Medicinal Cannabis Market Is Estimated To Witness High Growth Owing To Increasing Legalization Of Cannabis
Description
The global Medicinal Cannabis Market is estimated to be valued at US$ 10,180.17 Million in 2022 and is expected to exhibit a CAGR Of 24.4% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The medicinal cannabis market comprises products derived from the Cannabis sativa plant that are used for medical purposes. These products include oils, tinctures, capsules, and creams, among others. Medicinal cannabis is gaining popularity due to its potential therapeutic benefits in treating various conditions such as chronic pain, epilepsy, multiple sclerosis, and nausea caused by chemotherapy, among others. The advantages of using medicinal cannabis include its ability to alleviate symptoms and improve the quality of life for patients. The growing awareness about the potential benefits of medicinal cannabis, coupled with increasing legalization in several countries, is driving market growth.
Market key trends:
One key trend in the medicinal cannabis market is the increasing legalization of cannabis for medical purposes. Several countries, including Canada, the United States, Germany, and Australia, have legalized the use of medicinal cannabis to varying extents. This legalization is driven by a growing body of scientific evidence supporting the therapeutic value of cannabis and the need to provide alternative treatments for patients. Additionally, the increasing acceptance of cannabis as a legitimate medical treatment is fueling market growth. As more countries legalize medicinal cannabis, the market is expected to expand further, creating lucrative opportunities for key players in the industry.
PEST Analysis:
Political: The political factors influencing the medicinal cannabis market include the regulatory environment and government policies. The legalization of cannabis for medical purposes across various countries, such as Canada and some states in the United States, has created significant opportunities for market growth. However, political challenges and restrictions in certain regions can hinder market expansion.
Economic: The economic factors influencing the medicinal cannabis market primarily include the investment landscape and market potential. The market is expected to witness high growth, exhibiting a CAGR of 24.4% over the forecast period. This growth can be attributed to the increasing acceptance of cannabis for medical purposes, which has led to a rise in investments and research and development activities in the market.
Social: The social factors influencing the medicinal cannabis market revolve around the changing societal attitudes and acceptance of cannabis for medical purposes. The growing awareness of the potential therapeutic benefits of cannabis has contributed to the increasing demand for medicinal cannabis products. Additionally, the aging population and the prevalence of chronic diseases have also fueled the market growth.
Technological: The technological factors influencing the medicinal cannabis market include the advancements in cultivation techniques, extraction methods, and product formulations. Innovations in technology have led to the development of more efficient and precise methods for cultivating, extracting, and manufacturing medicinal cannabis products. These advancements have enabled the industry to meet the growing demand and offer a wider range of product options to consumers.
Key Takeaways:
The global Medicinal Cannabis Market is expected to witness high growth, exhibiting a CAGR of 24.4% over the forecast period (2022-2030). This growth is driven by the increasing acceptance of cannabis for medical purposes and the growing investments in research and development activities.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the medicinal cannabis market. The region has witnessed significant legalization of cannabis for medical purposes, with countries like Canada and some states in the United States leading the market. The favorable regulatory environment and increasing patient population contribute to the market's growth in this region.
Key players operating in the medicinal cannabis market include BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc., and Medical Marijuana Inc. These key players play a crucial role in driving market growth through product innovation, strategic partnerships, and geographical expansions.
Tags : Medicinal Cannabis Market, Medicinal Cannabis Market Size, Medicinal Cannabis Market Growth, Medicinal Cannabis Market Trends
Read More : https://www.newswirestats.com/future-prospects-and-market-potential-of-the-medicinal-cannabis-market/
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