NEW YORK, USA, December 28, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the Global medical marijuana market It is expected to generate revenue of 33,211.7 million dollars And grow healthy compound annual growth rate of 27.4% During the time frame of forecast analysis of 2019-2026.
According to our analysts, with the increasing growth in the legalization of cannabis globally along with the increasing demand for pain management, the market is expected to witness significant growth during the analysis period. Besides, the increasing number of economies allowing the use of marijuana products for therapeutic applications such as treatment of HIV patients, pain management during cancer treatment and many more is expected to boost the growth of the medical marijuana market during the forecast period. Moreover, the growing agricultural crisis along with softening testing and sanctions on marijuana is expected to create significant growth opportunities during the forecast period. However, the lack of safety information and insufficient information on cannabis in developing economies may hamper market growth throughout the time frame of the analysis.
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The Medical Marijuana Market report has been segmented into segments based on application, management path, distribution channel, and region.
Application: Pain management sub-segment to be most profitable
The pain management sub-segment is expected to generate revenue of $13882.5 million within the estimated time frame. This is mainly due to the increased requirements for pain management globally. Increasing cancer pain and perplexing patient problems faced by therapists are among the major factors that are expected to boost the growth of the medical marijuana market sub-segment during the forecast period.
Administration method: the inhalation subsection to be more productive
The inhalation sub-segment of the medical marijuana market is expected to generate $23,082.2 million in revenue over the projected time frame. This is mainly because inhalation benefits contain fewer toxic emissions. Furthermore, the increasing growth of the cannabis-assisted inhaler-assisted asthma treatments is expected to drive further growth of the sub-market segment during the analysis period.
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Distribution channel: sub-dispensaries to be the most profitable
The dispensaries sub-segment is expected to generate revenue of $24,443.8 million within the projected time frame. This is mainly due to the reduction of penalties by the judicial authorities of different countries for cannabis users along with the dispensation of the supply of the drug. Moreover, the increasing volume of marijuana legalization policies across the globe is expected to drive further growth of the medical marijuana market sub-segment during the analysis time frame.
Region: North America has expanded growth opportunities
The North American region is expected to generate a file $10.627.8 million over the estimated time frame. This is largely due to the rapid legalization of marijuana at the federal level by the Judicial Council Committee. Increased awareness programs for marijuana use for good public health by the United States government are expected to amplify the regional growth of the market during the forecast period.
The main players in the market
The major players in the medical marijuana market include:
- Cannabis Sativa Inc.
- green relief company
- Africa Company
- Emerald Health Therapeutics
- Umbrella Growth Foundation
- GW . Pharmaceuticals
- Aurora Cannabis, Inc.
- Insys Therapeutics, Inc.
- ABcann Medicinals, Inc.
- mCig and many more.
These players are extensively working on developing new business strategies and tactics to gain leadership positions in the global industry.
For example, in January 2019, Aphria Inc, a leading international producer and distributor of medical and recreational cannabis, acquired CC Pharma, a popular German company. Through this acquisition, Aphria Inc. Willing to expand its presence in the market and boost its revenue by providing a wide distribution chain for medical marijuana globally.
In addition to this, the report also presents other important aspects such as the financial performance of the major players, the latest strategic developments, SWOT analysis, and the product portfolio.
In addition, the report containing some points about the leading business manufactures, such as, SWOT analysis, product portfolio, financial condition – Inquire about access to a detailed report on the development strategy of major companies
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