San Francisco, 27 July 2022: The Report Medical Marijuana Market Size, Share & Trends Analysis Report By Product Type (Flower, Oil & Tinctures), By Application (Chronic Pain, Arthritis, Migraine, Cancer, Diabetes, AIDS, Epilepsy, Parkinson’s Disease), By Region, And Segment Forecasts, 2022 – 2030
The global medical marijuana market size is expected to reach USD 65.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 21.6% from 2022 to 2030. It has been identified that, in 2016, Washington D.C. along with 28 states legalized marijuana for medical uses. In 2016, states such as Arkansas, Florida, North Dakota, Ohio, and Pennsylvania were approved to use the drug in medical applications such as chemotherapies and pain management. The growing number of states and countries getting approval for using it in therapeutic applications is one of the crucial factors driving the demand over the coming few years.
The presence of several regulatory frameworks such as the Medical Marijuana Regulation and Safety Act is an indicator of the present demand for the drug in the market. The regulatory framework requires every individual, or the company associated such as growers, retail operators, and makers of processed pot products to obtain permission and an annual state license from 2018. An increasing number of issued licenses is also among the factors that are expected to drive the market.
The increasing interest amongst academic researchers and healthcare providers regarding the therapeutic uses of marijuana is among the significant factors, which is driving the market over the coming years. Some of its potential therapeutic values are suppression of vomiting & nausea, pain relief, and appetite stimulation. In addition, research states that marijuana is effective in providing relief to patients suffering from HIV/AIDS, glaucoma, cancer, and multiple sclerosis. The growing number of therapeutic applications of the drug is one of the key factors that is propelling the market over the forecast period.
COVID-19 affected the medical cannabis industry’s supply chain, it was difficult for many companies to source domestic production, as only a few companies had in-house production. U.S. companies tried to move to find alternative production facilities in countries like India and Mexico. Governments in many countries deemed medical cannabis as essential good, which positively impacted the market. HEROES Act was passed in the House of Representatives which included the SAFE Banking Act, which allowed banks to provide support services to cannabis companies where the use of medical cannabis is legal. Many key players have taken initiatives during the pandemic to be on the top. For instance, In June 2021, Canopy Growth Corporation announced that it has completely acquired the Supreme Cannabis Company, Inc. to enhance the company’s market position and increase production capacity.
Marijuana was used for medicinal purposes before the 1900s when it was legal, now the government of many countries is taking initiatives due to the proven benefits of marijuana to legalizing the use of cannabis for medical purposes. The factors driving the market are the proven medicinal properties of marijuana, legalization of marijuana in 30 countries, and increased research and development regarding the uses of cannabis. There are two types of medical marijuana available: cannabis Sativa and cannabis Indica, these are legalized in many countries including the Netherlands, Australia, Canada, Chile, Germany, U.S., Italy, Peru, Poland, and Greece for the treatment of chronic diseases, such as neurological diseases, symptoms caused after chemotherapy, and to treat symptoms caused by HIV/AIDS.
Access Research Report of Medical Marijuana Market @ https://www.grandviewresearch.com/industry-analysis/medical-marijuana-market
Medical Marijuana Market Report Highlights
- The oil and tinctures segment held a majority of the segment share in 2021 and is also expected to witness the fastest growth rate over the forecast period
- The chronic pain segment dominated the market in 2021 in terms of revenue share due to growing clinical trials using cannabis for treating neuropathic and chronic pain disorders. The growing prevalence of chronic pain elevates the demand for the drug, thus expected to boost the market growth
- North America witnessed a major market share among other regions in 2021. The growing number of cannabis legalization and a rapid increase in the approval and commercialization of medical marijuana in the U.S. and Canada is one of the key factors contributing to its increased demand. The region is expected to witness growth over the forecast period
- Increasing investment in R&D and demand for cannabis in chemotherapy is expected to drive the growth of the market in the Asia Pacific
List of Key Players in the Medical Marijuana Market
- Cara Therapeutics Inc.
- Cannabis Sativa, Inc.
- CannaGrow Holdings, Inc.
- United Cannabis Corporation
- Growblox Sciences, Inc.
- GreenGro Technologies, Inc.
- GW Pharmaceuticals plc
- International Consolidated Companies, Inc.
- Lexaria Corp.
Access Press Release of Medical Marijuana Market @ https://www.grandviewresearch.com/press-release/global-medical-marijuana-market
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