Medical Marijuana Market Is Projected To Grow Due To An Increasing Number Of Issued Licenses 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.
U.S. medical marijuana market
by application, 2013 - 2025 (USD Billion)
Browse full research report on
Medical Marijuana Market
Further key findings from
the report 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.
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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