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.
Full Research Report On Medical Marijuana Market Visit Here:
https://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.
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/medical-marijuana-market/request/rs1
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.
For more info visit @ https://www.grandviewresearch.com
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