LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global medical marijuana market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global medical marijuana market will grow at a CAGR of over 21% during the forecast period. The increasing use of cannabis for medical purposes is a major factor driving the market’s growth.
Cannabis that is used for medicinal purposes is referred to as medical marijuana or medical cannabis. This term refers to utilizing the whole, unprocessed cannabis plant or its extracts to treat a variety of symptoms and conditions. It can also be obtained through synthetic derivatives of cannabis.
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In this report, Technavio highlights the emergence of luxury cannabis products as one of the key emerging trends driving the global medical marijuana market:
Emergence of luxury cannabis products
As the consumption of cannabis through smoking can be harmful, several vendors have emerged in the market who offer luxury cannabis products that make controlled consumption of cannabis beneficial to the users. Luxury cannabis products can be defined as products, which contain therapeutic doses of cannabis in edible products. They can be consumed without experiencing the side effects of smoking cannabis.
“Cannabis is being added to edibles such as cookies, chocolates, muffins, brownies, teas, and chewing gums. The patients who are recommended specific dosages of cannabis by their physicians can consume these edibles. The trend of producing edible products with cannabis is expected to drive the growth of the market as the demand for medical cannabis consumption through modes other than smoking is increasing,” says a senior analyst at Technavio for research on health and wellness.
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Global medical marijuana market segmentation
This market research report segments the global medical marijuana market into the following applications (chronic pain and nausea) and key regions (the Americas, APAC, and EMEA).
In 2017, chronic pain accounted for the largest application segment with a market share of approximately 39%. However, the market share for this segment is expected to decrease slightly during the forecast period.
Based on geography, the global medical marijuana market was led by the Americas in 2017 that accounted for a market share of over 52%. But, the Americas is expected to witness a slight decrease in market share during the forecast period, whereas the APAC region is anticipated to experience the fastest growth.
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