The medical cannabis compounds market is expected to grow strongly in the future. With technology spreading its wings everywhere, the healthcare vertical is likely to witness an influx of tech-savvy patients, which would require clinical mobility. With smartphones penetrating everywhere at an alarming rate, the healthcare vertical would see the lines blur when it comes to geographies. This trend would contribute to a centralized health system soon.
According to the latest research by Persistence Market Research, the Medical Cannabis Compounds market is expected to grow by more than 15% during 2021-2031. Demand for medical cannabis compounds is expected to experience a steady recovery in the short term, with an optimistic growth outlook in the long term. The growing advancement of the Medical Cannabis Compounds Market industry will offer lucrative opportunities in the near future.
The prescription of medical cannabis products is on the rise. Cannabidiol (CBD) and tetrahydrocannabinol (THC) are the main components of the Cannabis Sativa plant. Medical cannabis has been found to be effective in many ailments such as Alzheimer’s disease, loss of appetite, cancer, Crohn’s disease, diseases that affect the immune system such as HIV/AIDS or multiple sclerosis (MS), eating disorders such as anorexia, epilepsy and many more.
Cannabis is safer and has less serious side effects compared to other treatment options. It also finds use in conjunction with other treatments to improve their effectiveness or to combat adverse side effects. For example, it is very effective in reducing nausea and increasing appetite among chemotherapy patients.
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Similarly, it is also used in combination with traditional opioid analgesics, allowing patients to significantly reduce the dose and frequency of opioids and providing greater pain relief. Many countries in Europe have legalized cannabis, so it can be used for medicinal purposes, such as Italy, Germany.
The increasing adoption of cannabis for medicinal purposes due to its lower side effects will increase its legalization in countries that are still prohibited. Increased R&D and technical innovations have shown the benefits of cannabis extracts to be useful in many diseases.
There is still a lot of room for research on the efficacy of cannabis. Since cannabis extracts act like the body’s own chemicals, their effectiveness is increased with fewer side effects.
North America held the lion’s share of the global market revenue in 2020. The growing target population, the prevalence of chronic disorders, such as cancer and seizures, is the main factor driving the Medical Cannabis Compounds market.
In addition, the presence of the main companies in the market and the R&D structure developed in the region are the key factors that have contributed to the growth in demand for medicinal cannabis compounds. Furthermore, favorable government initiatives, high healthcare spending, and technological advancements are the major factors positively impacting the growth of the regional Medical Cannabis Compounds market.
Cannabis is legal in Europe, making it another high-growth region for the medical cannabis compounds market. R&D in the region and adoption of various treatment options has increased, making it lucrative for market growth.
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Adequate government policies and regulations for reimbursement of digital health applications are expected to drive the European medical cannabis compounds market during the forecast years.
Some of the key players of medical cannabis compounds include,
- Aphria Inc.
- cannabis aurora
- Cannabis Science Inc.
- Canopy Growth Corporation
- medical marijuana inc.
- LIVE Cannabis Inc
- Tikun Olam Ltd
- Terra Tech Corporation.
- Tilray and Cronos Group
- Harvest Health and Recreation
- green thumb industries
- Maricann Group Inc.
- TerraAscend
- Others.
Companies offering medical cannabis compounds engage in existing product upgrades, new product launches, mergers and acquisitions, and regional expansion to enhance their market position.
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key segments
By type of product
- Extracts
- flowers
- Leaves
- Others
per application
- tetrahydrocannabinol
- cannabidiol
- Others
By end user
- hospitals
- clinics
- research institutes
- Others
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