Medical Cannabis Market Inches Thumping Growth Outlook with Enormous Adoption in Chronic Pain Management
The global medical cannabis market was estimated at USD 7.26 billion in 2018, and is expected to grow at a CAGR of over 28% over the forecast period from 2019 to 2026. Continuous research on medical applications of chemical compounds such as Cannabidiol (CBD) in the treatment/management of chronic and acute pain, and neurological diseases such as Parkinson’s, epilepsy, Alzheimer’s, etc. is expected to drive the demand for medical cannabis in the coming years. Currently, this industry is in nascent stage with stringent regulations being established across the globe, various countries are passing bills to legalize medical marijuana after increased awareness regarding its medical benefits.
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Medical cannabis market is growing exponentially and is anticipated to emerge as one of the most lucrative industry verticals owing to surged adoption rates supplemented by adequate sensitization and awareness amongst end-users. A new business intelligence report by Adroit Market Research also unravels critical industry-specific developments and factors that constantly echo sustainable growth and revenue stability.
Medical cannabis is witnessing ravishing inclusion in advanced alternative pain management practices, besides finding adoption in gut health improvement as well as overall well-being. New market players entering the competitive landscape of the global medical cannabis space is further disrupting growth pace with innovations in terms packaging, product diversifications as well as novel market channels and supply-chain developments that are ensuring a healthy growth trail in global medical cannabis market.
U.S. federal regulations are currently limiting the research ability to conduct large-scale, well-controlled trials pertaining to medical application of cannabis. Scientists keen on studying marijuana are obliged to procure prior approvals from various agencies. These researchers also face complications in accessing appropriate quantity and type of research grade marijuana required for broad studies.
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Countries legalizing medical marijuana is also reflecting favorably on futuristic growth potential. Drug companies are increasingly exploiting this opportunity to realign their pipeline portfolios, include novel products specifically for common health conditions such as sleep disorders, abdominal disorders, chronic pains and the like. Additionally, as global patient preferences are fast tilting towards advanced organically sourced products, it becomes imperative to include plant-based products in drugs to reverberate end-user preferences.
Favorable progress in legalization of cannabis across markets such as Europe besides North America is a significant turning point and is likely to support a fast-growing medical cannabis market in multiple ways. However, the pandemic has certainly taken a toll, and has restricted global medical cannabis market from reaching its full potential. Stark gaps in the supply chain are interfering with demand and supply capacities, as several new players in medical cannabis space have been forced to withhold production in the recent past. However, it is expected that businesses will resume production and necessary alterations would be executed to revive production and optimize distribution. These developments are expected to have a favorable growth outlook for global medical cannabis market in foreseeable times.
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Some Major Points From TOC:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
Chapter 3. Market Outlook
3.2. Market dynamics
3.2.1. Market drivers
3.2.2. Market restraints
3.2.3. Market opportunities
3.2.4. PEST analysis
Chapter 4. Medical cannabis Market Overview, By Indication
4.1. Global medical cannabis market, by indication, 2018 & 2026
4.1.1. Pain management
188.8.131.52. Market size and projections, 2016– 2026
4.1.2. Neurologic disorders
184.108.40.206. Market size and projections, 2016– 2026
220.127.116.11. Market size and projections, 2016– 2026
Chapter 5. Key Country Market
5.1. Global medical cannabis market, by region, 2018 & 2026
5.2. North America
5.2.1. Market size and projections, 2016 – 2026
5.2.2. Market size and projections, by indication, 2016 – 2026
18.104.22.168. Market size and projections, by indication, 2016 – 2026
22.214.171.124. Market size and projections, by indication, 2016 – 2026
5.3.1. Market size and projections, 2016 – 2026
5.3.2. Market size and projections, by indication, 2016 – 2026
126.96.36.199. Market size and projections, by indication, 2016 – 2026
188.8.131.52. Market size and projections, by indication, 2016 – 2026
184.108.40.206. Market size and projections, by indication, 2016 – 2026
5.3.6. Rest of the Europe
220.127.116.11. Market size and projections, by indication, 2016 – 2026
5.4. Asia Pacific
5.4.1. Market size and projections, 2016 – 2026
5.4.2. Market size and projections, by indication, 2016 – 2026
18.104.22.168. Market size and projections, by indication, 2016 – 2026
5.4.4. New Zealand
22.214.171.124. Market size and projections, by indication, 2016 – 2026
5.5. Latin America
5.5.1. Market size and projections, 2016 – 2026
5.5.2. Market size and projections, by indication, 2016 – 2026
126.96.36.199. Market size and projections, by indication, 2016 – 2026
188.8.131.52. Market size and projections, by indication, 2016 – 2026
5.5.5. Rest of Latin America
184.108.40.206. Market size and projections, by indication, 2016 – 2026
5.6. Middle East & Africa
5.6.1. Market size and projections, 2016 – 2026
5.6.2. Market size and projections, by indication, 2016 – 2026
Chapter 6. Company Profiles
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code – Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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