Medical marijuana market is expected to flourish by 2026 due to growing legalization of cannabis worldwide. Inhalation sub-segment is predicted to be highly lucrative. Market in the North America region to witness better growth opportunities.
NEW YORK, Jan. 25, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Medical Marijuana Market by Application (Pain Management, Muscle spasms, Nausea, Anorexia, Seizures, Others), By Route of Administration (Inhalation, Oral Topical), By Distribution Channel (Dispensaries, Online), Regional Analysis (North America, Europe, Asia Pacific, LAMEA) Global Opportunity Analysis and Industry Forecast, 2019?2026".
According to the report, the global medical marijuana market is projected to garner a revenue of $33,211.7 million and grow at 27.4% CAGR during the 2019-2026 forecast period.
Dynamics of the Market
Drivers: Growing legalization of cannabis from governments in several countries due to its benefits is predicted along with people's rising demand for pain management are some factors predicted to drive the growth of the global medical marijuana market during the forecast years. In addition, the extensive utilization of marijuana extracts in for clinical purposes is also estimated to boost the market growth by 2026.
Opportunities: The enormous expansion of the medical marijuana market across the North American region and its legalization is the prime factor anticipated to offer ample growth opportunities for the global medical marijuana market during the analysis years. Moreover, increasing R&D activities revolving around marijuana is also expected to augment the market development by 2026.
Restraints: Inadequate information about cannabis in the developing nations is the prime impeding factor for the market growth.
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Segments of the Market
The report has divided the global medical marijuana market into different segments based on application, route of administration, distribution channel, and region.
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Key Market Players
Some key players of the medical marijuana market include
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to assist the market growth.
For instance, in July 2022, Cilicon, a leading provider of cannabis vape technology and manufacturing, announced the launch of its partner program to help cannabis vaporizer organizations upgrade their product portfolios, reduce product inventory costs, and strengthen their footprints in the competitive market.
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The report also sums up many crucial facets including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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