Global Medical Marijuana Market Size Grow at 20% CAGR, Will Reach USD 27,988 Million by 2026: Facts & Factors

·7 min read

[195+ Pages Research Report] According to Facts and Factors market research report, the Global Medical Marijuana Market size & share revenue is expected to grow from USD 9,188 Million in 2020 to reach USD 27,988 Million by 2026, at 20% annual CAGR growth during forecast period of 2021-2026. The top market companies profiles included in report with their sales, revenues and strategies are Tilray, Elixinol Global Limited, Medical Marijuana Inc., Extractas, Peace Naturals Project Inc., BOL Pharma, PharmaHemp, Kiehl’s, Vermont Hemp Health, Discover Health LLC, ENDOCA, Pacific roots, CANOPY GROWTH CORPORATION and others.

New York, NY, June 14, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Medical Marijuana Market By Application (Pain Management {Neuropathic Pain, Cancer Pain}, Muscle Spasms, Nausea, Anorexia, Seizures), By Route Of Administration (Inhalation, Oral, Topical), By Distribution Channel (Dispensaries, Online): Global & Regional Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecasts, 2021 - 2026”.

“According to the recent research report, the demand of global Medical Marijuana Market size & share expected to reach to USD 27,988 Million by 2026 from USD 9,188 Million in 2020, at a compound annual growth rate (CAGR) of 20% during the forecast period 2021 to 2026”

Global Medical Marijuana Market: Overview

Medical marijuana, commonly known as medical cannabis, is a specific type of cannabis plant and its derivatives supply chains that have been used to treat a variety of conditions and diseases, particularly chronic pain and nausea. It's administered for a variety of health conditions, including pain management and epilepsy, among others. Various efforts are underway in Central Asia & the Middle East to legalize and regulate the use of certain medical marijuana in multiple regions. Medicinal marijuana, often known as medical marijuana, is a herbal supplement medication derived from Cannabis plants that are being used to treat a specific symptom or ailment. Although the term cannabis refers to the plant genus, it is also used to refer to the crude narcotic extracted from the plants' leaves and flowers, which is known as marijuana. Several pharmaceutical medications based on cannabis have been made accessible for medical use in a purified and standardized form. Patients must have a diagnosed sickness that is on their state's list of permitted ailments, as well as a medical referral from their doctor, to be eligible for medical marijuana for medicinal or therapeutic purposes. After that, the patient can apply for a medical marijuana card, which allows them to shop at dispensaries for medical marijuana and related items.

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Our Free Sample Report Includes:

  • 2020 Updated Report Introduction, Overview, and In-depth industry analysis

  • COVID-19 Pandemic Outbreak Impact Analysis Included

  • 195+ Pages Research Report (Inclusion of Updated Research)

  • Provide Chapter-wise guidance on Request

  • 2020 Updated Regional Analysis with Graphical Representation of Size, Share & Trends

  • Includes Updated List of table & figures

  • Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis

  • Facts and Factors research methodology

(Note: The sample of this report is updated with COVID-19 impact analysis before delivery)

Industry Major Market Players

  • Tilray

  • Elixinol Global Limited

  • Medical Marijuana Inc.

  • Extractas

  • Peace Naturals Project Inc.

  • BOL Pharma

  • PharmaHemp

  • Kiehl’s

  • Vermont Hemp Health

  • Discover Health LLC

  • ENDOCA

  • Pacific roots

  • CANOPY GROWTH CORPORATION

  • Aurora Cannabis

  • GW Pharmaceuticals plc.

  • Harmony

  • Pure Ratios

  • MARY’s nutritionals

  • Bioactive Solutions Inc.

  • Upstate Elevator Supply Co.

  • FOLIUM BIOSCIENCES

  • EcoGen Biosciences

  • Althea Company Pty Ltd

  • Apothecanna

  • Zenabis Global Ltd

  • Cresco Labs

  • IDT Australia

  • MEDIFARM

  • Greenwich Biosciences Inc.

  • MediPharm Labs Inc.

  • THC Global Group Limited

  • Seed Cellar

  • CANNABIS SEEDS USA

  • HUMBOLDT SEED COMPANY

  • Crop King Seeds

  • BARNEY'S FARM

  • Aphria Inc.

To know an additional revised list of 2020-2021 top market players, request a sample report: https://www.fnfresearch.com/sample/medical-marijuana-market

Key questions answered in this report:

  • What is the projected market size & growth rate of the Medical Marijuana Market?

  • What are the key driving factors for the growth of the Medical Marijuana Market?

  • What are the top companies operative in Medical Marijuana Market?

  • What segments are covered in Medical Marijuana Market?

