SELBYVILLE, Delaware, Oct. 30, 2019 /PRNewswire/ -- Global Legal Marijuana Market revenue expected to surpass USD 59 billion by 2025; according to a new research report by Global Market Insights, Inc. Increasing demand for applications of cannabis in the treatment of chronic pain caused by cancer, neurological disorders, arthritis and HIV/AIDS will significantly drive industry growth across the forecast timeframe. The anecdotal evidence recommends that cannabis or its compounds help relieve acute pain associated with various chronic diseases. Marijuana is composed of cannabidiol (CBD) and tetrahydrocannabinol (THC), that helps in eliminating severe pain or symptoms of nausea. Moreover, rising preference of marijuana over traditional opioid narcotics that cause various lethal side effects will further accelerate medical cannabis market growth over the coming years.
Rising number of government approvals for medical marijuana in several countries will considerably augment market growth. The U.S. Food & Drug Administration (FDA) has approved various medications made from marijuana extract. For instance, epidiolex; an oral solution is approved for the treatment of seizures and Cesamet is used for curing nausea and vomiting associated with chemotherapy. Hence, increasing number of FDA approvals for cannabis products will provide lucrative growth opportunities. However, stringent government regulations may hamper industry growth to a certain extent. Also, dearth of awareness in several developing economies about the benefits of cannabis and its products will further limit business growth.
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Applications of medical marijuana include pain management, muscle spasms, nausea, anorexia, seizures and others. Muscle spasms segment of medical marijuana market is anticipated to witness 28.1% growth throughout the analysis timeframe. Benefits of medical cannabis in the treatment of muscle spasms will significantly drive market growth. Acute muscle spasms usually occur when muscles are stressed due to dehydration, overuse, deficiency in potassium or magnesium, or when the patient has poor blood circulation. Hence, increasing incidence of severe muscle spasms will provide lucrative growth opportunities for the industry to flourish.
Legal Marijuana Market Projections, By Application
1.1. Key segment trends
1.2. Pain Management
1.2.1. Market size, by region, 2014 – 2025 (USD Million)
1.2.2. Neuropathic pain
220.127.116.11. Market size, by region, 2014 – 2025 (USD Million)
1.2.3. Cancer pain
18.104.22.168. Market size, by region, 2014 – 2025 (USD Million)
22.214.171.124. Market size, by region, 2014 – 2025 (USD Million)
1.3. Muscle spasms
1.3.1. Market size, by region, 2014 – 2025 (USD Million)
1.4.1. Market size, by region, 2014 – 2025 (USD Million)
1.5.1. Market size, by region, 2014 – 2025 (USD Million)
1.6.1. Market size, by region, 2014 – 2025 (USD Million)
1.7.1. Market size, by region, 2014 – 2025 (USD Million)
Based on route of administration, medical marijuana market is bifurcated into inhalation, oral and topical. Oral segment was valued at USD 1.2 billion in 2018 and it is anticipated to grow substantially in the forthcoming years. Orally ingesting marijuana through edible products has been used to treat patients and the outcomes are positive enough to drive segmental growth across the forecast timeframe.
Browse key industry insights spread across 150 pages with 214 market data tables & 8 figures & charts from the report, "Medical Marijuana Market Size By Application (Pain Management, Muscle Spasms, Nausea, Anorexia, Seizures), By Route of Administration (Inhalation, Oral, Topical), By Distribution Channel (Dispensaries, Online), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Italy, France, Spain, UK, The Netherland, Denmark, Ireland, Argentina, Brazil, Chile, Colombia, Mexico, Australia, Israel), Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
Distribution channel of medical cannabis market include dispensaries and online platforms. Online platform segment is anticipated to hold 42.6% market share by 2025. Increasing awareness amongst people regarding various benefits of medical cannabis will show positive growth trajectory across the projected years. Moreover, rising demand from numerous countries and states to legalize cannabis would fetch more orders online as it is very convenient for people to opt for mail orders.
Canada legal marijuana market accounted for revenue of USD 217.6 million in 2018 and is projected to witness momentous growth during the analysis timeframe. Increasing adoption of medical marijuana due to its several applications in the treatment of chronic diseases has augmented business growth in the country. Furthermore, increasing R&D activities to evaluate the benefits of cannabis in the treatment of several medical conditions will positively boost product demand.
Rising number of countries and states legalizing the use of cannabis as a medical treatment has attracted various players in the industry. Key players operating in the legal marijuana market are Aurora Cannabis, Inc., Aphria, Inc., GW Pharmaceuticals, Medical Marijuana, Inc., The Supreme Cannabis Company, Tilray, Emerald Health Therapeutics, Cannabis Sativa, Inc., and Namaste Technologies Inc.
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U.S. Legal Marijuana Market Share 2024: The U.S. medical marijuana dispensaries market segment will expand at a robust 13.3% CAGR over the forecast period owing to presence of number of legal dispensaries operating in a most of the states. Prominent industry players in the U.S. market include Canopy Growth, Aurora Cannabis, Inc., Medical Marijuana, Inc., GW Pharmaceuticals, Aphria, Inc., CanniMed Ltd., Tilray, Emerald Health Therapeutics, and United Cannabis.
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