(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, Nov. 23, 2021 (GLOBE NEWSWIRE) -- The global medical marijuana market size is expected to reach USD 26,920.4 million by 2026, owing to the increasing demand for decriminalization of marijuana in most parts of the world. Medical cannabis or medical marijuana is extracted from the marijuana plant and can be used for treating certain illnesses and health conditions. But due to government restrictions, the use of marijuana as a medicinal drug is not tested rigorously.
A recently published report by Fortune Business Insights™ titled,“Medical Marijuana Market Size, Share & Industry Analysis, By Application (Pain Disorders, Cancer, and Others), By Type (Flowers, Concentrates, Edibles and Others), By Distribution Channel (Dispensaries, Online, and Others), and Regional Forecast, 2019-2026” discusses the market comprehensively. According to this report, the market was USD 6,338.1 million in 2018 and is anticipated to exhibit a CAGR of 20.4% during the forecast period set between 2019 to 2026.
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Medicinal Properties of Cannabis to Propel Growth
The increasing demand for legalization of medical cannabis across various states is a major medical marijuana market growth driver. Besides this, the rising prevalence of diseases such as Parkinson's disease, cancer, neurological disorders, and acute pain diseases is also expected to aid in expansion of the market in the forecast period. On the contrary, increasing application of marijuana beyond the required dose may result in side effects such as hallucinations, dizziness, low blood pressure, and others. This may stand as a major challenge to the market in the long run.
Increasing Awareness on medicinal Properties of Cannabis to Offer Lucrative Growth Opportunities for the Rest of the World
Geographically, North America earned the maximum medical marijuana market share with a revenue of USD 5,994.9 million earned in 2018, that is anticipated to reach USD 24,578.3 million by the end of 2026.Growth of this region is attributed to the rise in the number of legalization of marijuana for both medical and recreational purposes, coupled with the presence of major vendors in the region. Europe ranks second in terms of cannabis cultivation and is expected to witness significant growth owing to the increasing investments for research activities by many public and private entities in the forthcoming years.
Furthermore, the market in Latin America and the Rest of the World is anticipated to witness lucrative business opportunities in the years to follow. This is owing to the rise in prevalence of chronic ailments, psychiatric disorders, acute pain diseases and the increasing awareness about the medicinal benefits of cannabis.
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Entry of New Players will Intensify Market Competition
The rapid developmental pace of medical marijuana and its wide expansion has propelled many players to enter into this market and make heavy investments in research and development of the same. Although the most crucial part is its production and cultivation, significant medical marijuana market revenue is derived from the pharmacological organizations. Besides this, with the increasing number of marijuana legalization in various states, more and more players are entering into the market to make their mark in the competition. Existing players are focusing on geographical expansion for gaining a competitive edge in the market in the forthcoming years.
List of Notable Automobile Interior Materials Market Manufacturers include:
- Aurora Cannabis
- CannTrust Holdings
- MedReleaf Corp
- Emerald Health Therapeutics
- The Cronos Group
- Green Relief Inc.
- Medical Marijuana, Inc.
- ABcann Medicinals, Inc.
- GW Pharmaceuticals
- Aphria Inc.
- Canopy Growth Corporation
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Key Industry Developments of the Medical Marijuana Market Include:
September 2019 – The first ever medical marijuana tablets were launched by Curaleaf in Florida and is available across 26 Curaleaf dispensaries across the U.S.
March 2019 – Harvest One Cannabis signed an agreement with Health House for distributing Satipharm CBD Gelpell Capsules for carrying out business across Asia, New Zealand, and Australia.
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