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Global Medical Marijuana Market Projected to Reach USD 27,988 Million by 2026

08-Jun-2021 | Facts and Factors

According to Facts and Factors, the global medical marijuana market was estimated to be worth USD 9,188 Million in 2020 and is expected to be worth USD 27,988 Million by the end of 2026, with a CAGR of about 20% between 2021 and 2026.

Medical marijuana, commonly known as medical cannabis, is a specific type of cannabis plant and its derivatives supply chains that have been used to treat a variety of conditions and diseases, particularly chronic pain and nausea. It's administered for a variety of health conditions, including pain management and epilepsy, among others. Various efforts are underway in Central Asia & the Middle East to legalize and regulate the use of certain medical marijuana in multiple regions. Medicinal marijuana, often known as medical marijuana, is a herbal supplement medication derived from Cannabis plants that are being used to treat a specific symptom or ailment. Although the term cannabis refers to the plant genus, it is also used to refer to the crude narcotic extracted from the plants' leaves and flowers, which is known as marijuana. Several pharmaceutical medications based on cannabis have been made accessible for medical use in a purified and standardized form. Patients must have a diagnosed sickness that is on their state's list of permitted ailments, as well as a medical referral from their doctor, to be eligible for medical marijuana for medicinal or therapeutic purposes. After that, the patient can apply for a medical marijuana card, which allows them to shop at dispensaries for medical marijuana and related items.

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The rising use of cannabis in cosmetics can be viewed as a market driver for medical cannabis. The medicinal cannabis market may benefit from novel product development and increasing R & D initiatives. The emergence of the illegal market for marijuana poses a threat to the medicinal cannabis industry. Throughout the forecast period, these factors are expected to enhance the market. The growing acceptance of cannabis in several countries is a major driver of industry expansion. Pharmaceutical businesses are expected to benefit from the growing acceptance of marijuana for medical uses in numerous countries, which is expected to strengthen the market throughout the forecast period. Marijuana's ability to relieve nausea, chronic pain, and sleep problems is projected to increase demand for medical marijuana, boosting the medical industry's growth in the future years. Furthermore, the rise of the cannabis sector to combat cancer is expected to increase demand for herbal leaves, which will help to boost the business shortly. Medicinal hemp is used to treat cancer and neurological disorders like depression, panic attacks, Alzheimer's disease, and Parkinson's disease. The high prevalence of cancer is seen as a crucial factor in marijuana acceptance. Marijuana's widespread acceptance in this way will have economic and cultural repercussions in the countries where it is allowed.

In the future years, the expanding endorsement and approval of medical marijuana in numerous nations are likely to create profitable business prospects. As people become more aware of the benefits, demand is expected to rise, opening up a slew of new potential for the business to grow.

Top Market Players

Major players operative in the medical marijuana market is Tilray, Elixinol Global Limited, Medical Marijuana Inc., Extractas, Peace Naturals Project Inc., BOL Pharma, PharmaHemp, Kiehl’s, Vermont Hemp Health, Discover Health LLC, ENDOCA, Pacific roots, CANOPY GROWTH CORPORATION, Aurora Cannabis, GW Pharmaceuticals plc., Harmony, Pure Ratios, MARY’s nutritionals, Bioactive Solutions, Inc., Upstate Elevator Supply Co., FOLIUM BIOSCIENCES, EcoGen Biosciences, Althea Company Pty Ltd, Apothecanna, Zenabis Global Ltd, Cresco Labs, IDT Australia, MEDIFARM, Greenwich Biosciences, Inc., MediPharm Labs Inc., THC Global Group Limited, Seed Cellar, CANNABIS SEEDS USA, HUMBOLDT SEED COMPANY, Crop King Seeds, BARNEY'S FARM, and Aphria Inc, among others.

MediPharm Labs Inc. got the Cannabis Drug License in February 2021. This was a significant milestone since MediPharm Labs would now be permitted to manufacture and distribute medications that contain cannabis. This will contribute to the market's growth in the following years. The company's protein estimation portfolio has grown with the introduction of this new product. Market players are enhancing their firm market in the medical cannabis market by collaboration, joint ventures, and other tactics, which benefits organizations by allowing them to strengthen their offering for the medical cannabis market.

Market Dynamics

Medical cannabis has seen rapid adoption for pain management applications, and this trend is expected to continue. Cannabinoids were proved to have greater pain-relieving potential than opioids, indicating an increase in their use for chronic pain therapy. Due to the various adverse effects of opioids, medical cannabis is being used to substitute them in pain management applications. The rising prevalence of chronic pain is fueling a surge in demand for medical marijuana, which is driving up market income. Furthermore, the world's aging population, as well as a surge in marijuana use in medical clubs in various countries, likely to move the global market forward. These are some of the variables that are likely to boost the target market's revenue growth.

North America is projected to Dominate Global Medical Marijuana Market Growth

In the year 2020, North America was in command of the worldwide marijuana industry. The increased prevalence of diseases like Alzheimer's and Crohn's disease has also boosted medicinal marijuana sales in the region. Furthermore, multiple dispensary chains are thought to be involved in the transportation of medical marijuana between states to ensure continuous availability, resulting in an adequate supply of medical marijuana and driving demand. A similar pattern is expected to continue during the projected period, with the North American industry expected to increase at a high rate. Major corporations' increased efforts in research and development, as well as their acquisition operations for company development, are expected to help the medical marijuana market expand and meet demand in North America.

Browse the full report “Medical Marijuana Market By Application (Pain Management {Neuropathic Pain, Cancer Pain}, Muscle Spasms, Nausea, Anorexia, Seizures), By Route Of Administration (Inhalation, Oral, Topical), By Distribution Channel (Dispensaries, Online): Global & Regional Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecasts, 2021 - 2026” report at https://www.fnfresearch.com/medical-marijuana-market.

The global medical marijuana market is segmented as follows:

By Application:

  • Pain Management
  • Neuropathic Pain
  • Cancer Pain
  • Others
  • Muscle Spasms
  • Nausea
  • Anorexia
  • Seizures
  • Others

By Route of Administration:

  • Inhalation
  • Oral
  • Topical

By Distribution Channel:

  • Dispensaries
  • Online

By Region:

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • Italy
  • France
  • Spain
  • UK
  • The Netherland
  • Denmark
  • Ireland
  • Latin America
  • Argentina
  • Brazil
  • Chile
  • Colombia
  • Mexico
  • Rest of the World
  • Australia
  • Israel

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