Global Medical Marijuana Market Product Research Report 2022Posted by sandeep gade on December 22nd, 2022 According to a recent study by Persistence Market Research, the global medical marijuana market is expected to witness high growth at a CAGR of around 14.8% and reach a valuation of US$ 76.5 Bn by 2031. Medical marijuana is derived from the Cannabis sativa plant. The three major active compounds of the plant are tetrahydrocannabinol, cannabidiol, and cannabinol. Medical marijuana has various applications in the healthcare and therapeutic field, including treatment or managing pain, treating nausea, muscle spasms, managing anxiety, multiple sclerosis, low appetite, sleep problems, and many others. Other factors driving demand for medical marijuana include ability to manage or treat insomnia and epilepsy. According to healthcare specialists, medical marijuana is an effective option to manage sleep-related problems because it restores a person’s natural sleep cycle that changes due to today’s modern lifestyle. Medical marijuana is also known for its strong anti-inflammatory properties. It can treat inflammation from arthritis as well as degenerative changes in the lumbar, cervical or thoracic spine. Many patients use marijuana to treat their pain caused due to inflammation. Pharmaceutical companies are focused on getting approvals from different government authorities for the use of medical marijuana for treatment purposes. In September 2019, GW Pharmaceuticals received approval from European the Commission for EPIDYOLEX® (cannabidiol) for the treatment of seizures in patients with two rare, severe forms of childhood-onset epilepsy. In October 2021, Canopy Growth Corporation announced a plan to acquire Wana Entity, which is a leading cannabis edibles brand in North America. In August 2020, MedReleaf Corp. and BioPharma Services Inc. announced their agreement to conduct clinical research for cannabis and cannabis-derived products. Key Takeaways from Market Study
“Increasing prevalence of chronic pain and epilepsy and legalization of medical marijuana in developing countries are major factors driving demand,” says a Persistence Market Research analyst. Buy Full Report Now and Get Up to 20% Discount: https://www.persistencemarketresearch.com/checkout/13897 Like it? Share it!More by this author |