Over the last decade or so, marijuana has been a key research subject for medical scientists, academicians, and researchers across the globe. The research centers on understanding the various therapeutics benefits that marijuana offers. There have been positive steps taken by law enforcement agencies and healthcare facilities to legalize the production and the sale of marijuana for medical requirements.
Medical marijuana refers to the use of cannabis specifically for treating certain health conditions. It boasts the ability to increase the appetites of cancer patients that are undergoing chemotherapy sessions, it strikingly reduces pain relief, and also has other ailments to its name as well. The medical marijuana consists of a chemical component that is known as cannabinoids. The cannabinoids possess various medicinal properties that can be leveraged and used to treat various illness and symptoms.
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The global Medical Marijuana market is projected to experience a stunning growth phase during the forecast period with an impressive CAGR of 34.5%. The vast pool of therapeutic applications of marijuana, rising acceptance of the plant as a medicine, its increasing legalization, and rising prevalence of chronic diseases are all likely to contribute to the market growth of medical marijuana. Additionally, an increasing number of R&D activities on cannabinoid, funded by private and government entities, are also contributing to its global market growth.
On the contrary, the stringent policies of the government, the time-consuming approval process in relation to the use of medical marijuana, and rising recreational and negative usage of marijuana can significantly hamper its expected market growth during the assessment period of 2018 to 2023.
Some of the most prominent players in the global medical marijuana market are MGC Pharma, CanniMed Ltd., Canopy Growth, Cannabis Sativa, Inc, Cara Therapeutics, Emerald Health Therapeutics [Canada] Inc, Aurora Cannabis, Inc., United Cannabis, Medical Marijuana, Inc, GW Pharmaceuticals plc, Tilray, Greengro Technologies., Aphria, Inc., and GBSciences, Inc.
On Feb 15th 2019, Intermountain Healthcare, the largest healthcare provider of Utah, gave its physicians the green signal in recommending medical marijuana to relevant patients. This comes off as a major news in the growing acceptance of marijuana in the medical field.
On Jan 16th 2019, it was revealed that Flying Dog Brewery will join hands with Green Leaf Medical to release Maryland’s first THC-infused Cannabis beer this year. The beer will provide medical cannabis patients in Maryland with therapeutic cannabinoids without them having to opt for alternatives like smoking or vaping cannabis.
The medical marijuana market is segmented as per application, distribution channel, and the route of administration.
By application, the market includes cancer, mental health conditions, Alzheimer’s disease, glaucoma, multiple sclerosis, mental health conditions, human immunodeficiency virus, muscle spasms, and acquired immunodeficiency syndrome (HIV/AIDS). The mental health conditions segment narrows down into posttraumatic stress disorder (PTSD) and schizophrenia.
By distribution channel, the market includes online platforms and dispensaries.
By route of administration, the market topical, inhalation, oral, and sublingual. The topical segments poultice, lotions, ointments, creams, and gels.
The medical marijuana market is geographically segmented into Europe, Asia-Pacific, the Americas, and the Middle East & Africa.
The rising prevalence of cancer affected individuals, the increasing adoption and acceptance of marijuana in the healthcare sectors, and the rising expenses for research and development purposes are some of the major factors that have placed Americas as the largest market shareholders. The region is expected to continue on its dominance during the forecast period as well.
The European market holds the second-largest market share of medical marijuana. This market standing can be attributed to the rising support from the government and favorable policies linked with the use of medical marijuana. The growing legalization of marijuana in some of the countries in Europe is another key factor driving the growth of this market herein.
Asia-Pacific is believed to be the fastest-growing market of medical marijuana during the assessment period of 2018 to 2023. This is mainly due to the rising investments in healthcare, prevalence of chronic diseases and disorders, a growing number of cancer patients, and more research and development activities related to the treatment of cancer. The Middle East & Africa market holds the smallest market share owing to the underdeveloped healthcare industry, poor medical facilities, and lack of awareness and technical knowledge.
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