Medical Marijuana Market Worth USD 25.25 Billion, at 21% CAGR during 2018-2022 | Technavio
June 27, 2019
LONDON–(BUSINESS WIRE)–#HealthCareDevices–According to Technavio Research Report “Medical Marijuana Market by application (chronic pain, nausea and others) and geography (the Americas, APAC and EMEA) is witnessed to grow USD 25.25 billion, at a CAGR of 21% from 2018 to 2022”.
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Global Medical Marijuana Market: Top emerging trend
The emergence of luxury cannabis products is an emerging trend in the medical marijuana space. Since the consumption of cannabis through smoking can be harmful, several vendors selling luxury cannabis products that make controlled consumption of cannabis beneficial to the users have emerged in the market. Luxury cannabis products can be defined as products that contain therapeutic doses of cannabis in edible products. They can be consumed without experiencing the side effects of smoking cannabis. Cannabis is being added to edibles such as cookies, chocolates, muffins, brownies, teas, and chewing gums. Madame Munchie is a company in the US that makes cannabis-infused edible products. Another vendor, Defonce Chocolates, makes edible cannabis chocolates that also come in a variety of flavors and sizes. Patients who are recommended specific dosages of cannabis by their physicians can consume these edibles.
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Few Major Players for the Medical Marijuana Market are:
- Aurora Cannabis
- GW Pharmaceuticals
- mCig
- Medical Marijuana
- United Cannabis
Increasing use of cannabis for medical purposes
Cannabis are increasingly used for treating a variety of symptoms and conditions. Manufacturers are continuously focusing on developing approved medications for the treatment of nausea, vomiting in cancer patients. In addition, several compounds in the cannabis plant are also being studied for beneficial uses in treating several other chronic health conditions. Furthermore, cannabis products are also being used extensively by pharmaceutical companies globally for ensuring regulatory compliance and safety. Thus, the growing use of cannabis for treating medical conditions will further drive the medical marijuana market growth during the forecast period.
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