The global medical marijuana market is expected to reach a value of $55.8 billion by 2025, according to a new report by Grand View Research, Inc. In 201, Washington D.C. and 28 U.S. states have legalized marijuana for medical uses.
In 2016, states such as Arkansas, Florida, North Dakota, Ohio, and Pennsylvania passed laws to allow use of marijuana in medical applications such as chemotherapies and pain management. The growing number of states and countries approving usage in therapeutic applications is one of the crucial factors driving the demand over the coming few years.
The presence of several regulatory frameworks such as the Medical Marijuana Regulation and Safety Act is indicators of the present demand for the drug in the market. The regulatory framework requires every individual or the company associated such as growers, retail operators, and makers of processed pot products to obtain permission and an annual state license from 2018. An increasing number of issued licenses is also among factors that is expected to drive the market especially after 2018.
The increasing interest among the academic researchers and healthcare providers regarding the therapeutic uses of marijuana is among the significant factors, which is driving the market over the coming years. Some of its potential therapeutic values are suppression of vomiting & nausea, pain relief, and appetite stimulation. In addition, research states that marijuana is effective in providing relief to the patient suffering from HIV/AIDS, glaucoma, cancer, and multiple sclerosis. The growing number of therapeutic applications of the drug is one of the key factors that is propelling the market over the forecast period.
Browse full research report with TOC on "Medical Marijuana Market Analysis By Application, (Chronic Pain, Arthritis, Migraine, Cancer) By Country (U.S., Canada, France, Italy, Switzerland, Israel, Belgium, Croatia, Finland, Netherlands, Portugal, Czech Republic, Estonia), And Segment Forecasts, 2013 – 2025 at: Medical Marijuana Market Size, Trends | Industry Research Report 2025
Further key findings from the study suggest:
- In 2015, chronic pain was the largest application segment owing to the presence of a huge patient base
- The growing prevalence of chronic pain elevates the demand for the drug, thus expected to boost the medical marijuana for chronic pain management
- The rapidly growing number of cannabis legalization in the U.S. is one of the key attributes for its increased demand in therapeutic and recreational uses, and thus anticipated to impel the market growth
- Increasing investment in R&D & demand for cannabis in chemotherapy is expected to drive the growth in the Asia Pacific market
- Some of the key players are Cara Therapeutics Inc.; CannaGrow Holdings, Inc.; Cannabis Sativa, Inc.; United Cannabis Corporation; GrowBlox Sciences, Inc.; GW Pharmaceuticals, plc; Lexaria Corp; International Consolidated Companies, Inc.
News Moderator: Katelyn Baker
Full Article: Global Medical Marijuana Market Could Reach $55 Billion By 2025
Author: Isaac M. O’Bannon
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