Medical application of marijuana as pain management in cancer, seizures, neurology, and muscle spasm will drive the market growth.
Market Size – USD 11.70 Billion in 2018, Market Growth – CAGR of 26.4%, Market Trends – Legalization of marijuana in several countries.
NEW YORK, May 20, 2019 (GLOBE NEWSWIRE) — The Global Medical Marijuana Market is forecast to reach USD 148.35 Billion by 2026, according to a new report by Reports and Data. Marijuana is used for treating chronic pain that affects millions of people each year across the globe, thus increasing the demand for the product as a treatment procedure for medical conditions. Statistically, around 25 million people endure acute pain in the US. Moreover, several countries around the globe have made medical marijuana legal, i.e., it would allow people to use marijuana for health purposes; therefore, boosting the market for the medical marijuana market.
Side effects of the products include dizziness, fatigue, speech problem, constipation, and insomnia will hamper the growth of the market. Additionally, lack of data safety and problem in undertaking medical marijuana business is also estimated to hinder the growth of the market.
North America dominates the market of medical marijuana. The major contributors are the US and Canada. As of 2018, 30 U.S. states have permitted the application of medical marijuana. Moreover, the growing number of research studies in the US, encouraging and supporting marijuana’s use for medical purposes will supplement the North American medical marijuana market growth.
In 2017, Oxford University went into a partnership with Kingsley Capital Partners, for the development of cannabis treatment for inflammatory and cancer diseases. These partnerships are expected to have a positive impact on the market of medical marijuana.
Published at Mon, 20 May 2019 20:49:41 +0000