Sarasota, FL -- (SBWIRE) -- 10/12/2018 -- Global Medical Marijuana Market: Overview
Marijuana is a greenish-gray mixture of the cannabis sativa's dried flowers. Medical marijuana is still in the inception stage in the medical industry. The chemical properties of medical marijuana can be used to treat various symptoms and diseases, such as cancer, mental disorders, chronic pain, etc. Marijuana for medical purposes as a product is slowly gaining social acceptance across the world, which, in turn, can be attributed to the growth of the global medical marijuana market.
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Global Medical Marijuana Market: Growth Factors
The major growth driver in the global medical marijuana market is the growing trend of legalizing medical marijuana in various countries across the globe. This is due to the recognition of the medical benefits of marijuana along with the legalization of marijuana for medicinal purposes in the U.S., which, in turn, is influencing other nations to follow suit. Several countries, such as Israel, Australia, etc., are directing their resources toward research and development of marijuana, which is also expected to fuel the development of global medical marijuana market.
Lack of awareness regarding medicinal characteristics and dosage of marijuana might hinder the growth of the global medical marijuana market in the upcoming years.
Global Medical Marijuana Market: Segmentation
The global medical marijuana market can be divided based on application, distribution channel, and route of administration. On the basis of application, the market for medical marijuana can be classified into arthritis, cancer, migraine, seizures, nausea, and chronic pain, among others. The chronic pain application segment is expected to gain traction in the upcoming years, due to the increase in the number of geriatric population that need treatment for chronic pain and neuropathic pain. Based on the distribution channel, the medical marijuana market can be classified into online and dispensaries. On the basis of route of administration, the market for medical marijuana can be fragmented into topical, oral, and inhalation.
Global Medical Marijuana Market: Regional Analysis
Based on regions, the global market for medical marijuana can be divided into five main regions: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The North American region is anticipated to dominate the market for medical marijuana in the upcoming years. This is due to the legalization of cannabis for medical purposes in 29 states in the U.S. Some of the U.S. states have also decriminalized marijuana for recreational purposes. The European region is anticipated to hold a substantial share of the medical marijuana market in the future. This is due to the rising importance of the cannabis sector and several legalization initiatives. In the Asia Pacific region, Australia has legalized the use and export of cannabis under the national licensing scheme.
Global Medical Marijuana Market: Competitive Players
The key market players of the global market for medical marijuana include Insys Therapeutics, Namaste Technologies, Corbus Pharmaceuticals, The Hydropothecary Corporation, GB Sciences, The Cronos Group, Cannabis Sativa, Emerald Health Therapeutics, United Cannabis Corporation, Tilray, Lexaria Corporation, CanniMed Therapeutics, MedReleaf, Supreme Cannabis Company, Novartis International, AbbVie Incorporation, Medical Marijuana, CannaGrow Holdings, Teva Pharmaceuticals, Canopy Growth Corporation, Aurora Cannabis, Aphria, The Peace Naturals, Green Relief, mCig, and GW Pharmaceuticals, among several others.
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Global Medical Marijuana Market: Regional Segment Analysis
The Asia Pacific
The Middle East and Africa