The new report by Expert Market Research titled, ‘Mexico’s Medical Cannabis Market Size, Share, Price, Trends, Growth, Market Report and Forecast 2023-2028’, gives an in-depth analysis of the Mexico’s medical cannabis market, assessing the market based on its segments like products and applications.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 187 Million
• Forecast CAGR (2023-2028): 46.4%
• Forecast Market Size (2028): USD 1870 million
The growing acceptance of medical cannabis as a treatment option for chronic conditions such as cancer, neurological diseases, and chronic pain is the primary driver of the medical cannabis industry in Mexico. It is also used as a treatment method for mental disorders for patients that do not respond to conventional treatment methods such as, bipolar disorder, depression, post traumatic stress disorder (PTSD), attention deficit hyperactivity disorder (ADHD), Parkinson’s and Alzheimer’s disease.
Mexico’s Medical Cannabis Market Industry Definition and Major Segments
Cannabis, also known as marijuana, is a psychoactive drug derived from the cannabis plant and used for treatment of specific symptom or ailment. It is derived from plants of the genus Cannabis. It has a long history of medical use as an antispasmodic and analgesic agent.
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The medical cannabis market in Mexico can be divided into segments such as products and applications.
The industry can be divided based on its products:
• Buds
• Oils
• Tinctures
The industry can be broadly categorised based on its application into:
• Chronic Pain
• Mental Disorders
• Cancer
• Others
Mexico’s Medical Cannabis Market Trends
Medical cannabis is expected to become one of the most profitable businesses to enter Mexico in the coming years, this is due to the large population and patient pool. Various research studies have demonstrated the potential benefits of cannabis in cancer treatment, neurological diseases, and chronic pain, increasing demand for the drug as a treatment method for cancer and other diseases.
Over the forecast period, the rising burden of disease and the growing use of cannabis for medical purposes is expected to drive demand for the product. By 2028, the oil segment is expected to be the fastest-growing segment as it can help in treatment of conditions such as nausea due to cancer treatment, improving sleep, anxiety, and stress. Tinctures are predicted to be the second-fastest-growing product type in the Mexican medicinal cannabis market. Marijuana tinctures are produced by dissolving the drug in alcohol and are meant for sublingual consumption. They have a faster onset of effects than oils, due to this advantage, their demand is expected to rise.
Key Market Players
The major players in the market are Sartorius AG (OTCMKTS: SUVPF), Aurora Cannabis, GW Pharmaceuticals, plc., Canopy Growth Corporation, HempMeds, CV Sciences, Inc., ENDOCA, Isodiol International, Inc., CBD Life, PharmaCielo and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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