical marijuana market will surpass US$ 43.29 billion by the end of 2025, increasing from US$ 7.5 billion in 2017, at a CAGR more than 24.5%. This is majorly attributed by the versatility of the use of dried marijuana leaves and marijuana extract in the manufacturing of medicines and medicated edibles. Lack of frills associated with powder marijuana, coupled with high infusion rate of powder marijuana will further aid the growth global powder medical marijuana market.

Global medical marijuana market for pain management will cross US$ 37.3 billion by 2025, from US$ 6.7 billion in 2017, majorly attributed to the analgesic efficacy of medical marijuana which has showed significant responses in understanding the body regulations and management of pain. Rise in scientific research in medical alteration of marijuana to produce safe and reliable drugs is expected to fuel the growth of medical marijuana market

Global medical marijuana market through offline stores will increase to US$ 31.1 billion by 2025, growing from US$ 5.8 billion in 2017, due to increased number of dispensaries across various countries where medical marijuana has been legalized. The availability of legal medical marijuana in the form balm, tablets, etc provides patient with the facility to purchase them on the medical prescription. The authorized offline stores and medical marijuana dispensaries are expected to generate revenue of around US$ 9.19 billion by 2025.

Key Takeaways

  • North America medical marijuana market was over US$ 4.6 billion in 2017, and is projected to reach US$ 22.3 billion by 2025, at over 21.6% CAGR. The growth is attributed by the increasing government permissions regarding the use medical marijuana in development of drugs, coupled with increased research and development activities in various states of the U.S, and escalating number of market players
  • Asia Pacific, legislative and regulatory authorities support to medical marijuana in Australia, coupled with rise in marijuana farming in China are expected to fuel the medical marijuana market in the region
  • Leading market players in the global medical marijuana market include GW Pharmaceuticals, United Cannabis Corporation, Cannabis Sativa Inc., Plc., Teva Pharmaceutical USA Inc., Cara Therapeutics Inc, CannaGrow Holdings Inc., Aurora Cannabis Inc., and Novartis International AG among others

Strategies

  • In 2017, Pedanios Gmbh, a wholesale medical marijuana company based at Germany was acquired by Aurora Cannabis, for global expansion of product folio of marijuana drugs
  • In 2017, Creso Pharma, an Australian company that specializes in production of marijuana derived therapeutic nutraceuticals and medicines, announced its strategic partnership with Zhejiang Kingdom Creative Co. Ltd with the aim to expand its global reach, coupled with promotion of commercial distribution of its products