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The medical cannabis market is expected to register a compound annual growth rate of 18.4% crossing the value of $33.2 Billion by 2027.
While cannabis has a long history of medical use as a pain reliever and antispasmodic agent, for much of the modern era there existed a general lack of awareness among scientists and physicians of its medical benefits.
The discovery of the potential of the active ingredient, THC, in the 1960s, 1980s and early 1990s, promoted inquiry into the therapeutic potential of cannabis and its extracts and derivatives, according to a release from Financial News Media. This revealed cannabis can provide relief from certain types of conditions, such as severe chronic pain, and led to the development of various herbal medical cannabis products.
Today, the alternative medication is used/researched for Cancer, chronic pain, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, multiple sclerosis, AIDS, PTSD, amyotrophic lateral sclerosis (ALS), Alzheimer's, and Tourette Syndrome. Cannabis has been legalized for medical usage in a large number of nations, due to its therapeutic effects.
According to data from a report by Market Research Future, the Medical Cannabis Market is anticipated to register a CAGR of 18.4% crossing the value of USD 33,210 Million by 2027.
The report states, "(Cannabis is) also used in conjunction with other medicines, either to improve their efficacy or to mitigate negative side effects. Apart from business leaders, many corporate and government institutions are funding the research and development of cannabinoids for medical applications."
Clinical studies, research and development operations, and the commercialization of cannabis-based indications are also likely to fuel the medical cannabis market's advancement, the report said.
Active companies in the Cannabis market during the first week of November include Mountain Valley MD Holdings Inc., Sundial Growers Inc., Canopy Growth Corporation, Aurora Cannabis Inc. and Tilray, Inc.
The report also shared Cannabidiol oil is likely to dominate the market due to its stress-relieving applications. In addition, it can be used to treat other neurodegenerative disorders like Alzheimer's and PTSD.
By derivatives, CBD dominates the market, since it's mostly used for medical purposes due to its non-psychoactive properties and low toxicity, whereas THC is used to alleviate the adverse effects of AIDS and cancer treatment, the report added.
The market value of this alternative is expected to skyrocket due to many additional factors, such as cancer being the most popular category that fuels the market, oral solutions & capsules making up a majority of the revenue and, lastly, the retail pharmacy has been gaining the most traction due to 24/7 availability and extended care services.
Additionally, North America dominated the global medical cannabis market in 2020 with the biggest share.
The growing market share is attributed to the legalization of medical cannabis in 37 U.S. states, as well as the widespread acceptance of products. The market in this region is growing due to the inclusion of significant manufacturers, expanding use of medicinal cannabis products, and an increasing number of enterprises engaged in R&D activities, the report said.