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Japan, Japan, Fri, 25 Dec 2020 05:00:20 / Comserve Inc. / — The medical marijuana market forecast will be $4,810 million by 2026, growing from $36,205.4 million in 2018 at a healthy CAGR of 28.7%.
The medical marijuana market forecast will be $4,810 million by 2026, growing from $36,205.4 million in 2018 at a healthy CAGR of 28.7%.
Medical Marijuana Market Analysis:
Aging population across the developed & developing countries along with commercialization of cannabis-based therapeutic drugs is projected to spur the medical marijuana market growth. Rising cancer burden along with rising demand for chronic pain management & treatment is also expected to boost the medical marijuana market. Moreover, factor such as R&D activities, clinical trials along with legalization of marijuana are anticipated to boost the global market. additionally, rising disposable incomes in the emerging economies is projected to create a major impact on medical marijuana market. However, strict government regulation and lack of safety information shall hamper the growth of global market.
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People’s Republic of China (PRC) is mainly involved in the clinical research along with it China has large production of cannabis. In addition, market players such as Hanma Investment Group initiated extract CBD (Cannabidiol) in PRC. This company exports 90% of its production to European as well as Asian countries. Aforementioned, factors expected to create enormous opportunities for the medical marijuana market.
On the basis of application, medical marijuana market is segmented into Pain management, nausea, muscle spasms, anorexia, seizures and others. Pain management segment generated a revenue of $2,068.3 million in 2018, and is projected to surpass $15,133.9 million by 2026.
On the basis of route of administration, medical marijuana market is majorly segmented into inhalation topical and oral. Inhalation segment registered a revenue of $3,463.2 million in 2018, and is anticipated to cross $25,162.8 million, during the forecasted period.
On the basis of distribution channel, medical marijuana market is majorly segmented into Dispensaries and online. Dispensaries segment generated a revenue of $3,795.1 million in 2018, and is projected to surpass $26,647.2 million by 2026. Online segment generated revenue of $1,014.9 million in 2018, and is further estimated to reach upto $9,58.2 million, throughout the forecasted period.
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Based on the geographical region, medical marijuana market is categorized into North America, Asia Pacific, Europe & LAMEA. Asia-Pacific Medical Marijuana Market size shall cross $8,037.6 million by 2026. North America has significant share in medical marijuana market, during the forecasted period. North America medical marijuana market registered $1,726.8 million in 2018, and is anticipated to cross $11,404.7 during the projected period.
Some of the major players of Medical Marijuana Market include ABcann Medicinals, Inc., Aurora Cannabis, Inc., Aphria, Inc., Canopy Growth Corporation, Cannabis Sativa Inc., Emerald Health Therapeutics, Green Relief Inc., GW Pharmaceuticals, Insys Therapeutics, Inc., mCig to gain competitive advantage, these companies investing in huge amount on the research and development activities to improve cannabis based therapeutic drugs.
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