Medical Marijuana Market – Overview
The benefits of medical marijuana have paved the way for its use, mainly for pain treatment in various diseases. Reports that assess the healthcare industry have been presented by Market Research Future, which creates reports on numerous industry verticals that examine the market progress and forecasts. The market is projected to achieve a CAGR of 35.4% approximately in the duration of the forecast period.
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The growing acceptance of the therapeutic applications of marijuana is expected to define the growth of the medical marijuana market in the coming period. The mounting detection rates of chronic diseases globally has increased the prescription of medical marijuana for pain management that accompanies these ailments. Also, the growing legalization of marijuana in various nations around the world is expected to create advantageous opportunities for growth in the forecast period.
Medical Marijuana Market- Segmental Analysis
The segmental analysis of the medical marijuana market has been segmented on the basis of route of administration, application, region, and distribution channel. Based on the application, the medical marijuana market has been segmented into cancer, multiple sclerosis, muscle spasms, mental health conditions, Alzheimer’s disease, glaucoma, and human immunodeficiency virus, acquired immunodeficiency syndrome (HIV/AIDS). The segmentation of the market for medical marijuana based on the route of administration segment is segmented into topical, oral, inhalation, and sublingual. The topical segment has been further segmented into gels, lotions, creams, ointments, and poultice. On the basis of the distribution channel, the medical marijuana market has been segmented into online platforms and dispensaries. Based on the regions, the medical marijuana market is segmented into the Asia Pacific, the Americas, Europe, the Middle East, and Africa.
Medical Marijuana Market – Detailed Regional Analysis
The regional analysis of the medical marijuana market covers regions such as the Asia Pacific, the Americas, Europe, the Middle East, and Africa. The Americas region is expected to govern the medical marijuana market due to the increasing occurrence of cancer, a growing number of states consenting to the use of marijuana in healthcare and growing spending on research and development of cannabinoids. The European region market is projected to be the next major medical marijuana market. The market development in this region can be accredited to the growing government backing and promising policies for the use of medical marijuana and growing legalization of marijuana by nations in the region. Moreover, the Asia Pacific is projected to be the fastest increasing medical marijuana market through the forecast period due to the mounting prevalence of chronic diseases, intensifying investments in healthcare, a growing number of cancer patients and research & development activities for cancer treatment in the region. The medical marijuana market in the Middle East & Africa region is projected to control the minimum market share owing to an unfledged healthcare sector, the dearth of technical knowledge, and deprived medical amenities.
Medical Marijuana Market – Competitive Analysis
The competitors have adopted diversified plans to increase their chances for success in the market. The creation of great competitive advantages is expected to aid in the development of the market. A substantial ascent in the number of promoters in the market is anticipated to shape a beneficial state of activities for the growth of the market in the forecasted period. The access to vital planned prospects imperative to the resultant stabilization of inflation is likely to produce a promising option for advancement in the forthcoming years. The growth of the market is influenced by the presence of factors that are stimulating the growth of the market. The need to create a sustainable competitive advantage has accelerated the progress of the market in the forecast period. The diversified consumer tastes and trends in the market are anticipated to lead to an escalated development rate in the market. The use of strategic tools to further the development of the market in the coming years.
The outstanding players in the medical marijuana market globally are Aurora Cannabis, Inc., Cannabis Sativa, Inc, GW Pharmaceuticals plc, Medical Marijuana Inc, United Cannabis, Canopy Growth, MGC Pharma, Aphria, Inc., GBSciences, Inc., Tilray, Emerald Health Therapeutics [Canada] Inc., CanniMed Ltd., Cara Therapeutics, and Greengro Technologies.
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