The global medical marijuana market is
expected to reach a value of USD 55.8 billion by 2025, according to a new
report by Grand View Research, Inc. It has been identified that, in 2016,
Washington D.C. along with 28 states have legalized marijuana for medical uses.
In 2016, states such as Arkansas, Florida, North Dakota, Ohio, and Pennsylvania
were approved to use the drug in medical applications such as chemotherapies
and pain management. The growing number of states and countries getting
approval for using it 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
amongst 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 report by Grand View
Research :
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.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/pharmaceuticals
Grand View Research has
segmented the medical marijuana market by application and region:
Application Outlook (Market Revenue in USD Million, 2013
- 2025)
·
Chronic Pain
·
Arthritis
·
Migraine
·
Cancer
·
Others
Regional Outlook (Market Revenue in USD Million,
2013 - 2025)
·
North America
o U.S.
o Canada
·
Europe
o Belgium
o Croatia
o Finland
o France
o Italy
o Netherlands
o Portugal
o Romania
o Switzerland
o Czech Republic
o Estonia
·
ROW
o Israel
Access press release by Grand View Research: http://www.grandviewresearch.com/press-release/global-medical-marijuana-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information: http://www.grandviewresearch.com
No comments:
Post a Comment