  • How can I get free sample report/company profiles of the Medical Marijuana Market?

The rising use of cannabis in cosmetics can be viewed as a market driver for medical cannabis. The medicinal cannabis market may benefit from novel product development and increasing R & D initiatives. The emergence of the illegal market for marijuana poses a threat to the medicinal cannabis industry. Throughout the forecast period, these factors are expected to enhance the market. The growing acceptance of cannabis in several countries is a major driver of industry expansion. Pharmaceutical businesses are expected to benefit from the growing acceptance of marijuana for medical uses in numerous countries, which is expected to strengthen the market throughout the forecast period. Marijuana's ability to relieve nausea, chronic pain, and sleep problems is projected to increase demand for medical marijuana, boosting the medical industry's growth in the future years. Furthermore, the rise of the cannabis sector to combat cancer is expected to increase demand for herbal leaves, which will help to boost the business shortly. Medicinal hemp is used to treat cancer and neurological disorders like depression, panic attacks, Alzheimer's disease, and Parkinson's disease. The high prevalence of cancer is seen as a crucial factor in marijuana acceptance. Marijuana's widespread acceptance in this way will have economic and cultural repercussions in the countries where it is allowed.

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Market Dynamics

Medical cannabis has seen rapid adoption for pain management applications, and this trend is expected to continue. Cannabinoids were proved to have greater pain-relieving potential than opioids, indicating an increase in their use for chronic pain therapy. Due to the various adverse effects of opioids, medical cannabis is being used to substitute them in pain management applications. The rising prevalence of chronic pain is fueling a surge in demand for medical marijuana, which is driving up market income. Furthermore, the world's aging population, as well as a surge in marijuana use in medical clubs in various countries, likely to move the global market forward. These are some of the variables that are likely to boost the target market's revenue growth.

Global Medical Marijuana Market: Growth Factors

The growing knowledge of medical marijuana's benefits among patients and healthcare experts has prompted regulatory bodies to consider and validate medical marijuana. Through various national programs, over 30 countries have approved its medical usage. It has also been approved for medicinal usage in several states around the United States. Regardless of medical or recreational usage, the substance remains illegal at the federal level and is classified as Schedule I in the United States under the Controlled Substances Act of 1970. A dynamic legislative landscape is projected during the forecast period since various research and development activities exploring the medical application of marijuana have been noticed across countries. Increased use of marijuana for a wide range of medical diseases and symptoms, rising demand for medical marijuana authorization in several nations, and an increase in R&D and clinical trial activity.

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North America is projected to Dominate Global Medical Marijuana Market Growth

In the year 2020, North America was in command of the worldwide marijuana industry. The increased prevalence of diseases like Alzheimer's and Crohn's disease has also boosted medicinal marijuana sales in the region. Furthermore, multiple dispensary chains are thought to be involved in the transportation of medical marijuana between states to ensure continuous availability, resulting in an adequate supply of medical marijuana and driving demand. A similar pattern is expected to continue during the projected period, with the North American industry expected to increase at a high rate. Major corporations' increased efforts in research and development, as well as their acquisition operations for company development, are expected to help the medical marijuana market expand and meet demand in North America.

Browse the full report “Medical Marijuana Market By Application (Pain Management {Neuropathic Pain, Cancer Pain}, Muscle Spasms, Nausea, Anorexia, Seizures), By Route Of Administration (Inhalation, Oral, Topical), By Distribution Channel (Dispensaries, Online): Global & Regional Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecasts, 2021 - 2026” report at https://www.fnfresearch.com/medical-marijuana-market.

The global medical marijuana market is segmented as follows:

By Application:

  • Pain Management

  • Neuropathic Pain

  • Cancer Pain

  • Others

  • Muscle Spasms

  • Nausea

  • Anorexia

  • Seizures

  • Others

By Route of Administration:

  • Inhalation

  • Oral

  • Topical

By Distribution Channel:

  • Dispensaries

  • Online

Key Highlights of this Report:

  • Statistically Validated Analysis of Historical, Current, and Projected Industry Trends with Authenticated Market Sizes Information and Data in terms of Value and Volume, wherever applicable

  • Detailed List of Key Buyers and End-Users (Consumers) analyzed as per Regions and Applications

  • Overview of Key Marketing Strategies and Key Sales Channels Adopted in the Market

  • Market Attractiveness Analysis and Key Investment Opportunity Analysis in the Market going forward

  • Direct and Indirect Factors that Impacted the Industry as well Projected Rationales expected to affect the industry going forward

  • Historical and Projected Company / Vendor / OEM / Supplier Market Shares, Competitive Landscape, and Player Positioning Data

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