Transparency Market Research (TMR) has projected the global medical cannabis to reach US$ 52.8bn (£42.17bn) by 2027.
The new report from TMR has cited pain management products as one of the most significant driving factors of the market.
With the value of the global medical cannabis market standing at $8bn in 2018, legislative measures that have played a key part in the legalisation of cannabis use are expected to propel medical cannabis use.
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Reforms have resulted in an increase in cannabis cultivation for therapeutic and medicinal uses, and the surge in medical cannabis demand is primarily supported by research and scientific developments.
Research has also been essential in raising understanding about the relationship between cannabinoids and human physiology, and, while medicinal cannabis is expected to draw large investment during the evaluation phase, it is also expected to provide significant STEM career possibilities.
Findings from the report
In Canada, the US and some European Union countries, medicinal cannabis use is expected to expand at an unprecedented rate, with the market on track to become one of the most significant new consumer categories in the US.
The global medicinal cannabis market is also growing as the use of CBD in a variety of medical applications grows. The FDA’s clearance of CBD hemp oil for epilepsy therapy has increased its use in the pharmaceutical business. As a result, corporations are continuing to develop medicinal solutions by enhancing CBD-based medication.
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With addictive opioids the most common medication for pain, medical cannabis could be a safe and effective therapy for the condition. The report highlights that osteoarthritis (OA) joint pain is likely to have a considerable market share for medical cannabis in the years to come.
It also states that a change in tide amongst consumers toward plant-based medicines, increasing preference for natural remedies over prescription pharmaceuticals, and considerable growth in wellness, are all likely to boost growth opportunities for the key players in the medical cannabis market.
A mix of economic, social and political factors are projected to drive the expansion of the medical cannabis market during the forecast timeline.
Currently, about 30 countries have allowed the medicinal use of medical cannabis as well as cannabis extracts, and this number is also expected to rise.
Clinical research initiatives are expected to acquire significant traction in the future years, despite the fact that the medical cannabis sector is still in its infancy.
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