Medical Marijuana Market to Rise at a Stellar 20.04% CAGR
The global medical marijuana market size is expected to reach USD 26,920.4 million by 2026, owing to the increasing demand for decriminalization of marijuana in most parts of the world. Medical cannabis or medical marijuana is extracted from the marijuana plant and can be used for treating certain illnesses and health conditions. But due to government restrictions, the use of marijuana as a medicinal drug is not tested rigorously. A recently published report by Fortune Business Insights™ titled, “Medical Marijuana Market Size, Share & Industry Analysis, By Application (Pain Disorders, Cancer, and Others), By Type (Flowers, Concentrates, Edibles and Others), By Distribution Channel (Dispensaries, Online, and Others), and Regional Forecast, 2019-2026” discusses the market comprehensively. According to this report, the market was USD 6,338.1 million in 2018 and is anticipated to exhibit a CAGR of 20.4% during the forecast period set between 2019 to 2026.
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https://www.fortunebusinessinsights.com/medical-marijuana-market-102609
What is the Scope of the Report?
The report is based on a thorough analysis of the market taking into account parameters such as growth drivers, restraints, current medical marijuana market trends, challenges, and opportunities that lies ahead of the market. It also discusses the market in details based on factors such as application, type, distribution channel, and geography. It also throws light on the competitive landscape of the market, names of significant players and the key strategies adopted by them to gain a competitive edge in the market. Furthermore, the report emphasizes on major industry developments, and other interesting insights into the market. The report is available for sale on the company website.
Market Drivers
Medicinal Properties of Cannabis to Propel Growth
The increasing demand for legalization of medical cannabis across various states is a major medical marijuana market growth driver. Besides this, the rising prevalence of diseases such as Parkinson’s disease, cancer, neurological disorders, and acute pain diseases is also expected to aid in expansion of the market in the forecast period. On the contrary, increasing application of marijuana beyond the required dose may result in side effects such as hallucinations, dizziness, low blood pressure, and others. This may stand as a major challenge to the market in the long run.