Global Medical Marijuana Market Overview
Marijuana is a type of plant that has a chemical compound called as cannabis which has various medical properties. This plant is used as a vital raw material by various pharmaceutical companies to manufacture drugs that have therapeutic applications. Marijuana extracts are used to treat various diseases related to cancer, central nervous system, Alzheimer’s and also used in different anti-aging products. Market Research Future (MRFR), in their latest report, has studied the global medical marijuana market and have assessed that the market is expected to ascend at a 34% CAGR during the forecast period.
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Rising prevalence of chronic diseases and growth in therapeutic applications of marijuana are anticipated to push scalable growth in the global medical marijuana market by 2023. Further, growing acceptance of marijuana for medical treatment in various countries, along with increasing authorization of marijuana is expected to promote growth in the global medical marijuana market.
On another note, the global medical marijuana market is highly influenced due to the expansion noted in the research and development activities. Another factor causative to the growth of the medical marijuana market is the growing financial support from various private and government organizations for cannabinoid research.
However, several factors are likely to pose as hindrances in the expansion of the global medical marijuana market. Lengthy approval procedures, increasing illegal use of marijuana, and rigorous government regulations are expected to restrain global medical marijuana during the forecast period.
The global medical marijuana market is studied for various segments for detailed and accurate analysis. This segmentation has been carried out by product type, application, distribution channel, and region. Based on product type, the global medical marijuana market is segmented into dissolvable/powders, ointments & creams, solids, and oils. Among these segments, the dissolvable/powders segment is expected to spearhead the global medical marijuana market and register a significant CAGR by 2023. The segment is anticipated to garner a revenue valuation of USD 22,648.8 million by the end of the assessment period. Owing to the affordability and convenience, the segment is expected to witness a boost in demand. Based on application, the global medical marijuana market is segmented into cancer, Alzheimer’s disease, schizophrenia, and multiple sclerosis. Based on the distribution channel, the global medical marijuana market is segmented into retail and pharmacy stores and online stores.
Detailed Regional Analysis
The global medical marijuana market has been studied for various regional segments of the Americas, Europe, Asia Pacific, and the Middle East & Africa. Among these, the Americas held the largest share in the global medical marijuana market in the base year. The Americas are anticipated to showcase a 34% CAGR during the assessment period. Such a staggering growth rate can be attributed to the increasing prevalence of Alzheimer’s disease, and cancer among many other chronic diseases.
Europe is anticipated to trail behind the Americas and hold the second-largest share in the global medical marijuana market over the forecast period. Europe is likely to fetch a 5.5% share in the medical marijuana market. Meanwhile, Asia Pacific is expected to showcase the fastest growth for medical marijuana during the forecast period, as compared to other regions.
Some of the distinguished players in the medical marijuana market include Cannabis Sativa Inc (Nevada), Canopy Growth Corporation (US), GW Pharmaceuticals Plc (US), (Victoria, BC), Emerald Health Therapeutics Inc. Tilray (Nanaimo, BC), CanniMed Ltd (Canada), GBSciences Inc. (Nevada), Aphria (Ontario), Cara Therapeutics (US), Medical Marijuana Inc (US), Pfizer Inc. (US), and MediPharm Labs (US).
July 2019: The Department of Health recently reported that the number of active patients enrolled in their medical marijuana program reached 74,100 at June end. This represents a 35% increase since June 2018.
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