Pune, India, June 10, 2019 (GLOBE NEWSWIRE) -- According to the report offered by Market Research Future (MRFR), the global medical marijuana market is projected to witness boom expanding at a CAGR of 34% during the forecast period 2018 to 2023. The assessment suggests that the market is expected to reach a valuation of USD 54,677.1 Mn by 2023. One of the primary factors supporting the rapid development of the market is the favorable laws being implemented in support of the usage of marijuana in the pharmaceutical industry. Case to the point is, considering the effectiveness of cannabis-based medicines, most of the European nations have legalized the use of these drugs for medicinal purposes.
The growth of the pharmaceutical industry is prognosticated to reflect on the growth pattern of the medical marijuana market in the foreseeable future. Extensive research & development, in conjunction with the inflow of investments, in the pharmaceutical industry for the development of new drugs is anticipated to act as a growth catalyst for the market. Marijuana is currently being used in the treatment of chronic diseases such as schizophrenia, cancer, etc. The increasing burden of these diseases is expected to expedite the expansion of the medical marijuana market over the next few years. Also, it is projected to pave its way across the diagnosis of more diseases in the nearby future, thus, boosting the revenue growth of the medical marijuana market.
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The future trajectory of the medical marijuana market is expected to remain lucrative over the next couple of years. Governments are likely to invest in the industry for capitalizing on its growth potential. For instance, Israel is banking upon medical marijuana as its next big industry. However, the nation still holds the ban on the product for recreational purposes. On the contrary, factors such as complex approval procedures, rising illegal use of marijuana, etc. can pose challenges to market players.
Key Players:
The prominent players participating in the share analysis of the global medical marijuana market are Cannabis Sativa Inc (Nevada), Canopy Growth Corporation (US), GW Pharmaceuticals Plc (US), Tilray (Nanaimo, BC), Emerald Health Therapeutics Inc. (Victoria, BC), Aphria (Ontario), Cara Therapeutics (US), CanniMed Ltd (Canada), Pfizer Inc. (US), GBSciences Inc. (Nevada), Medical Marijuana Inc (US), and MediPharm Labs (US).
Market Segmentation:
This MRFR report covers an exhaustive segmental analysis of the medical marijuana market based on product type, application, and distribution channel. By product type, the market is segmented into solids, dissolvable/powders, oil, and ointments & creams.
The global medical marijuana market, by application, has been segmented into Alzheimer’s disease, cancer, schizophrenia, and multiple sclerosis.
Based on distribution channel, the medical marijuana market has been segmented into retail & pharmacy stores, online platforms, and others.
Asia Pacific likely to exhibit a steeper rise in the growth curve
The regional analysis of the global medical marijuana market spans across four regions, namely Europe, Americas, Asia Pacific, and the Middle East and Africa (MEA). Americas held the largest share of the market in 2017. It is anticipated to retain its dominant share of the global market in the years to come owing to increased consumption in treating Alzheimer disease. In addition, the rising prevalence of cancer is another important factor responsible for the development of the regional market across the review period.
Browse the market data and information spread across 116 pages with 88 data tables and 14 figures of the report “Medical Marijuana Market- Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/medical-marijuana-market-6470
Europe is expected to account for the second-largest market share in the forthcoming years. Legalization of therapeutic cannabis for pharmaceutical use is likely to catapult the regional medical marijuana market on upward trajectory. On the other hand, Asia Pacific is projected to exhibit a comparatively higher CAGR across the forecast period.
Latest Industry News:
- An arm of ECH Group, Astral Health that invests in the cannabis industry has partnered with London-based drugs wholesaler Miller & Miller for the distribution of high-quality medical-grade cannabis in the UK and Europe.
- Transportation Security Administration (TSA) has granted permission to FDA-approved pediatric epilepsy drug infused with cannabis on flights.
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