Medical Marijuana Market Is Anticipated To Reach $55.8 Billion By 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.
U.S. medical marijuana market by application, 2013 - 2025 (USD Billion) |
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: 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: 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
Access
Press Release By Grand View Research: 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.
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