Medical Marijuana Market Will Witness Growth Based On Rising Awareness Regarding Various Medical Applications Till 2025:Grand View Research,inc.
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 research report on Medical Marijuana Market:
http://www.grandviewresearch.com/industry-analysis/medical-marijuana-market
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
- U.S.
- Canada
- Europe
- Belgium
- Croatia
- Finland
- France
- Italy
- Netherlands
- Portugal
- Romania
- Switzerland
- Czech
Republic
- Estonia
- ROW
- Israel
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.
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