Global Market Insights Inc. predicts that Medical Marijuana Market Revenue will cross $87 billion by 2027. Increasing legalization of medical marijuana propelled the market growth and with it, increased awareness and public support.
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According to latest report “Medical Marijuana Market by Application (Pain Management, Muscle Spasms, Nausea, Anorexia, Seizures), Route Of Administration (Inhalation, Oral, Topical), Distribution Channel (Dispensaries, Online), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of medical marijuana will cross $ 87.4 billion by 2027. Increasing legalization of medical marijuana largely propelling the market growth.
Increasing awareness and relative public support for medical cannabis has largely compelled the regulatory authorities to consider and legalize medical marijuana. This is noted to remain the prime factor driving market expansion. Medical marijuana has been historically used and largely studied to act as a therapeutic solution for several disorders. The increasing R&D activities focused towards developing novel solutions and finding novel applications has led to several formulations being approved by The United States Food & Drug Administration (FDA). Hence, as the public and regulatory interests shift towards the benefits of medical marijuana, significant technological advances are slated in the marketplace during the forecast period.
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Medical marijuana has been studied and increasingly consumed for treatment of different conditions including chronic pain, nausea, anorexia, muscle spasms and seizures among others. Several tetrahydrocannabinols- (THC) and cannabidiol- (CBD) based medications are approved for lowering the symptoms of pain as well as nausea. Medical cannabis is also prescribed for patients exhibiting a loss of appetite as symptoms of AIDS. Medical marijuana has also been prescribed to reduce the intensity of several symptoms observed over the treatment of Alzheimer and Crohn’s disease. Conclusively, as the prevalence of illnesses/conditions rises, the demand for medical marijuana is expected to increase in tandem with it.
The nausea segment is estimated to register a 18.4% growth rate till 2027 owing to the increasing prevalence of cancer and patients reporting similar symptoms. The segment is anticipated to significantly contribute to the market progression throughout the forecast period. Additionally, nauseatic conditions are noted for many patients undergoing chemotherapy, as a treatment of cancer. Several patients are also noted to report cancer related pain at different stages of treatment.
The topical route of administration is predicted to reach USD 5 billion by 2027. Topicals are lotions or creams directly applied to the skin for the treatment or relief of an injury. These are largely gaining prominence as replacing opioids for injury related pain management. As opioids are noted for their several side effects, medical cannabis has gained popularity due to self-administration, non-invasive, while also exhibiting limited side effects. Gradually, the segment is poised to gain prominence as increasing number of manufacturers venture in this marketplace.
The dispensaries segment dominated more than 58.4% of the market share in 2020. As the stringent regulatory environment exists around medical marijuana, its sales and consumption are highly monitored by the regulatory authorities to avoid any abuse or instances leading to addiction. It is relatively easier for the consumers as well as suppliers to engage in a traditional brick and mortar store model while under a regional medical marijuana program.
Latin America medical marijuana market is projected to attain a CAGR of 20.9% through 2027. Countries such as Chile and Argentina are some of the largest consumers of medical cannabis in the region. While Argentina has legalized the home cultivations of cannabis, Chile is noted to have a long history with medical cannabis with several clinical trials being conducted since 2014. The country is one of the frontrunners in the Latin America market and is noted to simplify laws time and again.
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Several companies are noted to participate in the cultivation, processing and supply of medical cannabis. Few notable players operating in the medical marijuana market include Aurora Cannabis Inc., ABcann Medicinals Inc., Aphria Inc., Canopy Growth Corporation, GW Pharmaceuticals, The Supreme Cannabis Company and Tilray, among others. These are observed to implement strategies relating to product development and acquisitions in order to establish a strong market position in the regional and national market.