The Global Medical Marijuana Market is forecast to reach USD 237.83 Billion by 2026, according to a new report by Reports and Data. Marijuana is used for treating chronic pain that affects millions of people each year across the globe, thus increasing the demand for the product as a treatment procedure for medical conditions. Statistically, around 25 million people endure acute pain in the US. Moreover, several countries around the globe have made medical marijuana legal, i.e., it would allow people to use marijuana for health purposes; therefore, boosting the market for the medical marijuana market.
Side effects of the products include dizziness, fatigue, speech problem, constipation, and insomnia will hamper the growth of the market. Additionally, lack of data safety and problem in undertaking medical marijuana business is also estimated to hinder the growth of the market.
North America dominates the market of medical marijuana. The major contributors are the US and Canada. Many states in the U.S. have permitted the application of medical marijuana. Moreover, the growing number of research studies in the US, encouraging and supporting marijuana's use for medical purposes will supplement the North American medical marijuana market growth.
In 2017, Oxford University went into a partnership with Kingsley Capital Partners, for the development of cannabis treatment for inflammatory and cancer diseases. These partnerships are expected to have a positive impact on the market of medical marijuana.
The availability of marijuana has also increased considerably, and this trend is likely to continue in the near future. For instance, in August 2019, a new medical marijuana dispensary was established in Kalamazoo, Michigan (U.S.). Likewise, in August 2019, a new recreational cannabis store was opened in Nantucket Island, Massachusetts (U.S.). The medical marijuana market has also witnessed salient partnerships. For example, WeedMD, a Canadian medical marijuana producer, went into partnership with Technion-Israel Institute of Technology (TIT), which is the controller of cannabis database project, in February 2020. This partnership will research the terpenoid and cannabinoid profiles of 25 of WeedMD’s cannabis strains.
Top Companies Profiled in the Report Include:
Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, Cronos Group, Organigram Holdings, Inc., Vivo Cannabis, Tikun Olam, Insys Therapeutics, Inc., MedReleaf Corporation, and GW Pharmaceuticals PLC.
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The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
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The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.
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Additionally, the report consists a detailed analysis of the segmentation of the Medical Marijuana market based on product types and end-use/application offered in the Medical Marijuana market.
Product Type Outlook (Revenue, USD Billion; 2020-2028)
Medical Application Outlook (Revenue, USD Billion; 2020-2028)
· Chronic Pain
· Mental Disorders
· Muscle Spasm
Route of Administration Outlook (Revenue, USD Billion; 2020-2028)
Distribution Channel Outlook (Revenue, USD Billion; 2020-2028)
The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Medical Marijuana market in these key regions.
Country-wise regional analysis covers:
· North America
· Asia Pacific
· Latin America
· Middle East & Africa
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