Major players operating in the global Medical Marijuana Market are Canopy Growth, Aurora Cannabis, Inc., Medical Marijuana, Inc., GW Pharmaceuticals, Aphria, Inc., CanniMed Ltd., Tilray, Emerald Health Therapeutics, and MedReleaf Corp.
SELBYVILLE, Del. (PRWEB) October 24, 2018
Global Medical Marijuana Market is projected to achieve astonishing growth in prescribed time, helped by increase in number of geriatric people suffering from chronic pain caused due to neurology diseases, cancer, HIV/AIDS and arthritis will propel the global market growth over the forecast period. According to the Boston University, School of Public Health, about 1 in 5 or 1,500 million people suffer from chronic pain, through the prevalence increasing with age globally.
Medical Marijuana Market will surpass USD 55.0 billion by 2024; according to a new research report published by Global Market Insights, Inc. The global burden of pain-related diseases increased tremendously affecting more than 1500 million people worldwide; therefore, more cannabis approval for medical purpose are on horizon. With increasing number of product approvals in various regions across the globe, the medical marijuana industry size will expand significantly in upcoming years.
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Currently, 29 states in the U.S. along with Washington D.C. have approved the application of marijuana for medicinal purpose. The number of states in the U.S. receiving approval for medical marijuana use is expected to increase swiftly, hence drive the market growth. Furthermore, other emerging countries such as Israel and Australia have also contributed towards the growth of the market by approving the medicinal use of marijuana. Various ongoing research and development projects are also going in these countries to support the application of medical marijuana in the treatment of a range of conditions.
Medical marijuana pain management market segment is estimated to expand at 36% CAGR during the forecast period. Growing number of populations affected with pain all around the globe is propelling the segment growth. In addition, medical marijuana has become an increasingly widespread alternative to traditional pain-relieving opioids which have lethal side-effects; thus, various advantaged associated with the use of cannabis for medical purpose will augment the medical marijuana pain management market growth.
Topical medical marijuana market segment valued USD 349.1 million in 2017. Increase in demand for marijuana topical creams, ointments and patches for the treatment of various skin-related conditions will boost the demand for the same. Moreover, rising epidemiology of skin diseases with rapidly increasing ageing population will also lead to the marijuana demand proliferation.
Browse key Medical Marijuana Market insights from the 2018 report spread across 150, pages offering 161 market data tables as well as 9 figures & charts along with the table of contents:
The medical marijuana inhalation market segment was valued at USD 5,348.7 million in 2017 owing to controlled dosage rates and better absorption of medical marijuana into the body. In addition, the effects of inhaling marijuana can be perceived in few minutes of its administration with high peak concentrations, hence making it the preferred route of administration for medical marijuana.
Online medical marijuana market segment is forecast to expand at a CAGR of 36.8% owing to factors such as availability of variety products, convenience, competitive costs and privacy. Furthermore, with online medical marijuana products, one can take advantage of an effective customer service and outstanding product knowledge, hence will boost the medical marijuana sales.
Israel market valued USD 39.5 million in 2017. Growing number of research and development studies pertaining to the application of medical marijuana will augment market growth in the region. In addition, recently a new reform was passed in Israel, where medical marijuana can be sold at ordinary pharmacies. This would enable the doctors in Israel to prescribe marijuana-based medications, thereby increasing the sales of medical marijuana.
Some of the prominent industry players in medical marijuana market are Canopy Growth, Aurora Cannabis, Inc., Medical Marijuana, Inc., GW Pharmaceuticals, Aphria, Inc., CanniMed Ltd., Tilray, Emerald Health Therapeutics, and MedReleaf Corp., among others.
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