Nov 27, 2019 (AB Digital via COMTEX) -- Medical Marijuana Market - Synopsis:
Global Medical Marijuana Market is forecasted to expand remarkably at a CAGR of over 35.4% during the forecast period of 2018-2023. Medical marijuana or medical cannabis is the unprocessed marijuana plant or its extracts that are used to treat the symptoms of various diseases and other medical conditions.
Rise in prevalence of chronic diseases and increased legalization activities for the use of marijuana for medical purposes are majorly contributing to the remarkable expansion of the global medical marijuana market during the assessment period.
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Extensive research and development in the pharmaceutical industry and rise in acceptance of marijuana owing to the increased awareness regarding its health benefits are also propelling the growth of the global medical marijuana market.
However, legal issues related to the production and consumption of marijuana are likely to act as restraining factors on the expansion of the growth of the global medical marijuana market during the forecast period.
The global market for medical marijuana has been segmented on the basis of application, route of administration, and distribution channel. Based on application, the medical marijuana market has been segmented into Alzheimer’s disease, cancer, mental health conditions, muscle spasms, multiple sclerosis, glaucoma, and human immunodeficiency virus/ acquired immunodeficiency syndrome (HIV/AIDS). Mental health conditions segment has been sub-segmented into schizophrenia and posttraumatic stress disorder (PTSD). Based on route of administration, the global medical marijuana market has been segmented into oral, topical, inhalation and sublingual. The topical segment has been sub-segmented into ointments, lotions, creams, gels, and poultice. Based on distribution channel, the global medical marijuana market has been segmented into dispensaries and online platforms.
Geographically, the global medical marijuana market has been segmented into four major regions such as the Americas, Asia Pacific, Europe, and the Middle East and Africa. Among these, the Americas are forecasted to dominate the global medical marijuana market. High prevalence of individuals suffering from cancer, legalization of marijuana for medicinal as well as recreational purposes in various parts of this region and increased acceptance of marijuana in different forms in the healthcare sector are propelling the expansion of the medical marijuana market in this region. Increased research and development activities in the healthcare sector in order to discover multiple medicinal uses of marijuana and favorable government policies for using marijuana for medical purposes are fueling the expansion of the medical marijuana market in the Europe region. Large-scale production of marijuana on higher altitudes and rising government funding for the development of the healthcare sector in the developing economies are leading to the fastest growth of the medical marijuana market in the Asia Pacific region. Lack of awareness and poor economic conditions in the underdeveloped countries are leading to the slow growth of medical marijuana market in the Middle East and Africa region.
In January 2019, it has been announced by the Arkansans Department of Health that the patients who are approved for purchasing medical; marijuana will receive patient cards by February 2019.
In January 2019, it has been announced that within next few days residents in Ohio will be able to purchase marijuana for medical purposes.In January 2019, Trulieve, Florida's largest and first medical marijuana provider, has signed a deal to bring high-end edible marijuana products to Florida and will soon be made available for the registered medical marijuana patients in the form of cannabis chocolates, granola bars, honey, fruit leather, olive oil and more.
The key players profiled by MRFR that are operating in the global medical marijuana market are Canopy Growth, Aurora Cannabis, Inc., Cannabis Sativa, Inc, GW Pharmaceuticals plc, United Cannabis, MGC Pharma, Aphria, Inc., Tilray, Emerald Health Therapeutics [Canada] Inc., GBSciences, Inc., CanniMed Ltd., Medical Marijuana, Inc, Cara Therapeutics, and Greengro Technologies.
Brief Table of Contents:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study