Medical Marijuana Market Size, Trends and Growth Insights By Product Type (Solid, Gas and Dissolvable/Powders), By Application (Alzheimer’s Disease, Cancer, Schizophrenia and Multiple Sclerosis), By Distribution Channel (Retail & Pharmacy Stores, Online Platforms) - Forecast till 2023
Medical Marijuana Market Outlook
The Medical marijuana market size is anticipated to grow at a CAGR of 34% during the forecast period. The widespread efforts to achieve legalization in several regions are estimated to gain significant progress in the coming years, thereby promoting medical marijuana legalization in the forecast period. The progress in establishing proper storefronts to dispense marijuana responsibly is assessed to offer marijuana companies with more options for developments in the upcoming period.
As per the medical marijuana market research report, the global market for medical marijuana is projected to grow swiftly by USD 54,677 million by 2023. According to analysts, increasing awareness about the benefits of medical marijuana as well as the increasing legalization of marijuana will drive the market growth during the forecast period.
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Since the COVID-19 outbreak, the pandemic has shown no sign of stopping and a vaccine development is expected to take a long time. The efforts by government to try out drugs available in the market have prompted bulk purchases to curb the COVID-19 impact. The lockdown imposed for controlling the spread of the novel coronavirus has also dealt a significant blow on the global economy and the market, with manufacturing units closing down and workforce reduced to small numbers.
The medical marijuana market research report offers a comprehensive analysis of the global medical marijuana market and its distribution channel, product type, and application segments. The imposition of stringent rules along with side effects are the elements that could influence the medical marijuana market advancement throughout the forecast period. The medical marijuana market research report by expert analysts is developed to assist organizations in the medical marijuana market.
Medical Marijuana Market Segmentation
The global medical marijuana market has been segmented based on distribution channel, product type, and application. On the basis of the distribution channel, the market for medical marijuana is segmented based on retail & pharmacy stores, online platforms. Additionally, the market on the basis of product type, is segmented into cancer, multiple sclerosis, schizophrenia, and Alzheimer’s disease. The global market for medical marijuana is also covered based on the application segment which is further split into solid, gas and dissolvable/powders.
Major elements such as the usage of marijuana for recreational purposes could obstruct the medical marijuana market growth. However, according to the medical marijuana market research report, the expansion of the cannabis industry to prevent cancer along with several health benefits will propel growth throughout the forecast period. The medical marijuana market is set to register growth at a high CAGR owing to these key factors. The exploration of distribution channel, product type, and application segments along with regional markets has been given in the global medical marijuana market research report. The research analysts studying the medical marijuana market have put out market forecasts in the medical marijuana market research report in order to support medical marijuana market-based companies. The medical marijuana market research report provides an extensive understanding of the medical marijuana market based on the information and forecasts till 2023.
Medical Marijuana Market Competitive Landscape
The increasing awareness about the benefits is presumed to drive the medical marijuana market growth worldwide. The global medical marijuana market could be challenged by stringent approval procedures, nevertheless, organizations in the medical marijuana market will carry the growth rate forward. The medical marijuana market research report presents company profiles of major companies active in the medical marijuana market globally.
Furthermore, the global medical marijuana market report offers an all-inclusive analysis of the market collected from the medical marijuana market’s primary and secondary sources covering both decision makers and thought leaders. The medical marijuana market research report highlights such key areas assisting businesses operating in the medical marijuana market to build better growth strategies.
Medical Marijuana Market Regional Overview
The medical marijuana industry can be regionally categorized as the Americas, APAC or Asia Pacific, MEA or Middle East and Africa and Europe.
Since 2017, the Americas has been the ruling market and is also touted to expand at a significant rate of 34.0% over the evaluation period. The medical marijuana is extensively used in the region, given the high prevalence of cancer, the Alzheimer disease, and more. Also, the cannabis legalization for recreational purpose in states such as Maine, California, Massachusetts, Nevada and Arizona has helped bolster the market size in the region.
Europe, with a share of 5.5% in the global market is the second highest gainer, on account of the mounting number of states that are legalizing the use of medical marijuana along with the soaring preference for cannabis in recreational and medical applications. Extensive research and development activities in the region have also prompted significant market expansion within the region.
In Asia-Pacific (APAC) region, the country-level medical marijuana markets covered are Japan, India, China, and others. The medical marijuana market research report also explores the regional market for medical marijuana present in Europe in the United Kingdom, France, Italy, Spain, and Germany, etc. The medical marijuana market research report also covers regional markets from the rest of the world alongside medical marijuana markets of Africa and the Middle East.
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Medical Marijuana Industry News
The second piece of legislation to be introduced in the Current 117 th congress so far by the Republican Congressman is to ensure that the use of medical cannabis is not sanctioned by military veterans in accordance with state law. This is also expressed in the recommendation of the senator, who last year filed a more robust version of the bill. The Veterans Affairs (VA) Department requires physicians to speak with their patients about the dangers and benefits of marijuana.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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