Nov 28, 2021 (AmericaNewsHour) -- The market is anticipated to witness a significant CAGR during the forecast period, i.e. 2020-2028. The growth can be witnessed concerning the increasing use of the medical marijuana by chronic pain and disease sufferers and by the medical institutions for therapies. The market for medical marijuana is segmented by end- user, by product, by application, and by region. On the basis of end user, the market is segmented into hospitals, clinics and others, and the segment for hospitals is anticipated to hold the leading market share as these institutions use the medicine to treat chronic diseases.
Research Nester published a report titled "Medical Marijuana Market: Global Demand Analysis & Opportunity Outlook 2028" which delivers a detailed overview of the medical marijuana market in terms of market segmentation by end- user, by product, by application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter's five force model.
Medical marijuana or cannabis is a drug that is used in the treatment of chronic pain and diseases such as cancer, arthritis, cachexia, and several others. Marijuana is a recreational drug and has elements that have mind-altering effects on the individuals who use it. The drug is not freely available since it can be addictive and harmful if mishandled.
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On the basis of region-wise analysis, the medical marijuana market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The regional market holding the maximum share of the medical marijuana is the market in North America, as it is legalized in some parts of this region.
Rising Chronic Pain Sufferers and Boosting Demand for Therapies to Result in Expansion of the Medical Marijuana Market
Increasing cases of chronic pain and number of patients are expected to result in the increased use of medical marijuana to get rid of pain and for therapies by the medical institutions. According to WHO, cancer was the second major disease that caused deaths globally in 2018. Further, the medical marijuana has been legalized in various parts of North America and Europe which will result in increased use of the drug. Medical marijuana is anticipated to be widely accepted as there are many therapeutic benefits of the drug. On the contrary, medical marijuana market is estimated to face restraints as well. The drug is not legalized worldwide, which hinders the market growth. Moreover, the laws are strong in respect to the usage of the drug since mishandling can lead to repercussions. Using the drug without doctor's advice can lead to addictions and other symptoms that can be harmful. Therefore, the market growth may experience the negative impact.
"The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market)."
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This report also provides the existing competitive scenario of some of the key players of the medical marijuana market which includes company profiling of Aphria Inc. , Canopy Growth Corp. /zigman2/quotes/202205609/delayed CA:WEED -3.17% , Tilray Inc. /zigman2/quotes/209129655/composite TLRY -2.20% , GW Pharmaceuticals plc , Aurora Cannabis Inc. /zigman2/quotes/203734337/delayed CA:ACB -5.73% , Maricann Group Inc.- Wayland Group Corp. (otcmkts:MRRCF), Lexaria Bioscience Corp. (otcmkts:LXRP), Tikun Olam Ltd., and United Cannabis Corp. (otcmkts:CNABQ). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the medical marijuana market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market- centric strategies according to the ongoing and expected trends in the future.
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