The latest market report published by Credence Research, Inc. “Global Medical Marijuana Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global medical marijuana market was valued at US$ 13,908.7 Mn in 2017, and is expected to reach US$ 57,582.5 Mn by 2026, expanding at a CAGR of 17.1% from 2018 to 2026.
Cannabionoids are natural extracts derived from Cannabis sativa, Cannabis indica and Cannabis ruderalis. For centuries marijuana has been used extensively for recreational, medical and ritualistic purposes. It comprises of psychoactive drug component tetrahydrocannabinol which causes the stimulation of the cannabinoid receptor CB1 and CB2 respectively. The activation of these receptors results in pain relieving activity in patients suffering with chronic pain due to AIDS, cancer, neuropathic pain etc., In the last decade marijuana has been a keen research subject for researchers and academicians throughout the globe to understand its therapeutic benefits in treating anorexia and nausea. Positive steps have been taken by healthcare and law enforcing agencies to legalize the production and sale of marijuana for medicinal purpose. Tremendous focus is laid in drafting guidelines for the judicious use of marijuana in healthcare centers. Nowadays marijuana is available as weed infused gums, tampons, cannabinoid infused tea, bath salts, cannabinoid infused coffee and topical balms to get relief from pain.
Cancer is currently dominating the applications segment on account of large patient pool suffering with chronic pain and nausea during chemotherapy. Marijuana have been found beneficial in treating patients with neurological disorders such as epilepsy, seizures etc., due to its sedative effects. Chronic pain will gain momentum due to increasing number of patients suffering with musculoskeletal disorders such as osteoarthritis, rheumatoid arthritis and other autoimmune diseases such as psoriasis and multiple sclerosis.
In the present scenario hospital pharmacies are dominating the point of sale segment on account of key parameters such as availability of medical marijuana at low cost and strict monitoring of cancer patients availing marijuana for treating chronic pain. Dispensaries will register good growth during the forecast period due to increasing number of patients suffering with anorexia and nausea and government permit to dispense marijuana on regular basis to patients suffering with chronic pain.
North America is the global leader in medical marijuana market owing to the rising prevalence of cancer and proactive policies implemented by USFDA legalizing the production and sale of marijuana for treating chronic pain. Germany has drafted regulatory guidelines for the use of marijuana for medicinal purpose which also serves as a gold standard for other European Union countries. Rest of the World serves as a lucrative market as it is the largest producer of marijuana in the world and regulatory agencies are taking proactive steps to legalize the production and sale of marijuana for therapeutic use.
Browse the full report Medical Marijuana Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at https://www.credenceresearch.com/report/medical-marijuana-market
The key players actively engaged in the production and sale of marijuana are AbbVie, Inc., CannaGrow Holdings, Inc., Canopy Growth Corporation, Inc., GW Pharmaceuticals, Plc. Insys Therapeutics, Inc., Novartis AG, Lexaria Corporation, Pfizer, Inc., Teva Pharmaceutical Industries Ltd., and United Cannabis Corporation.
Key Market Movements:
- Rising prevalence of cancer and patients suffering with chronic pain
- Increased research funding for determining the therapeutic efficacy of marijuana for treating anorexia and nausea
- Supportive regulatory environment for the production and sale of marijuana for medicinal purposes