Medical Marijuana Market Analysis Report
The global medical marijuana market is predicted to touch USD 54,677.1 million at a 34.0% CAGR between 2015-2023, reveals the latest Market Research Future (MRFR) report. Medical marijuana utilizes the marijuana plant/chemicals in it for treating conditions or diseases. It is the same product as that of recreational marijuana yet is taken for medical purposes. This is used for treating various conditions including wasting syndrome (cachexia), pain, nausea, muscle spasms, multiple sclerosis, mental health conditions such as posttraumatic stress disorder (PTSD), and schizophrenia, glaucoma, epilepsy, eating disorders especially anorexia, Crohn’s disease, cancer, appetite loss, Alzheimer’s disease, and much more.
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Various factors are propelling the medical marijuana market growth. These factors, as stated by the latest Market Research Future (MRFR) report, include government support, favorable reimbursement environment, trend to produce edible products with cannabis, growing number of countries legalizing the use of medical marijuana, growing prevalence of various chronic diseases, growing number of medical marijuana clubs, and increasing therapeutic applications.
On the flip side, side effects resulting from the consumption of medical marijuana such as insomnia, constipation, speech problem, fatigue, and dizziness, complex regulatory framework in obtaining license, problem in undertaking the business of medical marijuana, and lack of data safety are factors that may restrict the medical marijuana market growth over the forecast period.
Medical Marijuana Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the medical marijuana market on the basis of distribution channel, application, and product type.
Based on product type, the medical marijuana market is segmented into ointments and creams, dissolvable/powders, and solids. Of these, the dissolvable/powders segment will have the largest share in the market over the forecast period owing to the convenience and affordability.
Based on the application, the global medical marijuana market is segmented into multiple sclerosis, schizophrenia, cancer, and Alzheimers disease.
Based on the distribution channel, the medical marijuana market is segmented into online platforms, retail and pharmacy stores, and others.
Medical Marijuana Market Regional Analysis
By region, the medical marijuana market report covers the latest trends and growth opportunities across the Middle East and Africa, the Asia Pacific, Europe, and North America. Of these, the Americas will lead the market over the forecast period. Factors aiding the growth of the medical marijuana market in the region include the increasing pace of the legalization of cannabis in the US, various marijuana programs organized in the US, and increasing incidence and rising spending on pain management medication. India, as well as China, are the chief contributors in this region.
The medical marijuana market in Europe is predicted to have the second-largest share in the market over the forecast period chiefly on account of the legalization of marijuana and the burgeoning demand for such medicines that are marijuana-based to treat various chronic diseases especially respiratory problems, cancer, and Alzheimer. Germany and the UK are the chief contributors in this region.
The medical marijuana market in the APAC region is predicted to grow at the fastest pace over the forecast period chiefly on account of increased R&D activities to manufacture marijuana exclusively for medicinal purposes. Australia is the chief contributor in this region.
The medical marijuana market in the MEA and Latin America are predicted to have a notable growth over the forecast period chiefly due to various opportunities offered by the government for researchers in developing new and effective products for better patients’ health in the regions.
Medical Marijuana Market Key Players
Major players profiled in the medical marijuana market report include MediPharm Labs(US), GBSciences Inc.(Nevada), Medical Marijuana Inc(US), Pfizer Inc. (US), Cara Therapeutics (US), CanniMed Ltd (Canada), Aphria (Ontario), Tilray (Nanaimo, BC), Emerald Health Therapeutics Inc. (Victoria, BC), GW Pharmaceuticals Plc (US), Cannabis Sativa Inc (Nevada), and Canopy Growth Corporation (US).
October 2019: A new medical marijuana dispensary, Strawberry Fields, has recently been opened in Washington County. This dispensary will allow caregivers and medical marijuana patients to purchase marijuana with their patient cards for all types of patients suffering from pain.
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