Medical Marijuana Market: Information by Product Type (Solid, Gas and Dissolvable/Powders), Application (Alzheimer’s Disease, Cancer, Schizophrenia and Multiple Sclerosis), Distribution Channel (Retail & Pharmacy Stores, Online Platforms) and Region – Forecast till 2023
The Global Medical Marijuana Market is expected to register a CAGR of 34.0% to reach USD 54,677.1 million by 2023.
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Medical marijuana is derived from the cannabis Sativa plant. The legalization of cannabis for medicinal purpose and increased occurrences of chronic diseases is driving the market towards a healthier future. Studies have shown that medicinal marijuana helps reduce the symptoms of life taking diseases like cancer, epilepsy, anxiety, AIDS and others. On observing the current trends and efforts by the researchers, the global medical marijuana market is projected to show nearly 34 % annual growth. Medical marijuana helps calm down the nervous system and hence providing a sense of relief in pain in many medical conditions.
With time the medical marijuana market is gaining pace due to its growing acceptance for health issues where traditional medicines are failing or have limited effects. This is a new side of the medicine world. The agencies are regularly investing in research & development programs for expanding the usage and defining the abilities of this field. This is directly responsible for the growing market share globally. Medicinal marijuana is available in many forms, from internal to external applications. Being a pain reliever, in some countries where it is legal, practitioners are using medical marijuana during chemotherapy.
Medical marijuana is still in its growing years. It is facing immense appreciation, but the factors like lack of awareness and strict imposed regulations by the authorities are slowing down the growth of this market. Also gaining a licence for the production of related medicine is a very vast process and takes considerable time. On observing the potentials of medical marijuana, the authorities are now revising the regulations, which is good news for the global medical marijuana market.
Segments of the Medical Marijuana global market
The global medical marijuana market is segmented into three parts:
Product type: The medical marijuana is available in the form of solid, powders, oil and creams.
Uses: The medical marijuana is vastly used in the treatments of cancer, epilepsy, Alzheimer, anxiety, AIDS, multiple sclerosis and other disorders.
Supple based: They are available through online and offline mediums.
The global medical marijuana market is observed based on four major regions, namely America, Europe, Asia Pacific and The Middle East & Africa.
The American region is the largest market in the world, with maximum share concentrated in North America. On observing the capabilities of medical marijuana, the market is facing huge investments towards research & development and some areas have permitted the sales of medical marijuana products, which has helped the market in gaining shares at faster speeds. The European region is the second-largest market in the world. Increasing patients with deadly ailments and legalization of medical marijuana in the form of many products are the reasons for the instant growth of this market.
The Asia Pacific region is in the third place due to rigid rules and regulations imposed by the authorities; this has not given the medical marijuana market any growth in the market and hence will remain at a slower pace during the projected period. Rest of the regions will also show the same behaviour during this period.
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Recent Industry News
Medical marijuana has seamless uses, but stringent rules imposed by the authorities in many regions have slowed down the rate of success. The American region is the largest market in the world and will stay in the same position during the survey. The increasing interest of the investors towards exploring the new aspects of this market is driving the market currently.
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