Coherent Market Insights has announced the addition of the âMedical Cannabis Market, by Point of Sale, Active Ingredient, and Therapeutic Application – Global Trends, and Forecast to 2025â. The report classifies the Medical Cannabis Market in a precise manner to offer detailed insights about the aspects responsible for augmenting as well as restraining market growth.
Medicinal cannabis are also known as Medical marijuana, which area used either to treat disease or to improve their symptoms. The two cannabinoids – delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD) are used in treatment of certain disease or health conditions such as pain, blood pressure, memory, concentration, appetite, sensory stimulus, muscular problems, and seizures. The various economies are involved in the activities to legalize the export of medicinal cannabis product, which in turn is expected to fuel growth of the medical cannabis market. For instance, in January 2018, the Government of Australia allowed cannabis producers in the region to export medicinal cannabis and cannabis products in the global market.
The global medical cannabis market is valued at US$ 3,520.7 million in 2017 and is expected to witness a CAGR of 24.4% over the forecast period (2017 â 2025).
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According to the Medical Marijuana, Inc., an estimated size of the legal marijuana industry in the U.S. was US$ 7.1 billion in 2016 with increase of 25% Y-o-Y. In 2016, 28 states in the U.S. have legalized marijuana for medicinal purpose with some more gearing up for votes on the recreational use of marijuana. California, Nevada, Maine, and Massachusetts states in November 2016, voted to legalize the recreational use of marijuana. The accelerated pace of legalization of cannabis (marijuana) in the U.S. has attracted the attention of global investors in the medical cannabis market. However, lack of formulation of a comprehensive law pertaining to medical marijuana in some states inhibits patient access to the drug.
Legalization of medicinal cannabis in various economies is expected to drive the market growth
Some of the major factors driving growth of the market include increasing approval of medicinal cannabis products and increasing research and development activities. For instance, in March 2017, a law that allows the use of cannabis plant was signed by the German parliament. This would in turn allow the healthcare professionals to prescribe medicinal cannabis products to the patients suffering from severe health issues such as chronic pain, vomiting, and nausea. However, excessive consumption of cannabis will induce tachycardia, which will in turn increase the risk of heart attack, especially for users who already suffer from heart disease or arrhythmias. This is expected to hinder growth of the market.
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Potential medical cannabis markets other than the U.S. include Canada, Israel, Australia, and Spain. Mexico is also in process to consider the legalization of cannabis. For instance, in February 2016, Medical Marijuana, Inc. launched the HempMeds Mexico- a CBD hemp oil product in the Mexico. With the launch of HempMeds Mexico, company is intended to expand its cannabis business in the Latin America, by establishing the labs, manufacturing, sales and distribution facilities in the Mexico, in coming years.
Expansion of medicinal cannabis product by various manufacturers is a prominent factor fueling market growth
Medicinal cannabis manufacturers in the U.S. are actively focusing on expansion of their medicinal cannabis product business. For instance, in July 2016, Insys Therapeutics, Inc. received the U.S. Food and Drug Administration (FDA) approval for dronabinol oral solution- Syndros, an orally administered liquid formulation of the pharmaceutical cannabinoid dronabinol.
Some of the key players operating in the global medical cannabis market include BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc, and Medical Marijuana Inc.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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This release was published on openPR.