LONDON–(BUSINESS WIRE)–The global medical marijuana market is expected to grow at a CAGR of over 24% during 2020-2024, according to the latest market research report by Technavio. The report provides a detailed analysis on the impact and new opportunities created by the COVID-19 pandemic. The report also helps clients keep up with new product launches in direct & indirect COVID-19 related markets.
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The demand for medical marijuana has increased significantly over the years. The growing demand has led many medical marijuana manufacturers to increase production. Besides, many governments worldwide are legalizing marijuana for medical applications, which has further increased demand. For instance, the Government of Manipur, India recently announced its plans to legalize marijuana for medical applications by encouraging start-ups that develop medical marijuana products. Such initiatives are expected to positively influence the growth of the global medical marijuana market during the forecast period.
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Medical Marijuana Market: COVID-19 Impact Analysis on Parent Market
The global pharmaceuticals market is the parent market of the medical marijuana market. Within its scope, the pharmaceuticals market covers products and companies engaged in R&D or production of generic drugs, non-generic drugs, and veterinary drugs. Our report on the medical marijuana market offers a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as analysis on several large and small vendors active in the market including Aurora Cannabis, GW Pharmaceuticals, mCig, Medical Marijuana, and United Cannabis.
Technavio’s research report on the medical marijuana market identifies the key drivers, trends, challenges, and the market scenario over the forecast period. The report also analyzes the impact of these factors on the overall pharmaceuticals market.
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Medical Marijuana Market: Segmentation Analysis
The global medical marijuana market has been analyzed across various segments to identify market dynamics, developments, and key growth areas during the forecast period. The report also offers insights on high growth regions and opportunities for vendors operating in each sub-segment of the medical marijuana market. The market is segmented as follows:
- Small molecule products
- Large molecule products
- Animal health
- Pharmacies, online, and physical stores
- Grocery stores
- Vitamin and health food stores
- Blood and clotting
- Asia Pacific (APAC)
- Rest of the world (RoW)
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Technavio’s industry coverage utilizes various sources and tools to gather information about multiple stakeholders and their offerings toward the medical marijuana market. Sources such as company websites, annual reports, whitepapers, subscription & in-house databases, industry journals, publications, and magazines are used in addition to other relevant sources. The vendor landscape provides a framework to estimate the pharmaceuticals market, while also categorizing the vendors into pure-play, category-focused, or diversified based on their offerings. All market reports provide the key and contributing players across the value chain based on in-house influence index, developed using multiple industry and market parameters.
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