Nov 27, 2019 (Heraldkeepers) -- The Report Presents a Detailed Analysis of the Global Medical Cannabis Market by Providing Readers with a Comprehensive Overview of the Market's Historical Trajectory. The Leading Drivers and Restraints Affecting the Global Veterinary Surgical Instruments Market are Assessed in Detail in the Report.
The Utah Department of Health, a agency in the state of Utah, U.S., has started calling applicants to function pharmacies dedicated to medical marijuana in the state. The department will provide licenses to 14 pharmacies. The application of pharmacies will be thoroughly evaluated based on the criteria under the Medical Cannabis Act and request for proposals. The County Commission of Utah has also designated certain industrial and residential zone to be for cannabis production.
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The medical cannabis market is projected to reach a valuation of USD 52.35 billion and attain a CAGR of 15.4% during the forecast period (2019-2025).
Marijuana, also known as cannabis, is a shrub that contains a chemical known as cannabis and has healing properties. This plant is used by various pharmaceutical companies as raw material to produce medicines for various therapeutic applications. The permitted use of cannabis for wellness and medical purposes is increasing, but varies by region, depending on the possession, distribution, culture and medical indications for its use.
The sturdy progress of the global medical marijuana market is due to several factors, such as the increased use of marijuana, the growing prevalence of chronic diseases and other medical conditions, the increasing legalization of medical marijuana in different countries, increased research and development on cannabinoids. However, the increasing use of illegal cannabis is likely to slow the growth of the global medical cannabis market.
The global medical cannabis market is supported by various marijuana production and processing companies with their deep research affiliated to the reap out maximum benefits out of the plant in terms of medical applications. Some of these key players are Tilray, Cannabis Sativa Inc., GW Pharmaceuticals PLC, Aphria, Inc, Canopy Growth Corporation, CanniMed Ltd, United Cannabis, Aurora Cannabis, MediPharm Labs, Medical Marijuana, Inc., GBSciences Inc, and Maricann Inc.
The global medical cannabis market is bifurcated by product form, by-product, application, and end-user.
The market, based on product form, is divided into powders, solids, ointments and creams, oils, and others. The powder segment is predicted to grow rapidly during the evaluation period as the powder dissolves easily in any liquid; this greatly increases the chances of patients consuming their marijuana products for medicinal purposes. Thus, the easy consumption of powdered products will considerably stimulate market growth.
The global market for medical cannabis is divided into cannabidiol (CBD) and tetrahydrocannabinol (THC) based on their derivatives. The cannabidiol (CBD) segment is expected to dominate most of the market as it is mainly used to treat pain and various other medical conditions.
The global medical cannabis market is classified depending on its applications in arthritis, cancer, Alzheimer’s disease, schizophrenia, and others. Alzheimer’s disease is anticipated to lead the market, with about 5.7 million Americans of all ages living with Alzheimer’s disease and dementia.
Based on the distribution channels, the global medical cannabis market is bifurcated into retail pharmacies, online stores, and others. The retail pharmacy segment is expected to have the largest market share, with most retailers and pharmacies supplying cannabis worldwide.
As the global medical cannabis market is emerging swiftly in various developed nations with well-defined regulations for marijuana production and distribution, the Americas leads the global market and is anticipated to sustain its dominance in the during the forecast period.