The global medical cannabis market attained a value of more than USD 13 billion in 2018. The market is projected to witness a robust growth in the coming years, growing at a CAGR of around 23% between 2019-2024.
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Competitive Landscape & Supplier Analysis:
1. Tilray Inc (NASDAQ: TLRY)
2. Bedrocan International
3. Canopy Growth Corp (TSE: WEED)
4. Aurora Cannabis Inc.
5. Aphria Inc.
6. Terra Tech Corp.
7. Vivo Cannabis Inc.
8. Emerald Health Therapeutics, Inc
9. Cronos Group Inc.
10. Organigram Holdings Inc
North America is the leading cannabis market. The regional market is being aided by the legalisation drives for the drug for both, medical and recreational purposes. Almost 1.9 million people in North America were legally using the substance in 2017 to manage and relieve conditions like polymorphic seizures and chronic pain. With over 60% of the population in the region residing in areas with legalised medical cannabis, the industry is expected to witness a healthy growth in the forecast period. In 2018, the total cannabis sales in the US was estimated to be around USD 7.6 billion. As of January 2019, 33 states in the US along with Washington, DC had legalised marijuana use for medical purposes, which will aid the industry growth in the coming years. In Canada, the overall iandustry, including medical and legal along with illegal products, is expected to generate a sales revenue of nearly USD 1.7 billion in 2019 and the contribution of medical sales is anticipated to account for about one-fourth of the total industry sales in Canada. The industry is being driven by increased legalisation and the willingness of consumers to spend more on legal products.
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In 2018, medical cannabis retail sales reached around USD 3.7 billion in the US. Europe is another leading market which is expected to grow annually by € 35.7 billion. With people spending nearly € 1.49 trillion on healthcare in 2017 on the continent, the industry has a high potential for growth in the region. The medical marijuana industry is a key expansion sector for pharmaceutical companies in Europe. Germany represents the leading market for medical cannabis in the region and was worth USD 11.9 billion in 2017. The Western European country imports most of its supply from Canada, and is looking to expand its domestic supply to meet the rising local demand.
Key Findings of the Report:
The global medical cannabis market is being driven by the rising legalisation of cannabis as consumers are willing to spend more on legal cannabis products.
Medical cannabis is a major growth sector for pharmaceutical industry, globally.
The rise in the geriatrics population who are more likely to suffer from chronic illnesses and pains is further aiding the market.
The growth in consumer awareness along with the increase in disposable incomes, is driving the industry growth.
Medical cannabis is being preferred over opioid-based medications as they are perceived as being safer.
Key Offerings of the Report:
The EMR report gives a detailed insight into the types, species, compounds, applications, distribution channels, and regional markets of medical cannabis for the periods (2015-2019) and (2020-2025).
It gives an analysis of the global trade data for the year 2019.
The report by EMR provides the regional historical (2015-2019) and forecasted (2020-2025) price trends of medical cannabis.
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