New York, USA, Dec. 28, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global medical marijuana market is anticipated to generate a revenue of $33,211.7 million and grow at a healthy CAGR of 27.4% over the forecast analysis timeframe from 2019-2026.
As per our analysts, with the increasing growth in the legalization of cannabis globally along with the rising demand for pain management, the market is expected to witness significant growth during the analysis period. Besides, the increasing number of economies allowing the utilization of marijuana products for therapeutic applications such as treating HIV patients, pain management during cancer treatment, and many more are predicted to bolster the growth of the medical marijuana market over the forecast period. Moreover, the increasing agricultural crisis coupled with the softening testing and sanctions for marijuana is worldwide, is expected to create major growth opportunities during the forecast period. However, the lack of safety information and inadequate information about cannabis in developing economies may hinder the growth of the market throughout the analysis timeframe.
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Segments of the Market
The report has been divided the medical marijuana market into segments based on application, route of administration, distribution channel, and region.
Application: Pain Management Sub-Segment to be Most Profitable
The pain management sub-segment is projected to garner a revenue of $13,882.5 million during the estimated timeframe. This is mainly due to the rising requirement of pain management globally. The increasing cancer pain and bewildering patient problems confronted by therapists are the major factors predicted to foster the growth of the medical marijuana market sub-segment during the forecast period.
Route of Administration: Inhalation Sub-Segment to be Most Productive
The inhalation sub-segment of the medical marijuana market is expected to garner $23,082.2 million in revenue over the forecast timeframe. This is mainly because the benefits of inhalation contain less poisonous emissions. Furthermore, the increasing treatments of asthma which are cured by cannabis with the help of an inhaler are predicted to upsurge the growth of the market sub-segment over the analysis period.
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Distribution Channel: Dispensaries Sub-Segment to be Most Lucrative
The dispensaries sub-segment is predicted to generate a revenue of $24,443.8 million during the forecast timeframe. This is mainly because of the cutting-down of the penalties by the jurisdictions of the various nations for cannabis users along with the dispensation for the supply of the drug. Furthermore, the increasing scale of marijuana legalization policies all across the globe is expected to uplift the growth of the medical marijuana market sub-segment during the analysis timeframe.
Region: North America Region to Have Expansive Growth Opportunities
The North America region is expected to generate a revenue of $10,627.8 million over the estimated timeframe. This is majorly due to the rapid legalization of marijuana on the federal level by the House of Judiciary Committee. The increasing awareness programs of the utilization of marijuana for good public health by the U.S. government is predicted to amplify the regional growth of the market during the forecast period.
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Key Players of the Market
The major players of the medical marijuana market include
- Cannabis Sativa Inc.
- Green Relief Inc.
- Aphria, Inc.
- Emerald Health Therapeutics
- Canopy Growth Corporation
- GW Pharmaceuticals
- Aurora Cannabis, Inc.
- Insys Therapeutics, Inc.
- ABcann Medicinals, Inc.
- mCig, and many more.
These players are broadly working on the development of new business strategies and tactics to gain the leading positions in the global industry.
For instance, in January 2019, Aphria Inc., a leading international producer, and distributor of medicinal and recreational cannabis, has acquired CC Pharma, a renowned German-based company. With this acquisition, Aphria Inc. is willing to expand its market presence and enhance its revenue by providing a wide distribution chain of medical marijuana globally.
In addition, the report also presents other crucial aspects such as the financial performance of the key players, the latest strategic developments, SWOT analysis, and product portfolio.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
Related Article Links:
- Global Medical Marijuana Market to Witness a Progressive Growth in the Near Future
- How Medical Marijuana is Proving Beneficial for Health
