According to Research Dive, rapid growth in the legalization of cannabis across the globe is coupled with growing demand for pain management is expected to boost the Global Medical Marijuana Market.

New York, USA, March 24, 2020 (GLOBE NEWSWIRE) -- As per a new report published by Research Dive, the global medical marijuana market is set to rise at a CAGR of 28.7% and is anticipated to generate a revenue of $36,205.4 million during the period of forecast from 2019 to 2026. The segmentation of the market has been done on the basis of application, route of administration, distribution channel, and region. The report provides in-depth insights on drivers, vital segments, opportunities, restraints, and key players of the market. As per our analysts, rapid growth in the legalization of cannabis worldwide is a significant factor escalating the growth of medical marijuana market. Increasing agricultural crisis coupled with sanctions and softening testing for marijuana all over the globe is building huge growth opportunities for medical marijuana industry. However, lack of safety and inadequate information about cannabis in the developing countries will likely hamper the growth of global medical marijuana market.

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Pain Management Segment to be Most Lucrative

On the basis of applications, the global market for medical marijuana is segmented pain management, nausea, muscle spasms, anorexia, seizures, and others. The pain management segment accounted for $2,068.3 million revenue in 2018 and is expected to grow at 28.2% CAGR by the end of 2026. This segment is likely to generate a revenue of $15,133.9 million during the forecast period. This is majorly due to the increasing necessity of pain management across the globe.

Inhalation Segment to Dominate the Industry

Based on route of administration, the global medical marijuana market is segmented into inhalation, oral, and topical. The inhalation segment accounted for $3,463.2 million in 2018, and is estimated to garner a revenue of $25,162.8 million by the end of 2026. This segment is likely to grow at a CAGR of 28.1% owing to its properties such as quick effects and reduction noxious effects. On the other hand, the topical segment is anticipated to grow at 30.2% CAGR and is expected to generate a revenue of $7,965.2 million till 2026.

Online Segment to Grow at Healthy Rate

On the basis of distribution channel, the global medical marijuana market is segmented into dispensaries and online. The online segment for medical marijuana accounted for $1,014.9 million in 2018, and is all set to grow at a CAGR of 32.3% during the forecast period. This is mainly due to the growing demand for marijuana from the healthcare sector. On the other hand, the dispensaries segment for medical marijuana is expected to grow at 27.6% CAGR and is estimated to garner a revenue of $26,647.2 million by the end of 2026.

Geographical Analysis and Prominent Players of the Market

Based on region, the global medical marijuana market is segmented into North America, Europe, Asia Pacific, and LAMEA. The North America market for medical marijuana is anticipated to generate $11,404.7 million and all set to rise at a CAGR of 26.6% by 2026. This is majorly due to the House Judiciary Committee legalized marijuana on the federal level in this region.

Asia Pacific region will have lucrative opportunities for the market investors to grow over the coming years, Inquire now https://www.researchdive.com/purchase-enquiry/59

The major players of the global medical marijuana market include Aurora Cannabis, Inc., ABcann Medicinals, Inc., Aphria, Inc., Cannabis Sativa Inc., Canopy Growth Corporation, Emerald Health Therapeutics, GW Pharmaceuticals, Green Relief Inc., mCig, and Insys Therapeutics, Inc. These players are heavily investing in R&D activities to develop marijuana based therapeutic drugs in order to gain competitive advantage in the global medical marijuana market.

Asia Pacific region will have lucrative opportunities for the market investors to grow over the coming years

Mr. Abhishek Paliwal

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