The market was valued at 14000 Million in 2020 and is growing at a CAGR of 25.16% in the forecast period of 2021 to 2027 is expected to reach USD 67,354.01 million by 2027. Medical marijuana, is from the marijuana plant used to treat any health problem. People don't use this to get high, but rather to ease/control their medical symptoms. Cannabis is a psychoactive drug which is derived from the cannabis plant of the Cannabaceae family. It has been used medicinally for several years in ancient Indian, Chinese, Egyptian and Islamic cultures. The most common use for medical marijuana is for pain control. While marijuana isn’t for use of severe pain (for example, post-surgical pain or a broken bone), it is quite effective for the chronic pain.
Increase in awareness about the therapeutic benefits of cannabidiol has influenced people to buy Cannabis based products, irrespective of their cost. Mainstream retailers are now focusing on selling Cannabis based products, as they have a higher profit margin.
Stringent FDA and other regulations are some of the factors expected to hamper the growth of the global medical marijuana market over the forecast period. Missing scientific cases for medical marijuana are confining the market to grow. Brand surges to provides a positive share for the competitors to capture maximum market with already set distribution networks and regional space.
Report : Medicinal Cannabis Market - By Product Type (Buds, Oils, Tinctures), By Distribution channel (Hospital Pharmacies, Retail Pharmacies, Online Stores), By Application (Pain Management, Neuropathic Pain, Cancer Pain, Others, Muscle Spasms, Nausea, Anorexia, Seizures, Others), By Route of Administration (Inhalation, Oral, Topical) and By Region (North America, Europe, Asia Pacific, Middle East and Africa, Latin America, ROW) - Industry Analysis, opportunity and Forecast 2020 To 2027