Medical Marijuana Market Geographic Segmentation & Competitive Landscape Report to 2030

Posted on 2022-05-26 by researchinsights in Pharmaceuticals // 0 Comments

San Francisco, California , USA, May 26, 2022 — /EPR Network/ —

Medical Marijuana Industry Overview

The global medical marijuana market size was valued at USD 11.0 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 21.6% from 2022 to 2030.

The market is experiencing growth due to rising awareness regarding various medical applications such as pain management, appetite enhancement, and reducing eye pressure. Medical marijuana is mainly classified into two types, namely Cannabis Sativa and Cannabis indica, which originate from the countries of the Western hemisphere and Central and South Asian regions respectively. The growing number of countries legalizing the use of medical marijuana in various parts of this world is one of the key factors driving the usage rate of cannabis in therapeutic applications.

COVID-19 had a somewhat positive impact on the market, as it led to an increased usage of medical cannabis across several states in the U.S., Europe, and Canada. The lockdown imposed caused a decrease in customers buying from the offline or retail market, however, many key players in the cannabis business shifted their focus on selling and marketing products on social media and e-commerce platforms.

Gather more insights about the market drivers, restrains and growth of the Global Medical Marijuana Market

There was a significant increase in the number of patients consuming medical marijuana across Europe and the U.S. during the pandemic. The market witnessed down growth due to ease of cannabis availability, with the approval of adult use of cannabis in states such as California, Washington, New York, and Colorado. In Alberta, the government deemed cannabis as an essential service in March 2020, as a result, the retailers, manufacturers, distributors, and warehouses saw growth in the sales of cannabis in Alberta.

The growing awareness among the healthcare industry experts, medical professionals, and patients about the benefits that medical marijuana has prompted the regulatory authorities to consider and authorize medical marijuana. Through various national initiatives, over 30 nations including the U.S., Canada, Argentina, UK, Australia, Germany, and many European countries have legalized its medical usage. It has also been approved for medicinal usage in several states around the U.S. For decades, medical marijuana has been the subject of extensive research and discussion. Multiple medications have been commercially approved by the U.S. Food and Drug Administration in the U.S. has approved various medications using marijuana-based formulations in healthcare due to its proven medical benefits.

The growing number of states legalizing medical marijuana and the increasing demand for cannabis in medical and recreational applications are some of the pivotal factors that are expected to propel the demand for medical marijuana over the coming years. The growing research and development activities are also expected to drive the demand for the drug over the forecast period. The (FDA) Food and Drug Administration in the U.S. has approved some cannabis drugs due to their medical properties: Epidiolex a drug, which contains a purified form of cannabidiol derived from the cannabis plant, is used for the treatment of seizures associated with two types of epilepsy one Lennox-Gastaut syndrome and another Dravet syndrome. Marinol and Syndros containing dronabinol are used in the treatment of symptoms such as nausea and vomiting caused by cancer chemotherapy. Cesamet containing nabilone is used to treat weight loss caused by HIV and AIDS.

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