Medical Marijuana Market Research Overview, Expectations and Forecast to 2023

Posted by Shrikant Gadewar on November 22nd, 2019

Medical Marijuana Market Overview:

The global Medical Marijuana Market can find a robust movement ahead with an impressive 34%CAGR in the coming years using which it can surpass USD 54,677.1Mn by 2023.

Marijuana is a plant can also be described as cannabis has several medical properties that, if properly extracted, can benefit patients in treating various diseases and influence the market for pharmaceuticals. This comes handy in treating diseases as a therapeutic process. The extract can be used in treating diseases like cancer, central nervous system, and Alzheimer’s. It has notable use as an anti-aging compound. Market Research Future (MRFR) makes a claim in the report that this growth would be substantially easier as several companies are making notable progress in the market.

Factors like the growing use of it as therapeutic medicine, the increasing presence of chronic diseases, growing researches in the sector, hike in investment, and others are expected to push the global medical marijuana market forward. However, several countries have still preventive measures to cull the production of marijuana, which can deter the market growth in the coming years.

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Medical Marijuana Market Competitive Landscape:

  • Cannabis Sativa Inc
  • Canopy Growth Corporation
  • Emerald Health Therapeutics Inc
  • GW Pharmaceuticals Plc
  • Aphria
  • Tilray
  • Cara Therapeutics
  • GBSciences Inc
  • CanniMed Ltd
  • Medical Marijuana Inc

Medical Marijuana Market Segmentation:

  • The global market study for Medical Marijuana Market has a detailed take on various segments to get a holistic picture of the market. This process of segmentation adds a closer view of the market that provides details regarding various factors. Such a study comes up with insights that can inspire market growth in the coming years. These segments are product type, application, and distribution channel.
  • By product type, the market for medical marijuana includes oil, dissolvable/powders, solids, and ointments & creams. The dissolvable/powders segment had better market coverage and with a strong CAGR it can surpass the predicted valuation for CAGR to reach USD 22,648.8 million by 2023. Its use also depends on its affordability and convenience.
  • Application-wise, the market for medical marijuana penetrates several segments like cancer, Alzheimer’s disease, schizophrenia, and multiple sclerosis.
  • By distribution channel, the study of the market can be segmented into retail & pharmacy stores, online platforms, and others.

Medical Marijuana Market Regional Analysis:

North America and Europe are majorly maintaining the charge of the market for medical marijuana. In North America, countries like Canada and the US are legalizing it to make sure that their pharmaceutical businesses thrive. The region is robustly investing in research and development to make sure that the pharmaceutical companies can market the most out of it. On the other hand, the APAC market is expected to profit much from the presence of a high population. Treatments required to make an impact on the market is expected to promote better cultivation of medical marijuana. Several countries are also providing a license to grow the substance and then commercially sell it to industries and pharmaceuticals. The market in Latin America and the Middle East & Africa are expected to gain moderate growth in the coming years.

Medical Marijuana Market Industry News:

In September 2019, an Indian state Manipur has announced that they might soon legalize the production of medical marijuana in the coming years. The region provides a natural climate to marijuana and supports its production. The government is aiming for the medical purpose and industrial production of medical marijuana to inspire research projects.

About Market Research Future:

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Shrikant Gadewar

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Shrikant Gadewar
Joined: March 1st, 2019
Articles Posted: 274

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