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
Market Analysis
Market
Research Future estimated that the global Medical
Marijuana Market is poised to reach the CAGR of 34.0% and the valuation of
USD 54, 677.1 million by 2023.
·
Marijuana
is a plant with a chemical "cannabis" that has medical properties.
This plant is used by various pharmaceutical companies as raw material for the
production of medicines for various therapeutic applications.
·
Marijuana
plant extracts are used to treat the disease and various disorders caused by
the disease, such as central nervous system, cancer, Alzheimer's disease and
are also used in antiaging products.
·
The
increasing prevalence of chronic diseases, the increasing number of therapeutic
uses of the cannabis plant, the increasing acceptance of marijuana for medical
treatment in many countries and the increased release of cannabis are expected
to stimulate market growth.
·
Factors
such as detailed approval procedures, stringent government policies, and the
increasing illegal use of cannabis could hinder market growth over the forecast
period.
Doctors prescribing medical marijuana to treat muscle spasms
caused by weight loss, chronic illness, multiple sclerosis, poor appetite,
nausea, and, caused by, such as HIV, Crohn's disease and nerve pain. Thus, with
the expanding applications, there is an immense growth prospects for marijuana
for medicinal purposes.
Market Segmentation
The
global market for medical marijuana is divided into product type, application
and distribution channel.
·
Based on
product type, the market is segmented into, solids / powders, oil and ointments
and creams. The soluble / powders segment is expected to dominate the market
and show significant compound annual growth of $ 22,648.8 million by the end of
2023. Due to the accessibility and ease of use of the disks, demand for this
segment.
·
The
global market for medical marijuana is, by application, segmented into
schizophrenia, Alzheimer's disease, cancer, and multiple sclerosis.
·
Based on
the distributon channel, the market is segmented into stores and pharmacies,
online platforms, and so on.
Browse Complete Report : https://www.marketresearchfuture.com/reports/medical-marijuana-market-6470
Market Segmentation
·
Geographically,
the global market for medical marijuana is segmented in North America, Europe,
Asia Pacific, the Middle East, and Africa.
·
The
Americas were the largest medical marijuana market in 2017 and are expected to
remain dominant during the evaluation period.
·
Europe
represented a significant market share and is expected to be the second largest
market during the forecast period. Key factors that influence market growth are
growing demand for cannabis-based medicines for the treatment of chronic
diseases such as Alzheimer's, cancer and respiratory problems.
·
The Asia
Pacific medical marijuana market is one of the fastest growing regions in the
global market.
Market Players
The
players involved in the functioning of the global medical marijuana market
include Canopy Growth Corporation, Cannabis Sativa Inc, GW Pharmaceuticals Plc,
Emerald Health Therapeutics Inc, Tilray, Aphria, CanniMed Ltd, Cara
Therapeutics, Pfizer Inc., Medical Marijuana Inc, GBSciences Inc. and MediPharm
Labs. Legalization of cannabis is estimated to provide a clear picture for the
manufacturers in untapped markets as adoption of marijuana is at sluggish rate
and is anticipated to take pace in terms of use of marijuana for medical and
health recreation purpose in developing regions. Manufacturers are also focusing
on the diversification of marijuana application through personal care products
in the form of oils and other forms.
Recent Updates
-
CT
Pharmaceutical Solutions and Yale University School of Medicine investigate
medical marijuana for PTSD and pain. The researchers are working to rectify the
possibilities of medical marijuana effectiveness in the case of PTSD and pain
reliever. The team also comprised the involved the appropriate dosage and
opioid substitute.
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