The size of the global market for Medical Marijuana is expected to reach $2,48,427.89 million by 2030, expanding at a compound annual growth rate (CAGR) of 31.97%.
Many countries have approved the usage of marijuana in medical procedures like chemotherapies and pain management. In the year of 2016, various countries like Florida, Arkansas, Ohio, North Dakota and Pennsylvania are some countries that have approved the usage of Marijuana in medical procedures. Medical marijuana market trends indicate growth in the market owing to the approval for therapeutic measures. At the same time the current laws like Medical Marijuana Regulation and Safety are indicators towards the growing popularity of the product. These regulations clearly specify that the growing and processing of Marijuana is a registered process and has to be done after attaining permissions and annual state license. The Global Medical Marijuana Market growth is also positively affected owing to the increased number of license being given.
Medical marijuana market size 2018, indicate growth owing to increased occurrence of health conditions that need marijuana for treatment, these are chronic diseases and various awareness programs that are held by government and private organizations for promotion of medical marijuana. At the same time the amount of research and development being done in the Marijuana sector is influencing the market growth to a large extent.
However, the strict rules and regulations by FDA are factors that might hamper the growth of Global Medical Marijuana Market. Countries of Asia and Latin America
The Global Medical Marijuana Market is majorly segmented into two categories namely Cannabis Sativa and Cannabis Indica. These are orignaly found in the counties of western hemisphere and regions of central and south Asian regions. The Cannabis Sativa is found in the countries of western hemisphere, whereas, the Cannabis Indica is found in central and south Asian countries of the world.
The Global Medical Marijuana Market on the basis of application is segmented as Chronic pain, Arthritis, Migraine, Cancer and others. The chronic pain segment is the application segment that contributes the most part at a high percent of almost 39% of the Global Medical Marijuana Market share. There has been a lot of research that has been done in this segment and experts state that medical cannabis is safe for treatment of patients suffering with chronic pain and neuropathic pain. However medical marijuana market trends indicate that cancer would be leading in and fastest growing sector for the medical marijuana. Various studies have indicated that marijuana can destroy cancer cells.
Segmentation on the basis of region is done as North America, Europe, and Rest of World. North America holds the maximum market share of the market and is expected to keep growing. Apart from this the growing investment being done is another reason for growth of medical marijuana market size 2018.
The key players of Global Medical Marijuana Market are Cannabis Sativa, Inc.; Cara Therapeutics Inc., Inc.; United Cannabis Corporation, International Consolidated Companies, CannaGrow Holdings, and many others.
Medical Marijuana Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||$2,48,427.89 million|
|Growth Rate||CAGR of 31.97% during 2021-2030|
|Segment Covered||By Product Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Tilray; Aurora Cannabis; Canopy Growth Corporation; Aphria, Inc.; Maricann Group, Inc.; Tikun Olam, Ltd.; MedReleaf. Corp.; GW Pharmaceuticals plc.; Cannabis Sativa, Inc.; Medical Marijuana, Inc.|
- Chronic Pain
- Cannabis Sativa
- Cannabis Indica
- North America
- Rest of the World