The Global Medical Marijuana Market (Size Of USD 14.05 billion in 2016) to Witness 18.89% CAGR During 2017 – 2023
The global medical marijuana market growth is driven by the rise in demand for treatment of various diseases and growing awareness regarding the benefits of its various application.
The global medical marijuana market is segmented on the basis of type, medical application, chemical derivatives, and end-user. In the medical application segment, cancer holds the largest share of medical marijuana market and is expected to grow at a CAGR of 19.1% during the forecast period. Based on end-user, the market is segmented by pharmaceutical, research and development, and pharmacy stores.
North America holds the largest share in the global medical marijuana market and it is expected to show high growth rate due to growing number of U.S states legalizing the usage of marijuana in the medical applications during the forecast period.
Europe holds the second largest share of the market due to growing importance of cannabis sector supported by its government coupled with rising awareness among people for its medical usage.
However, the North America region is expected to witness fastest growth during the period 2017–2023. This high growth is attributed to increasing awareness about the medical marijuana and government legalization for its medical use.
The key players operating in the medical marijuana market are American Cannabis Company, Inc. Cannabis Sativa, Inc, GrowBlox Sciences, Inc, GW Pharmaceuticals, United Cannabis Corporation, Corbus Pharmaceuticals, Insys Therapeutics, Inc. and Lexaria Corporation, Canopy Growth Corporation, Growblox Sciences, Inc Aurora Cannabis, AXIM Biotechnologies Inc, MEDICAL MARIJUANA, INC. Arena Pharmaceuticals, Cara Therapeutics.
GLOBAL Medical Marijuana MARKET SEGMENTATION
By Medical Application
Inflamatory bowl diseases
By Chemical Derivatives
Hybrid (combination of THC & CBD)
Research & Development
Middle East and Africa
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Report Description :
The global medical marijuana market is expected to increase from USD 14.05 billion in 2016, to USD 44.3 billion by 2023, growing at a CAGR of 18.89% from 2017 to 2023. The global medical marijuana market is mainly driven by the use of marijuana in treatment of various diseases and government support for legalizing it for medical purposes. The years used for the assessment are as follows;
Historical year : 2013, 2014, 2015
Base year : 2016
Forecast period : 2017 – 2023
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