Medical Cannabis Market to Register Revenues of $24.52 Billion by 2028 – Exclusive Report by Emergen Research
June 23, 2022
Increasing adoption of medical cannabis for cancer patient pain management and by those experiencing muscle spasms are factors driving market revenue growth
VANCOUVER, BRITISH COLUMBIA, CANADA, June 23, 2022 /EINPresswire.com/ -- The global medical cannabis market size is expected to reach USD 24.52 Billion at a steady revenue CAGR of 11.5% in 2028, according to latest analysis by Emergen Research. Increase in medical cannabis products and the rise in research activities are driving the market revenue growth. Moreover, legalization of the product in several countries is also propelling growth of the market.
Medical cannabis is deemed safer and has fewer side-effect as compared to other treatment options. It is used to treat nausea and combat negative side-effects, especially among patients undergoing chemotherapy, making the whole procedure more tolerable. The product is used with other opioid painkillers, which permits patients to reduce the dosage and frequency of opioids, relieving pain. Legalization of marijuana throughout the country could create up to 1 million jobs by 2025 in the U.S. Workers are needed to farm, process, distribute and sell marijuana and its related products. Medical cannabis has not only created jobs but have also generated significant amount of taxes. For instance, Colorado, in 2019, collected more than USD 302 million in taxes and fees on medical and recreational marijuana.
The latest market intelligence report provides business owners, stakeholders and field marketing executives’ critical insights about the opportunities as well as strengths to help keep up with the dramatic shift in the consumer behavior and consumption power. The study methodologies used to examine the Medical Cannabis market for the forecast period. further classifies the industry by type, geography, end-use and end-user to add more precision and bring to light factors responsible for augmenting business development.
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The report also studies the key companies of the Medical Cannabis market along with analysis of their business strategies, M&A activities, investment plans, product portfolio, financial standing, gross profit margin, and production and manufacturing capacities. Some players analyzed in the report are:
Key Players Profiled in the Report are:
Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, Cronos Group, Organigram Holdings, Inc., Vivo Cannabis, Tikun Olam, and Insys Therapeutics, Inc.
The study is a professional probe into the revenue generated and capacity estimates for the Medical Cannabis market for the forecast period 2021 - 2028 empower the business owners to maintain a competitive edge over their rivals. The research further examines and provides data on the market by type, application and geography interspersed with illustrations and other graphical representations. The market analysis not only determines the attractiveness of the industry but also the evolving challenges and opportunities and their association with the weaknesses and strengths of prominent market leaders. Other factors taken into consideration when studying the industry include profitability, manufacturing capability, distribution channels and industry cost structure and major success factors.
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Emergen Research has segmented the global Medical Cannabis market on the basis of product type, application, and route of administration, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
Route of Administration Outlook (Revenue, USD Billion; 2018-2028)
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
Comprehensive Regional Analysis Covers the Following Regions:
North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The study dives deep into the profiles of top market players and their key financials. This comprehensive report is not only for business analysts and any existing and new entrant can use it when designing their business strategies. The research is one of its kind global analyses of aspects such as import and export status, supply chain management, profit and gross margin worldwide for the forecast period. Extensive coverage of statistics associated with recent events including acquisition and mergers and strengths and weaknesses of a company forms an important part of the study on the Medical Cannabis market.
Some Key Highlights in the Report
In October 2020, MediPharm Labs Corp. signed an exclusive supply agreement with STADA to meet the growing demand for medical cannabis in Germany. STADA wanted to be the go-to partner for generics, which is achieved by the partnership.
Oil segment is expected to register significant growth rate during the forecast period due to high demand for hemp oil among healthcare workers for clinical purposes. Cannabidiol (CBD) oil can reduce depression and anxiety, alleviate cancer-related symptoms, and relieves pain. CBD oil can also treat acne owing to its ability to reduce sebum production and anti-inflammatory properties.
Inhalation is a preferred medium of administration, as it offers controlled dosage and effective absorption of cannabinoids into the body. Inhalation segment accounted for largest revenue share in 2020. Inhalation is most effective and rapid way to induce measurable serum levels of cannabinoids.
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