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.
In depth research report on 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.
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
o
U.S.
o
Canada
·
Europe
o
Belgium
o
Croatia
o
Finland
o
France
o
Italy
o
Netherlands
o
Portugal
o
Romania
o
Switzerland
o
Czech Republic
o
Estonia
·
ROW
o
Israel
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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, 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 market analysis reports, please
visit: http://www.grandviewresearch.com/
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