Medical cannabis market size from $ 33,210 million to

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New York, USA, August 25, 2021 (GLOBE NEWSWIRE) – Medical Cannabis Market Review

According to a comprehensive research report by Market Research Future (MRFR) “Medical Cannabis Market Information by Product Type, Derivative, Route of Administration, Application, Distribution Channel, and Region, Forecast to 2027“The market is expected to see a CAGR of 18.4% by 2027, in excess of $ 33,210 million.

Market size

Medical cannabis, often known as medical marijuana, is a herbal medicine extracted from cannabis plants and used to treat a specific symptom or disease. Although the term cannabis refers to a genus of plants, it is also used to refer to the raw medicine obtained from the leaves and flowers of the plant known as marijuana. Ancient Indian, Chinese, Egyptian, and Islamic civilizations all used it medicinally. Cancer, chronic pain, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, multiple sclerosis, AIDS, PTSD, amyotrophic lateral sclerosis (ALS), Alzheimer’s and Tourette are some of the diseases and symptoms cannabis is used for. Due to its therapeutic effects, cannabis has been legalized for medicinal use in a variety of countries with varying legal restrictions.

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Competitive landscape

The major companies associated with the global medical cannabis market are

  • Cannabis Sativa, Inc. (USA)
  • Emerald Health Therapeutics (Canada)
  • Aurora Cannabis Inc. (Canada)
  • Medical Marijuana, Inc (USA)
  • Canndoc (Israel)
  • Canopy Growth Corporation (Canada)
  • GW Pharmaceuticals (UK)
  • Tilray, Inc (Canada)
  • Cara Therapeutics (USA)
  • GB Sciences, Inc. (USA)

Market leader

Compared to other therapy options, cannabis is safer and has fewer serious negative effects. It is also used in conjunction with other medications, either to improve their effectiveness or to mitigate negative side effects. In addition to business leaders, many companies and government institutions fund the research and development of cannabinoids for medical applications. Clinical trials, research and development (R&D) and the commercialization of cannabis-based indications are also likely to drive the advancement of the medical cannabis market.

Market restrictions

Aside from the recognized medicinal benefits of cannabis, it also has negative health consequences. Cannabis addiction, chronic psychosis-related health problems, altered brain development, decreased life satisfaction, cognitive impairment, bronchitis, and poor educational outcomes have all been linked to heavy or long-term cannabis use. Dizziness was also noted as the most common non-serious side effect, with a frequency of 15.5 percent in people exposed to cannabis.

COVID-19 analysis

The COVID-19 outbreak disrupted the supply chain of the global medical cannabis market and affected the entire value chain, from raw material sourcing to manufacturing, packaging and distribution. At the moment, the impact does not seem to be significant as several factories have the raw materials and finished products required. The damage is expected to increase if the pandemic continues and trade restrictions are expanded.

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Market segmentation

By product type, the cannabidiol oil segment is likely to dominate the market due to its stress relieving uses. It can also be used to treat other neurodegenerative diseases such as Alzheimer’s and PTSD.

In derivatives, CBD dominates the market because its non-psychoactive properties and low toxicity mean it is mainly used for medicinal purposes, while THC is used to alleviate the side effects of AIDS and the treatment of cancer.

By application, cancer is the most popular category driving the market.

By route of administration, oral solutions and capsules are the most popular and account for the majority of sales.

On the distribution channel, the retail pharmacy has gained the most traction due to 24/7 availability and expanded care services.

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Regional insights

In 2020, North America dominated the global medical cannabis market with the largest share. This huge market share is attributed to the legalization of medical cannabis in 37 US states as well as the wide acceptance of the products. The market in this region is growing due to the involvement of major manufacturers, the increasing use of medicinal cannabis products and an increasing number of companies involved in R&D activities.

Europe occupies a significant position in the global medical cannabis market. As more and more European nations legalize cannabis for medicinal purposes, it is the second largest market after North America. In addition, the market size in this region is expected to grow due to outstanding research and manufacturing activities in the region.

Due to the large numbers of cancer patients and government health reform initiatives, the Asia-Pacific region is likely to experience positive growth over the forecast period. It is the third largest player in the global medical cannabis market. Cannabis-based items are illegal in most of the Asia-Pacific countries. However, some doctors are prescribing cannabis-based drugs due to the increase in epilepsy cases.

For organizational reasons such as outdated laws and lower adoption rates, the Middle East would see the slowest development in the market. Due to strict government regulations, growth in the region is expected to be limited. Some Arab countries have strict regulations for the use and storage of cannabis products.

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