Constant Development in Marijuana Products for Healthcare Is likely To Propel the Growth of The “Global Medical Cannabis Market” Growing Awareness About the Outcomes of Medical Cannabis Has Uplifted Its Demand
Medical Cannabis Market Overview:
The global market report covering the Medical Cannabis market revealed an opportunity for the market to score a valuation of USD 52.35 Billion by 2025. This would happen with a CAGR of 15.4% CAGR between 2019 and 2025, which as per Market Research Future (MRFR) is the forecast period. Increasing instances of chronic diseases and other severe medical conditions can inspire better market growth in the coming years. Chronic diseases like schizophrenia, cancer, arthritis, Alzheimer’s disease, and others have created a demand for the substance owing to its medicinal properties. There are several private companies who are investing much to make sure that the market gets prominence. In fact, government participation is also inspiring for better growth opportunities. The growth of the market for medical cannabis can also inspire illegal practitioners taking advantage of the system, which can hold back the smooth growth in the coming years.
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Several market players have recorded tactical changes using which they can inspire growth in the medical cannabis market. MRFR’s list shows some of them with their recent profiles to facilitate understanding. These companies are Tilray (Canada), Aurora Cannabis (Canada), Maricann Inc. (Canada), Aphria, Inc. (Canada), Canopy Growth Corporation (Canada), GW Pharmaceuticals PLC (UK), Medical Marijuana, Inc. (US), Cannabis Sativa Inc. (US), United Cannabis (US), CanniMed Ltd (Canada), MediPharm Labs (Canada), GBSciences Inc. (US), and others
In November 2019, two new medicines got approved by NHS for the treatment of diseases like epilepsy and multiple sclerosis. These two medicines only got clearance for the UK as a beginning.
The global market report on medical cannabis includes studies on the application, derivative, product form, and distribution channel. Various product dynamics are expected to make changes in the understanding of the market. Also, this segmentation would reveal strong potentials for the market and the insights would assist players in having better growth.
By product form, the global market report covers the medical cannabis market by having it segmented into solids, oil, ointments & creams, powders, and others. The powder segment covers most of the market area, however, the solid segment is showing ample opportunities to emerge as the fastest market player. The ‘others’ segment includes tinctures, lozenges, and smoking dried buds.
By derivative, the market report providing insights on the medical cannabis market includes cannabidiol (CBD) and Tetrahydrocannabinol (THC). The cannabidiol segment would gain better growth opportunities due to its wide-spread applications.
By application, the market for medical cannabis comprises cancer, Schizophrenia, Alzheimer’s disease, arthritis, and others. Alzheimer’s Disease has the largest segment, whereas, the cancer segment can produce a high growth rate in the coming years.
By distribution channel, the report on the global market for medical cannabis covers online stores, retail pharmacies, and others. The retail segment fetches the maximum market share but the online segment can outdo others in terms of market growth.
The global market for medical cannabis covers on a region-specific scale places like the Americas, the Asia Pacific region, and Europe as regions with the maximum potential to fetch high revenues. However, the discussion also includes the Middle East & Africa (MEA) as a possible moderate growth-provider.
The Americas can be branded as the largest market as in North America, two countries the US and Canada are setting up huge research and development sectors to maximize profit. The intent is to develop drugs to pacify the mal-effects of various diseases. Effective law, hike in investment probability, better research facilities are a few of the factors included in a detailed study of the regional growth demographics. In Europe, similar growth is possible for the regional market with several players impacting the intake capacity. The Asia Pacific market is also opening up to the market and countries here have realized the potential of the research area with a proper exploration of the properties of cannabis.
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