The benefits of cannabis are estimated to accelerate its development in the forecast period. The market's report is efficiently analyzed as per MRFR, which provides outlooks for the global markets. The market is likely to show potential for USD 52.35 Billion in earnings by 2025 at a 15.4% CAGR in the forecast period.
The presence of laws that legalize cannabis use for medicinal purposes in different countries is estimated to bolster the market development in the upcoming period. The improvement in distribution channels and investment in their expansion is estimated to promote the progress of the medical cannabis market in the near future.
The segmental assessment of the medical cannabis market is carried out on the basis of product form, derivative, application, distribution channel, and region. The derivative segment of the medical cannabis market consists of tetrahydrocannabinol (THC) and cannabidiol (CBD). The application segment of the medical cannabis market consists of arthritis, cancer, schizophrenia, and Alzheimer's disease. The distribution channel segment of the medical cannabis market consists of retail pharmacies and online stores. The product form segment of the medical cannabis market consists of powders, ointments and creams, oil, and solids. The region segment of the medical cannabis market consists of the Americas, Europe, Asia Pacific, Africa, and the Middle East.
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The regional assessment of the medical cannabis market consists of the Americas, Europe, Asia Pacific, Africa, and the Middle East. The Americas medical cannabis market is expected to be the principal market due to the swelling availability of medical cannabis and increasing per capita healthcare expenditure. The medical cannabis market in the Americas is estimated to multiply due to the increasing use in North America and Latin America regions. The North American regional market contributes to the higher demand due to consumer base in the US and Canada. The European region's medical cannabis market is estimated to develop, with many countries legalizing medical cannabis consumption. Germany, France, the UK, and Italy are estimated to appear at the forefront of this development in the forecast period. The regional medical cannabis market in the Asia Pacific is estimated to be promoted by its use in nations such as Japan, Australia, India, China, and South Korea. The growing occurrence of cancer cases in the APAC region is estimated to bolster the medical cannabis market in the region.
The earmarked budget for innovation is set to rise with companies realizing the impact of having a progressive product assortment. The market is estimated to derive momentum from improvement in operating systems within the market. As the market players understand the advantages of a lean operation framework, the market is estimated to transform considerably. The role of the government bodies in almost every country is estimated to be valuable to restore normalcy and create a growth outlook. The development of novel production processes is likely to enhance market strength further. The stabilization of demand and supply forces is estimated to open up opportunities for expansion in the forecast period. The forging of novel international trade relations is estimated to bolster the market's capabilities in the upcoming period. The fast-paced adoption of online services and selling platforms is estimated to reinforce market progress in the upcoming years. The consolidation of market competition is predicted to usher in a new development phase in the impending period.
The notable contenders in the medical cannabis market are United Cannabis (US), Aphria, Inc. (Canada), Maricann Inc. (Canada), MediPharm Labs (Canada), Tilray (Canada), GW Pharmaceuticals PLC (UK), Canopy Growth Corporation (Canada), Medical Marijuana, Inc. (US), Cannabis Sativa Inc. (US), Aurora Cannabis (Canada), CanniMed Ltd (Canada), and GBSciences Inc. (US).
June 2021 The lower house of the Czech Parliament has recently approved a bill of amendments to the nation's laws overseeing the manufacture and prescription of medical cannabis and hemp. The President and Senate must now deliberate the bill before the bill is officially accepted.
June 2021 Aleafia Health Inc, a worldwide frontrunner in cannabis wellness products and services, has announced that dried flower cultivated at its Niagara greenhouse facility has been effectively distributed to Germany. Increasing access to Europe's most established legal cannabis market is a significant advance for Aleafia Health, completing uninterrupted purchase orders to Germany currently ongoing. Germany signifies the next chief medical cannabis market to which the company has effectively completed exports. Import and export licenses have been obtained for two extra orders to Australia. The consignments are expected to happen in June.
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