Medical Marijuana Market Size was valued around USD 5 billion in 2018 and is expected to witness lucrative growth from 2019 to 2025.
Medical cannabis, also called as medical marijuana, is the natural, whole or extract of marijuana plant that can be used for curing illness or symptoms of a variety of conditions. Although, the U.S. FDA is yet to approve cannabis plant for medicinal purpose, methodical research and study of the plant’s compostion have led to FDA approval of two medications. These medications consist of THC (Tetrahydrocannabinol) and are used to treat chemotherapy-induced sickness. Thus increasing adoption coupled with rising approvals for medical marijuana in various countries will augment the growth of medical marijuana market over the forecast period. However, irregularity of medical marijuana testing regulations will hamper market growth. Furthermore, lack of related safety data will further restraint medical marijuana market growth.
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Various route of administration of medical marijuana includes oral, inhalation, topical and others. Inhalation route of administration is estimated to account for largest share of the market in 2018. Increasing adoption rate is owing to elevated bioavailability in the range of 15-25%. Around 50% of the tetrahydrocannabinol (THC), one of the main ingredient of medical cannabis, can be provided to the lungs via inhalation. Other uses of inhalation include fast effects and fewer noxious emissions. Even if the accurate dose of administration differs between patients, the bioavailability of inhaled THC is significantly elevated compared to other routes.
On the basis of application segment of medical marijuana market is divided into pain management, muscle spasms, nausea, anorexia, seizures and other applications. The trend of prescribing of cannabis for pain management in increasing at an steady rate. Chronic pain is one of issues affecting the patients. As per the CDC report, in 2016, 1 in 5 adults in the U.S. suffered from chronic pain. Opoids are the most preferred used therapy for pain management. However, as opioids have huge number of side-effects, the patients are increasing adopting various different treatments that involves marijuana. Thus increasing adoption of patient population coupled with growing awareness will drive the pain management segmental growth in medical marijuana market.
- By Application
- Pain Management
- Neuropathic Pain
- Cancer Pain
- Muscle Spasms
- By Route of administration
- By Distribution channel
- By Region
- North America
- Latin America
- Middle East & Africa
- Company Coverage
- ABcann Medicinals, Inc.
- Aphria, Inc.
- Aurora Cannabis, Inc.
- Cannabis Sativa Inc.
- Canopy Growth Corporation
- Emerald Health Therapeutics Inc.
- Green Relief Inc.
- GW Pharmaceuticals
- Insys Therapeutics, Inc.
- Maricann Group, Inc.
- mCig, Inc.
- Medical Marijuana, Inc.
- The Cronos Group Inc.
- United Cannabis
- The Supreme Cannabis Company
Questions addressed in the report
- Where will all these developments take the industry in the mid to long-term?
- What are the upcoming industry applications for the medical marijuana market?
- Which segment provides the most opportunity for growth?
- Which are the leading vendors operating in this market?
- What are the opportunities for new market entrants?
In this report, we had discussed the market situation of Medical Marijuana Market. As we know the world is going to be tech savvy, the demand of trending products and technologies is also increasing. This report can help to understand the business growth in the Medical Marijuana Market and new opportunities at new places.
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