Medical Cannabis Market – Overview
The use of cannabis in medical applications has risen steadily, and this development is anticipated to create a promising outlook for the medical cannabis market 2020. The healthcare industry reports are set out by Market Research Future, which centers on market choices for expansion. Medical cannabis market size is estimated to earn USD 52.35 Billion with the aid at a CAGR of 15.4%.
The rise in the occurrence of serious diseases that have the need for pain management is expected to motivate the overall medical cannabis industry in the forecast period. Moreover, the presence of appropriate outlets for the distribution of medical cannabis is expected to elevate the market development in the forecast period.
Medical Cannabis Market Segmental Analysis
The segmental investigation of the medical cannabis market is conducted on the basis of product form, derivative, application, distribution channel, region. On the basis of product form, the medical cannabis market is segmented into solids, powders, ointments & creams, oil, others. Based on the derivative, the medical cannabis market is segmented into tetrahydrocannabinol (THC) and cannabidiol (CBD). On the basis of application, the medical cannabis market is segmented into Alzheimer’s disease, cancer, arthritis, and schizophrenia. On the basis of the distribution channels, the medical cannabis market is divided into online stores and retail pharmacy. Based on the region, the medical cannabis market is segmented into Europe, the Americas, Middle East, Asia-Pacific, and Africa.
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Medical Cannabis Market Regional Analysis
The regional examination of the medical cannabis market includes regions such as Europe, the Americas, Middle East, Asia-Pacific, and Africa. The region in the Americas is anticipated to be the principal market due to the collective incidence of medical cannabis products and increasing per capita healthcare spending. The increasing occurrence of cancer cases has improved the development of the medical cannabis market in the Asia-Pacific, which is also expected to be the fastest-growing. The Middle East & Africa medical cannabis market is also expected to gain momentum in the duration of the forecast period.
Medical Cannabis Market Competitive Analysis
The access to funding is expected to encourage further development of the market in the upcoming period. The aid provided by government bodies and trade bodies is forecasted to create better prospects for progress in the market globally. The enhancement in the functioning and quality of products is estimated to open up new avenues for progress in the forecast period. The instabilities in the currency are anticipated to even out and consequently generate a promising influence on the market. The contenders in the market existing in harmony with each other, and barriers to entry in the market are predicted to become less challenging in the future. The alternation in consumer trends is predicted to create a surge in a variety of products that will be offered in the market. The market is projected to create a favorable growth backdrop for companies operating in the market. The diversification of production strategies is estimated to create a positive effect on the global market. The combined effect is formed in the middle of supply and demand forces in the market is anticipated to encourage additional development of the market.
The noteworthy companies in the medical cannabis market are Maricann Inc. (Canada), Medical Marijuana, Inc. (US), Tilray (Canada), Aphria, Inc. (Canada), United Cannabis (US), GW Pharmaceuticals PLC (UK), Cannabis Sativa Inc. (US), CanniMed Ltd (Canada), Canopy Growth Corporation (Canada), MediPharm Labs (Canada), Aurora Cannabis (Canada) and GBSciences Inc. (US) to name a few.
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Medical Cannabis Industry Updates:
Feb 2020 Europe’s leading independent cannabis company, EMMAC Life Sciences Group is combining pioneering science and research with pioneering extraction, cultivation, and production has recently introduced the presentation of Medican, the primary operational distance pharmacy in the UK devoted to delivering medical cannabis prescriptions.