The Medical Marijuana Market is thriving on account of the rising awareness amongst individuals for the benefits of maintaining a good health and the increasing need for high quality healthcare services amongst individuals. With the increasing prevalence of diseases worldwide, people are opting for products that help them to stay fit and are also investing more on healthcare services. Alternatively, pharmaceutical manufacturers, along with other healthcare companies that manufactures devices and equipment, are increasingly focusing on the research and development of advanced treatment, drugs and equipment for the diagnosis and treatment of the diseases and for developing healthcare products. Organizations are raising their R&D expenses year-on-year so as to deliver quality healthcare products in the years to come. The advancements in the healthcare sector are also supported by the governments of nations worldwide with numerous financial aids. According to a statistical report titled “Global Spending on Health: A World in Transition”, released in theyear 2019 by the World Health Organization (WHO), the global spending on healthcare recorded USD 7.8 trillion in 2017, which was an increase by USD 0.2 trillion from the recorded value of USD 7.6 trillion in 2016.
In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Medical Marijuana Market over the period 2019-2026.
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Market analysis
To reach attain USD 54,677.1 million by the year 2023, Global Medical Marijuana Market is predicted to list a CAGR of 34.0%.Marijuana is a plant having some chemical composite “cannabis” that has medical property. Number of pharmaceutical companies use this plant as a raw material to manufacture drugs for numerous therapeutic applications. Marijuana plants abstracts are also useful to treat the disease and various conditions caused by the disease such as the central nervous system, cancer, Alzheimer’s and used in anti-aging products.
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The increasing prevalence of chronic diseases, mounting therapeutic applications of the marijuana plant, rising acceptance of marijuana for medical treatment in many countries, and cumulative authorization of marijuana are predicted to push the market growth. The global medical marijuana market has been mainly driven by the growing research and development activities and financial support by several private and government organizations for cannabinoid research
However, some factors may detain the market growth during the forecast period such as the wide-ranging approval procedures, laborious government policies, and growing illegal use of marijuana.America held the largest market share in 2017 and the regional market is expected to list a CAGR of 34.0% during the forecast period. Due to the increasing prevalence of Alzheimer disease, cancer, and others American is anticipated to hold the largest market share. Europe is likely to be the second largest market share, with 5.5% from the global medical marijuana market, and the projected fastest growing market is Asia-Pacific.Envisioned Onlookers are Research Institutes and Academic Centers, Pharmaceutical Companies, Market Research and Consulting, Healthcare Providers, Government Associations, Medical Marijuana Manufacturers,
Market segmentation
The segmentation is based on 4 parts. The first part is Global Medical Marijuana Market, by Product Type that has been divided into 4 segments i.e. Ointments & Creams, Dissolvable/ Powders, Ointments & creams. Then second part is Global Medical Marijuana Market, by Application that includes Alzheimer’s Disease, Cancer, Schizophrenia, Multiple Sclerosis. Third segmentation is made on Distribution Channel that includes Retail & Pharmacy Stores, Online Platforms, Others. The last segmentation is based on Region that includes Americas covering North America (US, Canada) and South America, Europe covering Western Europe (Germany, UK, France, Italy, Spain, Rest of Western Europe) and Eastern Europe, Asia-Pacific covering China, Japan, India, Australia, South Korea, Rest of Asia-Pacific, Middle East & Africa covering Middle East and Africa.
Regional Analysis
The global medical marijuana market, based on region, is divided into the Americas, Europe, Asia-Pacific and the Middle East and Africa.
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Major Players
Cannabis Sativa Inc (Nevada), GEmerald Health Therapeutics Inc. (Victoria, BC), Tilray (Nanaimo, BC), Canopy Growth Corporation (US), Aphria (Ontario), (Nevada) and MediPharm Labs (US) CanniMed Ltd (Canada), Cara Therapeutics (US), Pfizer Inc. (US), Medical Marijuana Inc (US), GBSciences Inc., W Pharmaceuticals Plc (US), are Some of the eminent players in the global medical marijuana market.
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