Medical Marijuana Market by Application, by Distribution Channel, by Route of Administration and Geography– Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019 – 2026
Global Medical Marijuana Market is estimated to reach USD 23.5 billion by 2024, registering a CAGR of 25% during the forecast period 2020-2026. Use of marijuana in treatment of arthritis, effectiveness in treatment for neuropathic pain, growing demand for medical marijuana legalization and production of edible products with cannabis are driving the market growth.
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The market size reveals a high growth as there is a booming demand for marijuana for therapeutic applications. Rise in prevalence of dreaded diseases is likely to trigger the market growth in the forecast period.
Medical Marijuana Market Trends, Drivers and Opportunities:
Marijuana more commonly called as medical cannabis is enabling a high industry growth as there have been substantial investments by the pharmaceutical companies in the development of cannabis products and devices. The plant contains around 800 chemicals that can be used for various medicinal purposes. Health conscious consumers with access to these products are now enjoying its benefits. With the legalization of marijuana, physicians are now interestingly employing cannabis for understanding the potency of treatments. For instance, with the legalization of cannabis in the U.S. it has minimized the dependency on opiods and description drugs.
In Europe, cannabis is an illegal drug which mainly attracts a polarized debate between public and politicians. However, with the rising interest, it now addresses some complex issues leading in modifying the stringent policies for medical use of marijuana.
Rise in use of marijuana for therapeutic purpose owing to rise in medical conditions in the geriatric population. In addition, the market witness an increasing potential of marijuana throughout the forecast period. In addition, several countries have legalized the use of marijuana for medical purpose to treat chronic diseases and passed laws that strengthens its purpose.