Global medical Cannabis market to double by 2024: IMARC Group

Recent and upcoming legalization of cannabis for medical purposes, due to its anti-spasmodic and anti-proliferative properties, has led to the growth of the industry globally. Increasing investment in R&D and clinical trials in the coming years will further lead to robust growth in the global medical cannabis market.

In its recent report of global market researchers - IMARC Group - has estimated the global market size of Cannabis maket would become double of what is exists today. According to the report the global market of Cannabis in 2018 was estimated to be USD 13.4 billion in 2018 which is expected to grow with a CAGR of 22.9% for the period 2019-24.

According to the latest research report by IMARC Group, the global medical cannabis market reached a value of US$ 13.4 Billion in 2018. Medical cannabis is obtained from the Cannabis Sativa and Cannabis Indica plants. It contains three major active compounds namely, Cannabidiol (CBD), Tetrahydrocannabinol (THC) and Cannabinol (CBN). As compared to recreational cannabis, medical cannabis has a lower amount of THC and a higher count of CBD which provides therapeutic advantages to patients and aids in retaining anti-psychotic effects. This plant-based drug is gradually gaining acceptance in the pharmaceutical industry as it helps in improving the mood, immune function and vascular health. It is now used for curing anxiety, nausea, depression, chronic pain and side effects of multiple sclerosis, epilepsy, PTSD and Parkinson's disease. It is prescribed in different forms like vapor, oral capsules, topical solutions, creams and balms.

Medical Cannabis Market Trends

In comparison with other treatment alternatives, cannabis is safer and has less severe side effects. Owing to this, it is utilized in combination with other treatments to either combat side effects or to increase their effectiveness. For instance, it is used along with traditional opioid painkillers which enable patients to reduce the frequency and dosage of opioids gradually. Additionally, a steadily aging population is playing a vital role in spurring the demand for medical cannabis as geriatric patients are more likely to develop chronic diseases and require frequent physician visits. Apart from this, manufacturers are investing in R&D activities and clinical trials to develop safer forms of cannabis. Further legalization of medical marijuana is anticipated to drive the market growth globally.

There are three species of Cannabis - indica, sativa, and hybrid. The main market derivates of Cannabis are - Cannabidiol (CBD) and Tetrahydrocannabinol (THC). The products of Cannabis are used for treatment of cancer, arthritis, migraine, epilepsy, and others. It's due to its medicinal property pharmaceutical industry is primary consumer of the Cannabis followed by research and development centres. Globally, North America is market leader followed by Europe, Latin America, Asia Pacific and Middle East and Africa.

(With inputs from IMARC Group)