WILmington, Delaware, US, October 24, 2022 (GLOBE NEWSWIRE) – Transparency market research firm. – An in-depth report on the medical cannabis market by TMR analysts found that the prospects have expanded on the back of favorable legislation and societal acceptance of cannabis (CBD) for use in medical applications. A series of clinical research has helped raise awareness of the efficacy of medicinal cannabis in treating multiple neurological diseases and managing pain. medical cannabis market It is expected to expand at a compound annual growth rate of 27% during the forecast period of 2019-2027.
Companies tend to market CBD products in approved regions in an effort to boost the market share of medical cannabis. It is worth noting that CBD products have shown promising results in the management of mental health conditions such as anxiety and depression.
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Additionally, the global analysis of the medical cannabis market notes that pharmaceutical companies are aggressively exploring and testing the potential of cannabis extracts for patients with weight loss concerns from HIV/AIDS and epilepsy. To this end, they are closely exploring the pharmacodynamics and pharmacokinetics of CBD in multiple sclerosis and Parkinson’s disease. Efforts to understand the contraindications of cannabis and the relationship between cannabinoids and human physiology are likely to enhance the size of the medical cannabis market.
Main results for Study of the medical cannabis market
- Legalizing the use of medical applications Hemp and its extracts Guidancea job Market expansion: The study authors found that legalizing the therapeutic application of medical cannabis and its extracts increases profitable demand for the products. This has led to a series of clinical research on understanding the medicinal and therapeutic benefits of bioactive compounds, especially cannabis. On the other hand, evolving regulatory frameworks have stimulated research and development in the medical cannabis market related to cannabis genetics cultivation.
- Producers and sellers Gain from product approvals in key regions: Producers and sellers have benefited from product approvals for CBD products. They are geared towards strengthening their supply chain, which will significantly enrich the value chain of the medical cannabis market.
- pharmaceutical Companies are counting on exploring new therapeutic applications: The increased availability of medical cannabis without a prescription has also boosted the prospects. Pharmaceutical companies are significantly increasing their research spending on understanding how CBD works, which will open new frontiers for growth in the medical cannabis market.
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Medical cannabis market: the main drivers
- A growing body of clinical studies on the psychological and physiological effects of CBD and other cannabinoids is driving the prospects for the medical cannabis market.
- Societal acceptance of cannabis and its extracts, along with increased awareness of the therapeutic benefits they promise, is a major driver of the medical cannabis market. Advances in cannabis genetics cultivation have paved the way for high-quality yields, and will expand the way in the coming years.
- The burden of joint and muscle pain worldwide is also a mainstay of ongoing research and development in the medical cannabis market.
The medical cannabis market: regional growth dynamics
Europe and North America were notably promising markets. Favorable legalization, ongoing efforts toward decriminalization, and industry efforts toward exploring the medical use of cannabis are fundamental pillars of the steady development of these medical cannabis markets. It should be noted that the study noted that the medical cannabis market in North America is supported by a number of regulatory approvals for medicinal cannabis products. The approvals of hemp CBD oil by the US Food and Drug Administration is an example of this.
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Medical cannabis market: the main players
Some of the notable players in the market are The Cronos Group and Medical Marijuana, Inc. and Tilray and GW Pharmaceuticals plc. and Cannabis Sativa, Inc. and Canopy Growth Corporation, Aurora Cannabis and United Cannabis.
Medical cannabis market: segmentation
- cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- mental health management
- Management of neurological disorders
- Alzheimer’s disease
- Parkinson’s disease
- Pain management
- Neuropathic pain
- Cancer pain
- Hospital pharmacies
- Retail pharmacies
- Internet pharmacies
- North Amarica
- Latin america
- rest of the world
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