Growth of Medical Marijuana Market By Outlook Profiling - Aurora Cannabis, Inc., Medical Marijuana, Inc., GW Pharmaceuticals, Aphria, Inc., CanniMed

Medical Marijuana market report that gives meticulous investigation of current scenario of the market size, share, demand, growth, trends, companies active in the industry and forecasts for the coming years.

Medical marijuana market has experienced instrumental growth in recent years owing to a slew of therapeutic applications of marijuana including its unique pain relief properties helpful in neurology, cancer, seizures, HIV/AIDS, nausea, and muscle spasms. In a recent turn of events, a new law "Alternatives to Opioids Act of 2018" implemented in Illinois, consented the prescription of medical marijuana for pain management in the region.
Medical Marijuana Market will exceed USD 55.0 billion by 2024; as per a new research report.

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Technically, the human body already generates chemicals similar to marijuana that alter pain sensation, inflammation, and several other conditions, however, marijuana intake helps those naturally present chemicals to perform better. With the growing acceptance of medical marijuana worldwide, FDA has legalized THC, a chief component of marijuana, to heal nausea and enhance appetite, thereby impelling the growth prospects of medical marijuana market across numerous geographies.

The increasing consumer spending has thrusted the demand for home appliances like refrigerators and air conditioners that use stationery Medical Marijuanas for delivering clean air. Prevalence of various diseases, growing health concerns as well as increased affordability of medical services have advanced the healthcare segment, where oil-free compressors enable the supply of suitable air in hospitals, clinics and ambulatory surgical centers.

Report Mainly focuses on the top Manufacturers in global market are given bellow
Canopy Growth, Aurora Cannabis, Inc., Medical Marijuana, Inc., GW Pharmaceuticals, Aphria, Inc., CanniMed Ltd., Tilray, Emerald Health Therapeutics, and MedReleaf Corp., among others

Increase in number of geriatric people suffering from chronic pain caused due to neurology diseases, cancer, HIV/AIDS and arthritis will propel the medical marijuana market growth over the forecast period. According to the Boston University, School of Public Health, about 1 in 5 or 1,500 million people suffer from chronic pain, through the prevalence increasing with age globally.

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Indeed, if consumed rightly medical marijuana provides an array of promising health benefits. As reported by San Francisco based California Pacific Medical Center researchers in 2007, a chemical found in marijuana called CBD may help prevent cancer from spreading. That said, medical marijuana may also help in reversing the carcinogenic effects of tobacco and augment lung health. This is backed by a study published in the American Medical Association Journal in 2012, which claims that marijuana does not damage lung function and can even upsurge lung capacity. The vast spectrum of medical marijuana applications would significantly enhance its adoption in the healthcare industry globally, thereby providing an appreciable impetus to the commercialization matrix of the overall medical marijuana market.

Currently, 29 states in the U.S. along with Washington D.C. have approved the application of marijuana for medicinal purpose. The number of states in the U.S. receiving approval for medical marijuana use is expected to increase swiftly, hence drive the market growth. Furthermore, other emerging countries such as Israel and Australia have also contributed towards the growth of the market by approving the medicinal use of marijuana. Various ongoing research and development projects are also going in these countries to support the application of medical marijuana in the treatment of a range of conditions.

However, factors such as adverse side effects of marijuana, lack of safety data, strict regulatory norms set by local government bodies and difficulty in setting up marijuana business coverage will be major hindrances for global medical marijuana market.

Medical marijuana muscle spasms market segment is estimated to witness a CAGR of around 35% during the forecast period. The main cause of muscle spasm is multiple sclerosis; and around 90% patients with multiple sclerosis develop muscle spasms. Increasing prevalence of multiple sclerosis with an estimated 2.5 million people affected by the same will boost market growth.

By Application (Pain Management, Muscle Spasms, Nausea, Anorexia, Seizures, Others)

By Route of Administration (Inhalation, Oral, Topical)

By Distribution Channel (Dispensaries, Online)

Israel medical marijuana market valued USD 39.5 million in 2017. Growing number of research and development studies pertaining to the application of medical marijuana will augment market growth in the region. In addition, recently a new reform was passed in Israel, where medical marijuana can be sold at ordinary pharmacies. This would enable the doctors in Israel to prescribe marijuana-based medications, thereby increasing the sales of medical marijuana.

The above information is provided on a regional and country basis for the following:
U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait

The medical marijuana inhalation market segment was valued at USD 5,348.7 million in 2017 owing to controlled dosage rates and better absorption of medical marijuana into the body. In addition, the effects of inhaling marijuana can be perceived in few minutes of its administration with high peak concentrations, hence making it the preferred route of administration for medical marijuana.

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