The Global Medical Marijuana Market is expected to register a CAGR of 34.0% to reach USD 54,677.1 Million by 2023.
Marijuana is a plant having some chemical compound “cannabis” that has medical property. This plant is used as a raw material by various pharmaceutical companies to manufacture drugs for various therapeutic applications. Marijuana plants extracts are used to treat the disease and various conditions caused by the disease such as the central nervous system, cancer, Alzheimer’s and used in anti-aging products.
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The rising prevalence of chronic diseases, growing therapeutic applications of the marijuana plant, growing acceptance of marijuana for medical treatment in many countries, and increasing the authorization of marijuana are anticipated to drive the market growth.
The American accounts the largest market share in 2017. Followed by America, Europe holds the second position and represents 5.5% of the entire market. Europe holds the second position owing to the increasing demand of marijuana for the treatment of neural problems and various chronic diseases. In Europe, West Europe holds the largest share. Whereas the Asia-Pacific is expected to register the fastest CAGR.
The global medical marijuana market is segmented into product type, application, and distribution channel. On the basis of product type, the market is segmented into solids, dissolvable/powders, oil, and ointments & creams. The dissolvable/powders segment is expected to lead the market and register a substantial CAGR to reach USD 22,648.8 million by the end of 2023. Due to the affordability and convenience in using drives, the demand for this segment. The global medical marijuana market by application is segmented into Alzheimer’s disease, cancer, schizophrenia, and multiple sclerosis. On the basis of distribution channel, the market is segmented into retail & pharmacy stores, online platforms, and others.
Geographically, the global medical marijuana market has been