Medicinal Cannabis Compounding Market By Product Type (Extracts,Flowers,Leaves,Other Product Types) By Application (Tetrahydrocannabinol, Cannabidiol, and Other Applications) By End-User (Hospitals, Clinics, Research Institutes and Others)and by Region and Companies Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032.

Medicinal Cannabis Compounding Market Overview:

Тhе Medicinal Cannabis Compounding Market ассоuntеd fоr UЅD 3,052.72 mіllіоn іn 2021. Іt іѕ fоrесаѕt tо rіѕе аt а САGR оf 21.3% оvеr thе fоrесаѕt реrіоd.

The prescription of medical cannabis products is on the rise. Cannabidiol (CBD) and Tetrahydrocannabinol (THC) are the major constituents of the plant Cannabis Sativa. Medicinal cannabis has been found to be therapeutically effective for many ailments such as Alzheimer’s disease, appetite loss, cancer, Crohn’s disease, and diseases affecting the immune system like HIV/AIDS or Multiple Sclerosis (MS), epilepsy, eating disorders such as anorexia, etc.

Compounding cannabis is uniquely preparing, formulating, and dispensing cannabis that is tailored to each patient. Cannabis medicines are able to be legally prepared and dispensed by approved, licensed compounding pharmacies.

Cannabis is safer and has less severe side effects in comparison to other treatment options; it also finds usage along with other treatments either to enhance their efficacy or to combat their adverse side effects. For instance, it is very effective in reducing nausea and increasing appetite among chemotherapy patients.

Similarly, it is also used in combination with traditional opioid painkillers, which enables patients to reduce the dosage and frequency of opioids significantly and imparts greater pain relief. Many countries in Europe such as Italy, Germany, etc., have legalized cannabis for medicinal purposes.

Segmentation:

The global medicinal cannabis compounding market is segmented on the basis of – Product Type, Application, End-User, and Region. Represented below is a detailed segmental description:

Based on Product Type:

•  Extracts
•  Flowers
•  Leaves
•  Other Product Types

Based on Application:

•  Tetrahydrocannabinol
•  Cannabidiol
•  Other Applications

Based on End-User:

•  Hospitals
•  Clinics
•  Research Institutes
•  Other End-Users

Based on Region:

•  North America
•  Europe
•  Asia-Pacific
•  South America
•  Middle East & Africa

Market Dynamics

The global medicinal cannabis compounding market is growing rapidly, because of increasing population figures, as well as the prevalence of chronic disorders such as cancer and seizures. Cannabis is legal in Europe which makes it yet another region for medicinal cannabis compounding market that has high growth potential. There has been increasing R&D in the region and the adoption of various treatment options making it lucrative for the market growth.

Suitable government policies and regulations for the reimbursement of digital health applications are expected to boost the medicinal cannabis compounding market. However, the lack of data on the long-term safety of medical cannabis use, chronic side effects such as fatigue, dizziness, and hallucinations, as well as the implementation of strict regulatory guidelines concerning the cultivation and marketing of cannabis are certain key factors that are expected to continue to hamper this industry’s market growth trajectory.

Competitive Landscape

The global medicinal cannabis compounding market is relatively competitive, with the presence of a moderate number of local and global manufacturers such as

• Aphria Inc.
• Aurora Cannabis
• Cannabis Science Inc.
• Canopy Growth Corporation
• Medical Marijuana Inc.
• VIVO Cannabis Inc.
• TikunOlam Ltd.
• Terra Tech Corp.
• Tilray
• Cronos Group
• Harvest Health & Recreation Inc.
• among others.

Key developments

In December 2018, the US government approved the farm bill, making cannabis containing less than 0.3% THC legal. Similarly, some of its derivative compounds have been approved by the Food and Drug Administration for medicinal use. Marinol, Syndros, Cesamet, and Epidolex are cannabinoid drugs that received approval from the FDA.

Furthermore, in the United States, 10 states have legalized cannabis for recreational use, while 33 states and the District of Columbia have legalized cannabis for medical purposes. Among these states, California, Washington, and Colorado are the leading cannabis sellers. The production levels of cannabis in North America have increased rapidly over the past few years due to the production capacities of major players.

For the XXXXX Market research study, the following years have been considered to estimate the market size: