The Asia-Pacific medical cannabis market witnessed significant growth in the past and is expected to grow at a CAGR of 19.6% during the forecast period (2022-2030).
Medical cannabis, also known as medical marijuana, is a herbal medication derived from Cannabis plants used to treat specific symptoms or diseases, such as cancer, chronic pain, and psychiatric disorders. Tetrahydrocannabinol (THC) and cannabidiol (CBD) are the main cannabinoids extracted from this plant that provide medicinal benefits. Doctors give patients receiving treatment with medical cannabis to help with nausea and vomiting. For treating problems like pain management, neurological conditions, boosting appetite, and other conditions, cannabis-based medicines have received approval on several continents. The market for medical cannabis is expanding because of rising chronic disease prevalence and consumer acceptance of cannabis-based medicines.
Additionally, it is anticipated that the advancement of medicinal cannabis will fuel the development of this industry over the coming years through clinical trials and judgments made by regulatory agencies in developed countries. In addition, it is anticipated that over the forecast period, the status of medicinal cannabis will improve because of clinical trials and decisions taken by regulatory agencies in developed countries. But the market is constrained by a dearth of knowledge about the advantages of medical marijuana and strict regulatory requirements.
In Asia-Pacific, the population is affected by several chronic diseases, including glaucoma, multiple sclerosis, epilepsy, spasticity brought on by multiple sclerosis or spinal cord injury, fibromyalgia, and chemotherapy-induced nausea and vomiting. Because there is strong evidence that cannabis is an effective treatment for many ailments, the demand for cannabis-based medications is rising along with the prevalence of these conditions.
To assure patient access and safety, Asia-Pacific nations have begun making moves toward legalizing medical cannabis. For the manufacture, distribution, and quality control of medical cannabis products, these regulatory changes entail the creation of licensing frameworks. As more nations adopt these rules, the market for medicinal cannabis becomes more organized and trustworthy, luring investors and expanding the range of goods available to patients.
As more people become aware of its benefits, BD made from hemp is becoming legal in several countries. Numerous reasons, including nausea and vomiting connected to chemotherapy, stiffness in multiple sclerosis, HIV/AIDS cachexia, and neuropathic pain, provide evidence for the legal medicinal use of cannabis.
Cannabis has been shown to have positive health impacts, but it also has negative ones. Heavy or prolonged cannabis usage has been linked to addiction, altered brain development, decreased life satisfaction, cognitive impairment, and poor educational outcomes, according to a 2017 study published in the Pharmacy and Therapeutics journal. According to a study, dizziness was the non-serious side effect that participants exposed to cannabinoids reported occurring the most frequently (15.5% of the time). Chronic bronchitis and psychosis-related health issues are also more likely to develop in cannabis users over the long term. It is clear from the available data that cannabis' negative side effects can have a significant negative influence on market expansion.
Chronic illness patients are becoming more prevalent in Asia-Pacific. Numerous causes, such as an aging population, poor lifestyles, and environmental problems, are to blame. Medical marijuana can treat chronic conditions like epilepsy, cancer, arthritis, and pain.
Rising Awareness About the Benefits of Medical Cannabis
There is a growing awareness about the benefits of medical cannabis. People are becoming more aware of the potential of medical cannabis to treat a variety of conditions. This is leading to an increase in the demand for medical cannabis products.
The Asia-Pacific medical cannabis market is segmented based on Product Type, Derivative, Route of Administration, Application, Pain Management, Neurological Health Management, Mental Health Management, and Distribution Channel.
Based on Product Type, the Asia-Pacific market is segmented by Solids, Dissolvable/Powders, Oil and Ointments, and Creams.
Dissolvable/Powders dominated the market and are expected to register a CAGR of 18.9% over the forecast period.
Based on Derivatives, the Asia-Pacific market is segmented by Cannabidiol and Tetrahydrocannabinol.
Cannabidiol dominated the market and is expected to register a CAGR of 19.3% over the forecast period.
Based on the Route of Administration, the Asia-Pacific market is segmented by Inhalation, Oral, and Topical.
Inhalation dominated the market and is expected to register a CAGR of 19.4% over the forecast period.
Based on Application, the Asia-Pacific market is segmented by Pain Management, Neurological Health Management, and Mental Health Management.
Pain Management dominated the market and is expected to register a CAGR of 21.2% over the forecast period.
Based on Pain Management, the Asia-Pacific market is segmented by Neuropathic Pain, Cancer, and Inflammatory Pain.
Inflammatory Pain dominated the market and is expected to register a CAGR of 21.3% over the forecast period.
Based on Neurological Health Management, the Asia-Pacific market is segmented by Sclerosis, Epilepsy, Alzheimer’s Disease, Parkinson’s Disease, and Others.
Epilepsy dominated the market and is expected to register a CAGR of 18.3% over the forecast period.
Based on Mental Health Management, the Asia-Pacific market is segmented by Post- Traumatic Stress Disorder, Depression, Anxiety, and Others.
Anxiety dominated the market and is expected to register a CAGR of 16.7% over the forecast period.
Based on Distribution Channel, the Asia-Pacific market is segmented by Hospital Pharmacy, Retail Pharmacy, and Retail Pharmacy
Hospital Pharmacy dominated the market and is expected to register a CAGR of 20.0% over the forecast period.
The Asia-Pacific medical cannabis market is segmented by South East Asia and the Rest of Asia-Pacific. The rest of Asia-Pacific dominates the country market and is expected to grow at a CAGR of 19.3% during the forecast period.
Due to the large number of cancer patients and government initiatives for healthcare reforms, Asia-Pacific is anticipated to experience a favorable growth rate during the forecast period. It occupies the third-largest spot in the world's medical marijuana market. Most Asia-Pacific nations do not accept cannabis-based products in any way. However, some doctors are prescribing cannabis-based medications because the number of epilepsy cases is rising. For instance, a recent national survey of 976 people with epilepsy in Australia found that 13% of parents treated their child's seizures with illegal cannabis extracts.
China recently legalized the extraction of CBD and the plant's production. The goods are not sold in China; rather, they are exported. China's first factory for industrial plant extraction received approval from the Yunnan provincial government and Public Security Bureau. It is the biggest nation in terms of size, population, number of businesses, and other variables. Additionally, there is much room for the medical cannabis market to grow and flourish thanks to the introduction of Chinese businesses.
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