Medical Marijuana Market: Approval of the drugs for therapeutic application are fuelling the growth of market
Cannabis sativa, Cannabis indica, and Cannabis ruderalis are referred as cannabis or marijuana and used for medicinal, recreational, and ritualistic purposes. According to the United Nations Convention on Narcotic Drugs, 1961, cannabis can be defined as the fruiting or flowering tops of the cannabis plant from which the resin has not been extracted. The term medical marijuana refers to the basic extracts or whole unprocessed marijuana plant, which is used to treat certain illness or conditions. However, the marijuana plant has not been approved or recognized as medicinal by the Food and Drug Administration (FDA) due to the lack of efficient large-scale efficient clinical trials. However, studies on chemicals in cannabis or marijuana known as cannabinoids has led to availability of two FDA-approved medication pills containing this chemical or extract. Cannabis plant contains about 104 different cannabinoids and around 750 different chemicals. THC (delta-9-tetrahydrocannabinol), CBD (cannabidiol), and CBN (cannabinol), are the primary cannabinoids in the plant.
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The global medical marijuana market holds an immense potential and is anticipated to grow at a significant CAGR during the forecast period. Continuous research and development to provide efficient therapeutic intervention for a host of diseases and symptoms is projected to boost the growth of the medical marijuana market. Several chemicals or extracts obtained from marijuana are in clinical phase. Marijuana testing is another major factor expected to propel the medical marijuana market in the near future. Rise in the number of countries approving the use of the product for therapeutic application such as pain management in cancer and HIV/AIDS patients, appetite stimulant, and decreasing nausea is projected to drive the global medical marijuana market. Rising recreational and personal use of marijuana and stringent regulatory laws are expected to restrain the market during the forecast period.
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The global medical marijuana market can be segmented based on application, end-user, and region. In terms of application, the global medical marijuana market can be categorized into oncology, arthritis, chronic pain, neurology, and others. Rising chronic pain disorders is expected to fuel the growth of the market during the forecast period. Based on end-user, the market can be divided into hospitals, research and academic institutes, and others.
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Geographically, the global medical marijuana market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is anticipated to dominate the global medical marijuana market in terms of revenue. Legalization of cannabis for medicinal and recreational use in the region and approval of the drugs for therapeutic application are fuelling the growth of the medicinal marijuana market in North America. Asia Pacific is anticipated to grow at a rapid pace during the forecast period. Growth of the market in the region is attributed to increasing approval of medical marijuana and high R&D investment in cancer research.
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Key players operating in the global medical marijuana market are Pfizer, Inc., Teva Pharmaceuticals USA, Inc., Novartis International AG, Canopy Growth Corporation, Inc., CannaGrow Holdings, Inc., AbbVie, Inc, GW Pharmaceuticals, plc., and Insys Therapeutics, Inc., among others.
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