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Medical Marijuana Market| Share Analysis, Market Value, Size Estimation, Future Trends and Industry Insights 2023

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celina redden

Medical Marijuana Market: Information by Product Type (Solid, Gas and Dissolvable/Powders), Application (Alzheimer’s Disease, Cancer, Schizophrenia and Multiple Sclerosis), Distribution Channel (Retail & Pharmacy Stores, Online Platforms) and Region - Forecast till 2023
Industry Synopsis:

Global Medical Marijuana Market is forecasted to expand remarkably at a CAGR of over 35.4% during the forecast period of 2018-2023. Medical marijuana or medical cannabis is the unprocessed marijuana plant or its extracts that are used to treat the symptoms of various diseases and other medical conditions.

Marijuana consists of chemical components cannabinoids,  which can be used as medicine to treat the symptoms caused by illness. Medical marijuana plant or extract of the plant is used for the treatment. The increasing number of chronic diseases, rising acceptance of medical marijuana in healthcare and increasing research and development activities are the major factors driving the growth of the global medical marijuana market. Additionally, increasing U.S. Food and Drug Administration (FDA) approvals for drugs containing cannabinoids are contributing to the growth of the market. For instance, in June 2018, U.S. Food and Drug Administration (FDA) has approved Epidiolex (cannabidiol) [CBD] oral solution for the treatment of epilepsy.

The stringent regulatory environment for product approval, increasing use of marijuana for recreational use and side effects caused by long-term use of

marijuana are likely to hinder market growth during the forecast period.

Market Players

Market Research Future (MRFR) recognizes Canopy Growth Corporation (US), Cannabis Sativa Inc (Nevada), GW Pharmaceuticals Plc (US), Emerald Health Therapeutics Inc. (Victoria, BC), Tilray (Nanaimo, BC), Aphria (Ontario), CanniMed Ltd (Canada), Cara Therapeutics (US), Pfizer Inc. (US), Medical Marijuana Inc(US), GBSciences Inc.( Nevada) and MediPharm Labs(US).as the key players in the global medical marijuana market

Segmentation:

The global medical marijuana market has been segmented on the basis of application, route of administration and distribution channel.

On the basis of application, the market has been classified as Alzheimer’s disease, cancer, mental health conditions, multiple sclerosis, muscle spasms, glaucoma, and human immunodeficiency virus, acquired immunodeficiency syndrome (HIV/AIDS). Mental health conditions are differentiated into schizophrenia and posttraumatic stress disorder (PTSD).

The route of administration segment has been further divided into oral, topical, inhalation and sublingual. The topical segment has been classified into ointments, lotions, creams, gels, and poultice.

The market, by distribution channel, has been segmented into dispensaries and online platforms.

Industry Updates:

In January 2019, it has been announced by the Arkansans Department of Health that the patients who are approved for purchasing medical; marijuana will receive patient cards by February 2019.

In January 2019, it has been announced that within next few days residents in Ohio will be able to purchase marijuana for medical purposes.

In January 2019, Trulieve, Florida's largest and first medical marijuana provider, has signed a deal to bring high-end edible marijuana products to Florida and will soon be made available for the registered medical marijuana patients in the form of cannabis chocolates, granola bars, honey, fruit leather, olive oil and more.

Regional Analysis

Geographically, the global medical marijuana market has been segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa. As per MRFR analysis, the Americas was the largest market for medical marijuana in 2017 and is expected to remain dominant during the review period. Europe accounted for a significant market share and is projected to be the second-largest market during the forecast period. Major factors influencing the growth of the market increasing demand for marijuana-based medicines for the treatment of chronic diseases such as Alzheimer, Cancer, and respiratory problems. The Asia-Pacific medical marijuana market is one of the fastest growing regions across the globe.

Browse Complete 85 Pages Premium Research Report Enabled with Respective 30+ Tables and Figures at https://www.marketresearchfuture.com/reports/medical-marijuana-market-6470

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR

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