Medical Marijuana Market Size, Trends and Growth Insights By Product Type (Solid, Gas and Dissolvable/Powders), By Application (Alzheimer’s Disease, Cancer, Schizophrenia and Multiple Sclerosis), By Distribution Channel (Retail & Pharmacy Stores, Online Platforms) – Forecast till 2023
Medical Marijuana Market Outlook
The Medical marijuana market size is anticipated to grow at a CAGR of 34% during the forecast period. The widespread efforts to achieve legalization in several regions are estimated to gain significant progress in the coming years, thereby promoting medical marijuana legalization in the forecast period. The progress in establishing proper storefronts to dispense marijuana responsibly is assessed to offer marijuana companies with more options for developments in the upcoming period.
As per the medical marijuana market research report, the global market for medical marijuana is projected to grow swiftly by USD 54,677 million by 2023. According to analysts, increasing awareness about the benefits of medical marijuana as well as the increasing legalization of marijuana will drive the market growth during the forecast period.
Since the COVID-19 outbreak, the pandemic has shown no sign of stopping and a vaccine development is expected to take a long time. The efforts by government to try out drugs available in the market have prompted bulk purchases to curb the COVID-19 impact. The lockdown imposed for controlling the spread of the novel coronavirus has also dealt a significant blow on the global economy and the market, with manufacturing units closing down and workforce reduced to small numbers.
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The medical marijuana market research report offers a comprehensive analysis of the global medical marijuana market and its distribution channel, product type, and application segments. The imposition of stringent rules along with side effects are the elements that could influence the medical marijuana market advancement throughout the forecast period. The