Medical Marijuana Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2021-2025
Technavio has been monitoring the medical marijuana market and it is expected to grow by $ 27.72 bn, accelerating at a CAGR of almost 19% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking
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Medical Marijuana Market: Key Trends to impact market growth
The Increasing number of awareness campaigns is one of the key medical marijuana market market trends. This research report provides a detailed impact analysis of all the trends that are likely to influence the growth of the market in focus.
Medical Marijuana Market: Top Drivers to Boost Demand
The Plans to increase production and availability of medical marijuana by governments is one of the primary factors driving the growth of the medical marijuana market. The report provides a detailed study of all the factors that are likely to boost the market. This analysis will enable clients to leverage growth opportunities to their advantage and set their business
Vendor Analysis: Aphria Inc., Aurora Cannabis Inc. and Cannabis Sativa Inc. are key growth contributors
The market is fragmented. The research report provides insights into the top market player and their product portfolio along with a pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Aphria Inc., Aurora Cannabis Inc., Cannabis Sativa Inc., Canopy Growth Corp., Cronos Group Inc., DEMECAN Holding GmbH, GW Pharmaceuticals Plc, Medical Marijuana Inc., Tilray Inc., and VIVO Cannabis Inc. are some of the major market participants.
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Medical Marijuana Market: Key Highlights of the Report for 2021-2025
Technavio has been monitoring the global medical marijuana market and it is expected to grow by $ 27.72 billion, accelerating at a CAGR of over 19% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
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Market Driver: Rising demand from dispensaries and patients
The production and availability of medical marijuana products are increasing owing to the rising demand from dispensaries and patients. To meet the rising demand, vendors are focusing on increasing their production. Governments across the world are taking initiatives to legalize the use of marijuana for medical applications. The Government of the US announced plans to improve access to legal marijuana for medical research and expand the number of entities certified to grow marijuana plants. Plans by governments to increase the production of medical marijuana will significantly influence sales of medical marijuana over the forecast period.
Leading Application Segment: Chronic Pain, nausea, and Others
The medical marijuana market share growth by the chronic pain segment will be significant during the forecast period. The rising number of medical marijuana clinics for treating chronic pain can increase the demand for medical marijuana and accelerate the growth momentum of the market during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the medical marijuana market size.
Key Emerging Trend: Legalization of medical marijuana
The legalization of medical marijuana has provided vendors with opportunities to find new medicinal uses of marijuana. The growing demand for medical marijuana in Australia has encouraged government authorities to increase funding for research. The Department of Health in Australia announced funding for research on the use of marijuana to help cancer patients. Funding will encourage vendors to expand their presence, and thereby accelerate the growth momentum of the market in focus during the forecast period.
Medical Marijuana Market: Vendor Analysis
The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Aphria Inc., Aurora Cannabis Inc., Cannabis Sativa Inc., Canopy Growth Corp., Cronos Group Inc., DEMECAN Holding GmbH, GW Pharmaceuticals Plc, Medical Marijuana Inc., Tilray Inc., and VIVO Cannabis Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio offers custom research reports with detailed insights from the perspective of global industry trends, regional market influences and supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.
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