Pharmaceutical-grade marijuana is a combination of cannabis and cannabinoids that doctors prescribe for their patients. Pharmaceutical grade marihuana is grown under laboratory conditions in research class facility where its production and application are controlled by regulatory authorities. With new study finding researchers can conclude its use for several medical conditions due to which the importance of marijuana in the healthcare sector is quickly expanding. Global market for pharmaceutical grade marijuana achieved value of around USD 21.8 billion in 2020.
The global pharmaceutical grade marijuana market is expanding at rapid rate owing to increasing use of natural constitute for drug synthesis. In the constant battle to find novel medications, products derived from nature are an immensely valuable resource for pharmaceutical corporations. Many popular medications are produced from plants which are primarily triggering the use of marijuana for medical purposes. Besides, marijuana has been used to alleviate nausea during chemotherapy, improve appetite in HIV/AIDS patients, improve sleep, and alleviate tics in Tourette syndrome patients.
Cannabinoids have also been prescribed for arthritis, anorexia, glaucoma, and migraines when traditional treatments have failed. All these benefits are likely to boost the market growth over the forecast period. However, side effects associated with use of marijuana and difficulties in medical marijuana business banking may hinder the growth of the market.
The global pharmaceutical grade marijuana market is segregated as a route of administration, application, distribution channel, and region. Based on route of administration, the global market for pharmaceutical grade marijuana is bifurcated as oral, inhalation, and topical. Different applications of medical marijuana are spilt into pain management, muscle spasms, nausea, anorexia, seizures, and others. The distribution channel segment of the market is categorized into dispensaries and online.
North America is expected to lead the global pharmaceutical grade marijuana market in terms of revenue contribution. Key factors include the legalization of use of marijuana products for medical purposes. The legalization of medical marijuana has triggered a domino effect across states, with a rapid increase in the approval and commercialization of marijuana in the United States. Canada is also known to be a lucrative market for pharmaceutical grade marijuana, with an exponential growth rate driven by a large population choosing medicinal marijuana as a therapeutic option. Europe is likely to offer healthy growth opportunities for market expansion. A favorable regulatory environment for the use of marijuana in medical treatments signifies healthy market growth over the projected period.
Key players operating in the global pharmaceutical grade marijuana market include Aphria Inc., ABcann Medicinals, Inc., Avicanna Inc., Canopy Growth Corporation, Emerald Health Therapeutics, Aurora Cannabis, Inc., Green Relief Inc., and Cannabis Sativa Inc. among others.
To cite, in Nov 2021, Avicanna Inc., a biopharmaceutical company, has announced a cooperation with an Argentine pharmaceutical company to register and market Avicanna’s patented cannabinoid-based pharmaceutical preparations through intellectual property licensing.
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