Medical Cannabis Market To Grow Substantially Through 2027

Precision Business Insights published a research report on “Global Medical Cannabis Market By Product Type (Tetrahydrocannabinol, Others), By Application (Nausea and Vomiting, Pain, Epilepsy, Multiple Sclerosis, Arthritis, Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Others), and Geography- Global/Region/Country Forecast to 2027”. The Global Medical Cannabis market was valued at US$ 14.3 Bn in the year 2020 and is anticipated to record US$ 51.24 Bn till 2027 witnessing a CAGR of 20% over the forecast period 2021-2027.

Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on "Global Medical Cannabis Market By Product Type (Tetrahydrocannabinol, Others), By Application (Nausea and Vomiting, Pain, Epilepsy, Multiple Sclerosis, Arthritis, Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Others), and Geography- Global/Region/Country Forecast to 2027",

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Growing Adoption amid Healthcare Experts about Medical Cannabis will Accelerate the Market Growth
Cannabis is used in several treatments as it is an effective psychoactive drug. It has several therapeutic advantages to provide and has been approved for medical purpose in several countries. It is used to treat different symptoms and illnesses such as arthritis, diabetes, arthritis, chronic pain, migraines, multiple sclerosis and depression. There are several factors that are anticipated to drive the medical cannabis market over the forecast duration such as growing research and development activities to develop novel cannabis products, huge adoption of medical cannabis amid healthcare experts, fast legalization of cannabis in developing and developed countries and fewer unfavorable effects involved with cannabis treatment as compared to other therapeutics. On the other hand, dearth of testing standards for medical cannabis, strict regulatory framework and dearth of awareness in underdeveloped countries about medical cannabis can hamper the market growth over the forecast period. Fast cannabis legalization to treat chronic illnesses in developing and developed countries is a significant factor contributes greatly in driving the medical cannabis market growth during the forecast period. Cannabis works effectively to treat chemotherapy patients to reduce the vomiting nausea problem and consequently increase the appetite to make treatment more effective.

North America Witnesses Larger Revenue Share in Global Medical Cannabis Market
North America accounted for larger revenue share and dominated the market in 2018 and is anticipated to dominate over the forecast duration 2021-2027 because of the increasing cases of chronic diseases and cancer patients in Canada and USA. For example, nearly 17, 35,350 patients are diagnosed with cancer in U.S according to National Cancer Institute 2018 data. In addition, huge count of key players and growing awareness amid healthcare experts about medical cannabis are the factors surge the market growth. Medical Cannabis market in Europe is growing at considerable growth due to the increasing cases of chronic illnesses, legalization of marijuana in European economies like Czech and Germany and huge adoption of advanced treatment methods.

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Competitive Analysis
There are several players operating in global medical cannabis market are Canopy Growth Corporation, Aurora Medical Cannabis Inc., GW Pharmaceuticals, Cannimed, Ltd., Aphria Inc., Emerald Health Ltd., Tilray Inc., Medreleaf Corporation, Medical Marijuana, Inc., Insys Therapeutics, Inc., Green Relief Inc., Cannabis Sativa, Inc., Vico Cannabis, Inc., Chronos Group, Inc., Organisms Holding, Inc. and Curaleaf Holdings, inc. Major players of this market focusing mainly on following some effective strategies.

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