ALBANY, N.Y., Aug. 11, 2021 /PRNewswire/ -- The adoption of cannabis is a controversial subject across many countries and regions. The social, political, and economic interests have played a crucial role in the growth of the cannabis industry. However, with the rising awareness about the role of cannabis as a treatment option for certain health conditions, many government bodies are contemplating legalizing the use of cannabis for medical purposes. Thus, these factors will have a large impact on the growth of the medical cannabis market.
Cannabis is derived from the Cannabis indica or Cannabis sativa plant to treat numerous diseases and health conditions. The therapeutic advantages associated with medical cannabis offer immense growth prospects for the medical cannabis market.
With enormous growth opportunities, the medical cannabis market is estimated to grow at a rapid pace. The research report by Transparency Market Research (TMR) suggests a promising growth trajectory for the medical cannabis market during the forecast period from 2019-2027. According to the findings by the researchers at the TMR, the global market for medical cannabis is expected to expand at a CAGR of 26.6% during the forecast period. With various advancements in the medical cannabis market, it is expected to cross the valuation of US$ 52.8 Bn by 2027 from US$ 8 Bn in 2018.
The future of the medical cannabis market looks positive, as many individuals are seeking different treatment options, which can relieve them quickly from various diseases and disorders. In addition, quick FDA approvals will also pave the way for the growth of the medical cannabis market. The incidences of joint and muscle pain are becoming common. Since recent studies revealed that cannabis could be useful for treating osteoarthritis and similar conditions, the growth structure of the global market is estimated to strengthen during the forecast period.
Acceleration in Legalization Process of Medical Cannabis across Various Regions to Fuel Market Growth
With rising awareness about the therapeutic benefits of medical cannabis, various countries have started the legal cultivation of cannabis. Many laws are being framed to increase the use of cannabis for medical purposes. These factors will offer several growth opportunities for the medical cannabis market. Moreover, the process of legalization cannabis is rapid across the countries of North America and Europe. This aspect is anticipated to influence the growth of the medical cannabis market to a considerable extent.
Ongoing research and development activities will determine the efficacy of cannabis for different medical purposes and decide the future growth course of the medical cannabis market. However, recent collaborations between chemists, doctors, pharmacologists, botanists, and others with experts in therapeutic product design and clinical trial space would assure promising growth prospects for the medical cannabis market.
Rising Popularity of Plant-based Therapies to Offer Profitable Growth for Medical Cannabis Market Players in Europe, North America
Medical cannabis is emerging as one of the vital consumer segments in the U.S. The shifting preference of many consumers toward plant-based therapies in the countries of the European Union and North America will bring immense growth opportunities for the medical cannabis market. Furthermore, the growing influence of natural alternatives to prescription drugs is likely to drive the medical cannabis market in North America and Europe.
Some of the key players in the medical cannabis market include Aurora Cannabis, Medical Marijuana, Inc., Emerald Health Therapeutics, The Supreme Cannabis Company, Inc., and Tilray.
Medical Cannabis Market, by Route of Administration
Medical Cannabis Market, by Distribution Channel
Medical Cannabis Market, by Region
Rest of Europe
Rest of Latin America
Rest of the World
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
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