Global Medical Marijuana Market Will Hit 27988 Millions By 2026 | CAGR 20% – Facts & Factors
The global security ink market was valued at USD 9188 million in 2020 and is expected to surpass USD 27988 million by 2026, registering a CAGR of 20% during the forecast period (2021-2026) | as highlighted in a report published by Facts & Factors.
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Medical marijuana, also known as medical cannabis, is a type of cannabis plant and its derivative supply chains that have been used to treat a wide range of conditions and diseases, most notably chronic pain and nausea. It is used to treat a variety of medical conditions, including pain management and epilepsy. Various initiatives in Central Asia and the Middle East are underway to legalize and regulate the use of certain medical marijuana in multiple regions. Medicinal marijuana is a herbal supplement medication derived from Cannabis plants that is used to treat a specific symptom or ailment.
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Although the term cannabis refers to the plant genus, it is also used to refer to marijuana, a crude narcotic extracted from the plant’s leaves and flowers. Several cannabis-based pharmaceutical medications have been made available for medical use in purified and standardized forms. To be eligible for medical marijuana for medicinal or therapeutic purposes, patients must have a diagnosed illness that is on their state’s list of permitted ailments, as well as a medical referral from their doctor. Following that, the patient can apply for a medical marijuana card, which allows them to shop for medical marijuana and related items at dispensaries.
Market Growth Drivers:
The growing use of cannabis in cosmetics could be a market driver for medical cannabis. Novel product development and increased R&D initiatives may benefit the medicinal cannabis market. The emergence of an illegal marijuana market threatens the medicinal cannabis industry. These factors are expected to boost the market throughout the forecast period. The increasing acceptance of cannabis in a number of countries is a major driver of industry growth.
Pharmaceutical companies are expected to benefit from the growing acceptance of marijuana for medical purposes in a variety of countries, which is expected to boost the market throughout the forecast period. The ability of marijuana to relieve nausea, chronic pain, and sleep problems is expected to increase demand for medical marijuana, boosting the medical industry’s growth in the coming years.
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Furthermore, the rise of the cannabis sector in cancer treatment is expected to increase demand for herbal leaves, which will help to boost the business in the near future. Cancer and neurological disorders such as depression, panic attacks, Alzheimer’s disease, and Parkinson’s disease are all treated with medicinal hemp. The high cancer prevalence is regarded as a critical factor in marijuana acceptance. Marijuana’s widespread acceptance in this manner will have economic and cultural consequences in countries where it is legal.
The growing acceptance and endorsement of medical marijuana in a variety of countries is likely to create profitable business opportunities in the coming years. Demand is expected to rise as people become more aware of the benefits, opening up a slew of new opportunities for the business to grow.
Key Market Players:
Major players in the medical marijuana market include 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,
In February 2021, MediPharm Labs Inc. was granted a Cannabis Drug License. This was a significant milestone because MediPharm Labs would now be able to manufacture and distribute cannabis-infused medications. This will help the market to grow in the coming years. With the addition of this new product, the company’s protein estimation portfolio has grown. Market participants are strengthening their firm market in the medical cannabis market through collaboration, joint ventures, and other strategies, which benefits organizations by allowing them to strengthen their offering for the medical cannabis market.
Medical cannabis is quickly becoming popular for pain management applications, and this trend is expected to continue. Cannabinoids have been shown to have greater pain-relieving potential than opioids, implying that their use for chronic pain therapy will increase. Because of the numerous negative effects of opioids, medical cannabis is being used to replace them in pain management applications. The increasing prevalence of chronic pain is driving up demand for medical marijuana, which is driving up market income. Furthermore, the world’s ageing population, as well as an increase in marijuana use in medical clubs across the globe, are expected to propel the global market forward. These are some of the factors that are likely to boost revenue growth in the target market.
- North America is expected to dominate growth in the global medical marijuana market.
By 2020, North America would be in command of the global marijuana industry. The rising prevalence of diseases such as Alzheimer’s and Crohn’s disease has also increased medicinal marijuana sales in the region. Furthermore, it is believed that multiple dispensary chains are involved in the transportation of medical marijuana between states in order to ensure continuous availability, resulting in an adequate supply of medical marijuana and driving demand. A similar pattern is expected to persist during the forecast period, with the North American industry expected to grow rapidly. The increased research and development efforts of major corporations, as well as their acquisition operations for company development, are expected to help the medical marijuana market expand and meet demand in North America.
- North America
- The Netherland
- Latin America
- Rest of the World
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