Medical Marijuana Market Report, Market Share, Size |
Posted: July 17, 2018 |
The global medical marijuana market is expected to grow significantly from USD 8,280.6 million in 2017 to USD 28,070.0 million in 2024, at a CAGR of 19.1% from 2018 to 2024. Significant demand on account of the medicinal properties of marijuana that are used in the treatment of several chronic diseases has boosted the market growth over the next seven years. In addition, several favorable regulations along with high end research and development have fostered market growth over the forecast period. Medical marijuana is used as the whole plant or plant extract for the treatment of various diseases. THC (delta-9-tetrahydrocannabinol) is the main active mind-altering (psychoactive) substance found in marijuana plant having medical properties to treat vomiting, nausea, and other medical conditions. THC (delta-9-tetrahydrocannabinol) is also used to treat appetite in patients suffering from AIDS. Relevant research followed by experiments on medical marijuana has given evidence that it serves as an effective drug for the treatment of various diseases. Hence, the medical marijuana industry is expected to witness growth across the globe in the coming years. After the legalization of medical marijuana in the 29 states of the U.S, a vivid spending on the industry would be followed by other nations in order to meet the developmental growth of their respective healthcare sectors. Studies on the use of medical marijuana for the treatment of multiple sclerosis and epilepsy have generated positive results. It has emerged as an effective treatment option for symptoms of vomiting, pain, appetite and nausea in cancer patients and has also proved to be a viable treatment option for the management of muscle spasticity and pain in people living with multiple sclerosis. Currently, few countries like U.S. and Australia are funding and encouraging the research and development activities related to the medical marijuana. Additionally, various legislative actions across the globe have legalized marijuana for medical use. Different authorities for varied regions are responsible for the administration of marijuana use. The International Narcotics Control Board (INCB) is the United Nation’s control body for international drug conventions; which maintains the record of how much cannabis is produced and consumed domestically, as well as the amount of cannabis which is imported or exported. It is mandatory that the permit should be approved, before the trade commences. Moreover, the willingness of people to invest in their health and seek better treatment options has lead to various innovations in the industry. However, legality of marijuana in various nations is a key restraint to the growth of the market. Furthermore, entry of new market players has intensified the competition in the industry.
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