Medical Marijuana Market Industry Analysis, Size, Share, Growth, Trend And Forecast 2028

According to Premium Market Insights new research study on "Medical Marijuana Market was valued at US$ 11,706.50 million in 2021 and is likely to reach value of US$ 40,027.59 million by 2028; it is estimated to grow at a CAGR of 19.2% from 2022 to 2028. The report highlights trends prevailing in the market and factors driving the medical marijuana market. The market growth is attributed to increasing approvals of medical marijuana products and rising acceptance of the medicinal use of marijuana. However, the illegal use of as a street drug and misconceptions regarding marijuana limit the market growth.

Get a Sample Copy of This Report@ https://www.premiummarketinsights.com/sample/TIP00073615/?utm_source=OpenPR&utm_medium=10655

Some Of the Major Players Influencing are Aphria, Inc., Canopy Growth Corporation, CanaQuest Medical Corporation, GW Pharmaceuticals, Organigram Holdings Inc., VIVO Inc, Panaxia Pharmaceutical Industries Ltd., Phoena Holdings Inc., Emerald Health Therapeutics Inc., MARICANN INC.

Medical marijuana is in its introduction stage in the medical health industry. It is a potent product accepted globally, where Chinese medicines are already being manufactured using these plants, and that too with a long history associated. Medical marijuana remains a significant influence in the industry to treat cases that are not entirely advisable with traditional medicines. Medical marijuana is just a typical marijuana plant that is processed to get the fundamental composition of cannabinoids, which is necessary to synthesize the product to be in use.

Countries in North America have legalized the use and cultivation of medical . For instance, in 2012, Uruguay became the first country in the world to legalize the recreational use of . Similarly, in 2014, Brazil authorized the use of medical , and in 2016, it approved the import of medications based on oil and products made from and marijuana flowers. In 2017, Peru approved a law regulating the medicinal and therapeutic use of and its derivatives. In 2018, the Government of Canada passed the Act, which created a strict legal framework for controlling the production, distribution, sale, and possession of across Canada. In the US, as of February 2022, marijuana was legalized in 37 states and the District of Columbia. In the past few years, Mexico, Luxembourg, and Lesotho, among others, have joined the list of countries to legalize the use of marijuana for medical applications.

However, despite widespread legalization of the use of its legal cultivation and production have earlier been mostly limited to developing countries. In September 2019, the Ministry of Commerce, Agriculture, and Fisheries of Jamaica announced a partnership with Harvard International Phytomedicines and Medical Institute (HIPI) to conduct research on the pharmacological benefits of marijuana. At the same time, Jamaica aims to capitalize on this partnership and utilize this opportunity to grow and develop its national marijuana industry. Moreover, the World Health Organization (WHO) states that ~80% of the world's population utilizes marijuana or for medical remedies. Therefore, the growing acceptance, cultivation, and production of medical marijuana in developing countries is contributing significantly to the growth of the medical marijuana market.

Based on product, the medical marijuana market is bifurcated into dried form and extract form. The extract form segment held a larger market share in 2021. Moreover, the same segment is anticipated to register a higher CAGR of 19.3% during the forecast period. The growth of the extract form segment can be attributed to the rising demand for liquid extracts in medical applications, increasing health and wellness trends with the consumption of natural health products, and rising awareness regarding the benefits of extracts over dried marijuana.

Inquiry Before Buying At: https://www.premiummarketinsights.com/inquiry/TIP00073615/?utm_source=OpenPR&utm_medium=10655

Based on application, the medical marijuana market is segmented into pain management, Tourette, Alzheimer's disease, migraines, depression and anxiety, multiple sclerosis, cancer, and others. The pain management segment held the largest market share in 2021. However, the multiple sclerosis segment is expected to record the fastest CAGR of 20.3% from 2022 to 2028. The pain management segment is driven by the growing prevalence of trauma or hypertension, increasing demand for muscle and nerve stimulators, and the rising prevalence of lifestyle disorders such as obesity and diabetes.

Based on distribution channel, the medical marijuana market is segmented into retail pharmacy, e-commerce, and others. The retail pharmacy segment held the largest market share in 2021. However, the e-commerce segment is expected to record the fastest CAGR of 19.8% during 2022-2028. The major driving factors for the retail pharmacy segment are a highly regulated supply chain, expert consulting, and patient solutions that improve adherence.

COVID-19 Impact - Medical Marijuana Market
Despite the increasing COVID-19 cases worldwide, there were vital growth opportunities for the medical marijuana market. The demand for nutritious products has increased during the COVID-19 pandemic. A good intake of healthy food has helped in building immunity and avoiding getting infected by SARS-CoV-2. The companies producing hemp food products have experienced a rise in the sales of their products. For instance, Hemp Foods Australia (HFA), an Australian company, sore its sales by 22% in the last quarter of 2020.

