Post COVID-19 Impact on Medical Marijuana Market
With the emergence of the COVID-19 crisis, the world is fighting a health pandemic as well as an economic emergency, almost impacting trillions of dollars of revenues.
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Our study helps to acquire the following:
- Long-term and short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on Medical Marijuana Market, due to the impact on its extended ecosystem
- Understanding the market behaviour Pre- and Post-COVID-19 pandemic
- Strategy suggestions to overcome the negative impact or turn the positive impact into an opportunity
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Pre COVID-19 Analysis on Medical Marijuana Market
As per study of Research Dive, medical marijuana (cannabis) market forecast revenue of $36,205.4 million in the year 2026 growing at CAGR of 28.7%.
Marijuana is more safe and has less severe side effects over other treatment options such as opioid-based treatments. It is more efficient in reducing nausea and also improving appetite among chemotherapy patients. Increasing cancer burden along with rising demand for chronic pain management & treatment is projected to drive the medical marijuana market growth. For instance, as per publication of the World Health Organization (WHO), in 2018, Cancer disease is the second leading cause of death cases, in which Lung, breast, prostate, liver, stomach and colorectal cancer are the common types of cancerous diseases. Moreover, R&D activities, Clinical trials along with commercialization of cannabis are anticipated to boost the global medical marijuana industry.
Key Market Players
- ABcann Medicinals, Inc.
- Aurora Cannabis, Inc. (TSE: ACB)
- Aphria, Inc. (TSE: APHA)
- Canopy Growth Corporation (TSE: WEED)
- Cannabis Sativa Inc. (OTCMKTS: CBDS)
- Emerald Health Therapeutics (CVE: EMH)
- Green Relief Inc.
- GW Pharmaceuticals (NASDAQ: GWPH)
- Insys Therapeutics, Inc.
- mCig (OTCMKTS: MCIG)
Growing Agricultural crisis coupled with softening testing and sanctions for marijuana all over the globe is creating global opportunities for medical marijuana industry @ https://www.researchdive.com/purchase-enquiry/59
However, stringent government regulation, lack of awareness in the emerging countries and absence of proper information shall restrain the medical marijuana market growth. China has the significant opportunities for the medical marijuana market; this is majorly due to China is primarily involved in the research and also it has heavy production of marijuana. Moreover, key players such as Hanma Investment Group received permission to extract CBD (Cannabidiol) in China. Currently this company exports 90% of its production, to the countries such as, Germany, the U.K., and the US.
Medical Marijuana Market Segmentation by Application
- Muscle spasms
- Pain Management
Check out How Pain Management segment will be most lucrative till 2026 @ https://www.researchdive.com/download-sample/59
Pain management segment shall generate revenue of $15,133.9 million in 2026, increasing at a CAGR 28.2%. Pain management segment is broadly classified into neuropathic pain, cancer pain, and others. Rising prevalence of cancerous diseases attributed to primarily increase the necessity of pain management across the globe is anticipated to foster the global market.
Medical Marijuana Market Segmentation by Route of Administration
- Oral Topical
Inhalation segment will register revenue of $ 3,463.2 Million by 2026
Inhalation segment shall generate revenue of $25,162.8 million by the end of 2026, at a CAGR of 28.1% till 2026.This segment has enormous opportunities due to properties such as reduction in noxious emissions and quick effects. Topical segment shall generate revenue of $7,965.2 million by the end of 2026, at a CAGR of 30.2% till 2026.
Medical Marijuana Market Segmentation by Distribution Channel
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Online segment will see enormous growth owing to, easy accessibility and significant changes in the legality of marijuana attributed to increasing need of E-commerce payment system in cannabis market will generate revenue of $9,558.2 million by the end of 2026, rising at a CAGR 32.3%. Dispensaries segment is expected to generate revenue of $26,647.2 million by the end of 2026, growing at a CAGR of 27.6%.
North America medical marijuana market size will cross $11,404.7 million in 2026, increasing at a CAGR 26.6%. North America marijuana market is anticipated to increase at fast rate owing to legalization of medical marijuana in Canada, in addition, extensive growth in cannabis based products for medicinal use and legalization of cannabis by the House Judiciary Committee in the US is expected boost the market in this regions.
Medical Marijuana market share for Asia-Pacific region is projected to grow at a CAGR of 30.8% by generating a revenue of $8,037.6 by 2026. Asia Pacific region is projected to witness significant growth owing to the piecemeal legalization of medicinal cannabis in the nations such as Australia and Israel. Additionally, Thailand is the nation that has fully legalized medicinal marijuana with multiple clinical applications.
Some of the significant medical marijuana market players are: mCig, Emerald Health Therapeutics, ABcann Medicinals, Inc., Insys Therapeutics, Inc., Aphria, Inc., Cannabis Sativa Inc., Canopy Growth Corporation, GW Pharmaceuticals, Green Relief Inc., and Aurora Cannabis, Inc. These players are initiating various steps in order strengthen their presence such as merger & acquisitions, new product development. For example, to meet the demand of rising number of patients, Green Relief Inc., a licensed manufacturer of marijuana based therapeutic medicines, has officially acquired a new facility department in Canada.
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