Medical Marijuana Market-Overview
The use of marijuana has been a long-standing hot topic for discussion, especially in treating or controlling certain ailments. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period. The Medical Marijuana Market stands to rake in USD 54,677 million in earnings while advancing at a 34% CAGR by 2023.
The move to legalize marijuana has gained momentum in recent times, with several governments around the world looking into the possibility of legalizing it. The innovation and development undertaken by market companies with regards to product diversity is estimated to revolutionize the development of the medical marijuana market in the coming period.
Segmental Analysis
The segmental study of the medical marijuana market is carried out on the basis of product type, application, distribution channel and region. The product type segment of the medical marijuana market consists of gas, solid, and dissolvable/powders. The distribution channel segment of the medical marijuana market consists of online platforms and retail & pharmacy stores. The application segment of the medical marijuana market consists of Alzheimer's disease, schizophrenia, cancer, and multiple sclerosis. The regions included in the medical marijuana market are the Americas, Europe, Asia Pacific and other significant regions.
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Detailed Regional Analysis
The regional evaluation of the medical marijuana market includes the Americas, Europe, Asia Pacific and other significant regions. The Americas medical marijuana market is expected to oversee the global market in the forecast period owing to the developing use of cannabis in the medical field. The current studies on the advantages of cannabis are anticipated to propel the regional industry, particularly in the forecast period. The European region is expected to obtain a noteworthy market worth in the forecast period due to the intensifying R&D on cannabis. The growing call for medical marijuana to remedy chronic ailments is prophesied to push the regional market. The Asia Pacific region is anticipated to be the fastest expanding market in the forecast period due to emerging nations' existence and the mounting schemes to develop the healthcare set-up. The collective cases of chronic illness are anticipated to reinforce the regional market in the impending period.
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Competitive Analysis
The rise in acquisitions and mergers is estimated to recreate an encouraging environment for the players, leading to several new product offerings. The government support is estimated to have a positive scope for the development in several key areas of the global market. The use of online channels is estimated to gain more precedence as the market comes to terms with the new business realities. The market is estimated to move forward with caution due to the experiences gained during the pandemic. The surge in innovation and resynchronization of the operation and distribution cycle is estimated to create a constructive situation for the overall market's future. The promotion of international trade is predicted to create a promising overall effect on the market, with many companies choosing this period to test new and untapped markets. The advancement in the global distribution chains is estimated to further enrich the market's progress in the coming period.
The vital companies in the polyurethane market are Cannabis Sativa Inc (Nevada), GW Pharmaceuticals Plc (US), Medical Marijuana Inc (US), Emerald Health Therapeutics Inc. (Victoria, BC), Canopy Growth Corporation (US), Aphria (Ontario), CanniMed Ltd (Canada), Pfizer Inc. (US), GBSciences Inc. (Nevada) and MediPharm Labs (US).
Industry Updates:
Mar 2021 The government in France has launched a two-year nationwide trial with medical marijuana with an intention for its eventual legalization. Approximately 3,000 patients around the nation will be provided medical cannabis treatments, and the nationwide medicines watchdog will check their health. The objective is to collect data about the efficiency and efficacy of therapeutic marijuana and to make ensuing logistical circuits for upcoming distribution. Among those qualified will be cancer patients, individuals with nerve pain that is not curable by other approaches, people with certain types of epilepsy and individuals in palliative care.
Mar 2021 The Arkansas Medical Marijuana Commission (MMC) on March 2 settled an approval to Shake Extractions LLC to produce organic beauty and wellness products vended into Arkansas dispensaries. Shake Extractions is an associate of holding corporation Shake Brands Corp., an industrial hemp classifying and manufacturing company. Shake Extracts will extend chemical-free processing of pesticide-free floral materials to make products such as infused extracts for oral and topical use, concentrates and rosins, skincare and personal care products with stress on sustainable, small-batch, and eco-friendly packaging.
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