At present, countries such as Australia and New Zealand only produce hemp products for the food & beverages sector. The countries do not have based products as there is no permit to use other than for medicinal usage. On the contrary, in Hong Kong, based products are available in the market despite the food-related market being less. Likewise, in Japan, based food and drinks ranging from sweet drinks to lasagna are served in food service outlets. However, countries such as China and India do not yet permit -based food products. Thus, the increasing sales of
and hemp products is expected to drive the market during the forecast period.
Various organic and inorganic strategies are adopted by companies operating in the medical marijuana market. The organic strategies mainly include product launches and product approvals. Further, inorganic growth strategies witnessed in the market are acquisitions, collaboration, and partnerships. These growth strategies allow the medical marijuana market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help
the market players strengthen their customer base and expand their product portfolios. A few significant developments by key players in the medical marijuana market are listed below.

Order a copy of this research study at- https://www.premiummarketinsights.com/buy/TIP00073615/?utm_source=OpenPR&utm_medium=10655

-In February 2021, CANAQUEST MEDICAL CORP announced a new production and distribution agreement with PurCann Pharma ("PurCann ") and SiliCycle Inc. ("SiliCycle "). This agreement facilitates CanaQuest's planned production, distribution, and global export of Mentanine and Mentabinol formulations, through its wholly owned subsidiary, ADC BioMedical Corp.

- In May 2020, Aphria Inc., a leading global company, announced that it would transfer its stock exchange listing from the New York Stock Exchange ("NYSE") to The Nasdaq Global Select Market ("Nasdaq") after the market close. The company expects its common stock will begin trading as Nasdaq-listed security and will continue to be listed under the ticker symbol "APHA." This transition will not impact the company's primary listing on the Toronto Stock Exchange (TSX: APHA).

A few major primary and secondary sources referred to while preparing the report on the medical marijuana market are the World Health Organization (WHO), the Centers for Disease Control (CDC), and the Food and Drug Administration (FDA), among others.

Table Of Contents
1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 Global Medical Marijuana Market - by Product
1.3.2 Global Medical Marijuana Market - by Application
1.3.3 Global Medical Marijuana Market - by Distribution Channel
1.3.4 Global Medical Marijuana Market - by Geography
2. Medical Marijuana Market - Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Global Medical Marijuana Market - Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 North America - PEST Analysis
4.2.2 Europe- PEST Analysis
4.2.3 Asia Pacific- PEST Analysis
4.2.4 Middle East & Africa- PEST Analysis
4.2.5 South & Central America - PEST Analysis
4.3 Expert Opinion
5. Medical Marijuana Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Approvals of Medical Marijuana Products
5.1.2 Rising Acceptance of Medicinal Use of Marijuana in America
5.2 Market Restraints
5.2.1 Illegal Use of as Street Drug and Misconceptions Regarding Marijuana
5.3 Market Opportunities
5.3.1 Increase in Job Opportunities in Marijuana Industry
5.4 Future Trends
5.4.1 Widespread Distribution of Medical Marijuana
5.5 Impact Analysis
6. Medical Marijuana Market - Global Analysis
6.1 Global Medical Marijuana Market Revenue Forecast and Analysis
6.1.1 Global Medical Marijuana Market, By Geography - Forecast and Analysis
6.1.2 Global Medical Marijuana Market - Market Potential Analysis, By Region
6.2 Company Analysis
6.2.1 Market Positioning of Key Players
6.3 Comparative Company Analysis
6.4 Growth Strategy Analysis
6.5 Performance of Key Players
6.5.1 Aphria, Inc.
6.5.2 Canopy Growth Corporation
Continued…...!

Contact Us:
If you have any queries pertaining to the report or would like further information, feel free to reach out to us at-
Contact Person: Sameer Joshi
E-mail: sales@premiummarketinsights.com
Phone: +1-646-491-9876

About Us:
Premium Market Insights is a one stop shop of market research reports and solutions to various companies across the globe. We help our clients in their decision support system by helping them choose most relevant and cost-effective research reports and solutions from various publishers.
The market research industry has changed in last decade. As corporate focus has shifted to niche markets and emerging countries, a number of publishers have stepped in to fulfil these information needs. We have experienced and trained staff that helps you navigate different options and lets you choose best research solution at most effective cost.
Premium Market Insights has an extensive coverage of industry reports, company reports and country reports across all industries. In case your research needs are not met by syndicated reports offered by leading publishers, we can help you by offering a customized research solution by liaising with different research agencies saving your valuable time and money.
We provide best in class customer service and our customer support team is always available to help you on your research queries. Our commitment to customer service is best exemplified by free analyst support that we offer to our clients which sets us apart from any other provider. We also offer enterprise subscriptions which provide significant cost savings to our clients.

This release was published on openPR.