The global medical marijuana market is expected to
reach a value of USD 55.8 billion by 2025. 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.
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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.
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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.
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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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