Title

Global Medical Marijuana Market information Research Report – Forecast to 2023


Key words
Cancer, Multiple Sclerosis, Alzheimer’s, and Muscle Spasms

Summary
Global Medical Marijuana Market: Information by Application (Cancer, Multiple Sclerosis, Alzheimer’s, and Muscle Spasms ), Route of Administration (Oral, Topical, and Others ), Distribution Channel (Dispensaries and Others )–Global Forecast Till 2023

Body
Marijuana consists of chemical components cannabinoids, which can be used as medicine to treat the symptoms caused by illness. Medical marijuana plant or extract of the plant is used for the treatment. The increasing number of chronic diseases, rising acceptance of medical marijuana in healthcare and increasing research and development activities are the major factors driving the growth of the global medical marijuana market. Additionally, increasing U.S. Food and Drug Administration (FDA) approvals for drugs containing cannabinoids are contributing to the growth of the market. For instance, in June 2018, U.S. Food and Drug Administration (FDA) has approved Epidiolex (cannabidiol) [CBD] oral solution for the treatment of epilepsy.
The stringent regulatory environment for product approval, increasing use of marijuana for recreational use and side effects caused by long-term use of marijuana are likely to hinder market growth during the forecast period.

Regional Analysis
The market in the Americas is expected to dominate the global medical marijuana market during the forecast period owing to the increasing prevalence of chronic diseases, increasing number of cannabinoid drug approvals by regulatory authorities, and increasing expenditure on research and development of medical marijuana. The European market is expected to be the second-largest due to the favorable policies implemented by government and regulatory authorities and increasing applications of marijuana in healthcare. Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to the increasing number of mental disorders and increasing expenditure on healthcare research and development. The market in the Middle East & Africa is likely to account for the smallest share of the global medical marijuana market. The market growth in this region can be attributed to the rising acceptance of medical marijuana in the treatment of illness and favorable government policies.
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Segmentation
The global medical marijuana market has been segmented on the basis of application, route of administration and distribution channel.
On the basis of application, the market has been classified as Alzheimer’s disease, cancer, mental health conditions, multiple sclerosis, muscle spasms, glaucoma, and human immunodeficiency virus, acquired immunodeficiency syndrome (HIV/AIDS). Mental health conditions are differentiated into schizophrenia and posttraumatic stress disorder (PTSD).
The route of administration segment has been further divided into oral, topical, inhalation and sublingual. The topical segment has been classified into ointments, lotions, creams, gels, and poultice.
The market, by distribution channel, has been segmented into dispensaries and online platforms.
Key Players
Some of the key players in the global medical marijuana market are Canopy Growth, Aurora Cannabis, Inc., Cannabis Sativa, Inc, GW Pharmaceuticals plc, United Cannabis, MGC Pharma, Aphria, Inc., Tilray, Emerald Health Therapeutics [Canada] Inc., GBSciences, Inc., CanniMed Ltd., Medical Marijuana, Inc, Cara Therapeutics, and Greengro Technologies.




Market scenario
The global medical marijuana market is expected to grow during the forecast period (2018–2023) at a CAGR ~35.4%.
Medical marijuana is the use of the marijuana plant or its extract to treat the disease and various conditions caused by the disease. Medical marijuana contains a chemical component known as cannabinoids, it possesses medicinal properties and can be used to treat many illness and symptoms related to it. The increasing therapeutic applications of marijuana, rising incidences of chronic diseases, rising acceptance of marijuana as a medicine in various countries and increasing legalization of marijuana are expected to drive the growth of the market. Moreover, rising research and development activities funded by private as well as government organizations for cannabinoid research contributing to the growth of the market. For instance, According to National Institute on Drug Abuse, in the fiscal year 2017, National Institutes of Health spent USD 140 million on 370 projects carried on research and development of cannabinoid, out of which USD 36 million were spend on examination of the therapeutic use of cannabinoid.
The stringent government policies, the lengthy approval process for use of medical marijuana and increasing recreational use of marijuana may hamper the growth of the market during the assessment period.
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