Medical cannabis, also referred to as medical marijuana, is unprocessed, crude, and whole marijuana plant extract. The extract is widely adopted in treating different diseases and illnesses. The tetrahydrocannabinol present in cannabis is used for chemotherapy and several other treatments. Furthermore, the growing clinical trials and research, particularly in cancer, are widening the scope of this medical cannabis.
The growing research and development activities in the field are augmenting the demand for medical cannabis. The growing population and the spike in the prevalence of chronic diseases like brain disorders, cancer, and other treatments will significantly improve the global medicinal cannabis market’s revenue. The research results conclude cannabis kills cancer cells. However, the number of biotechnology industries, major pharmaceuticals, and key investors are taking an investigational approach to scale up the growth of the market. The growing geriatric population all around the globe is posing huge opportunities for using medical cannabis in treating chronic illness. Furthermore, expense on healthcare products is less vulnerable to fluctuations; thereby, the exponential uptake of medical marijuana is expected over the forecast years.
The global medicinal cannabis market can be segmented into end-user, route of administration, application, derivatives, species, and region.
By route of administration, the market can be segmented into topicals, vaporizers, smoking, oral solutions, and others.
By end-users, the market can be segmented into research & development centers, pharmaceutical industry, and others.
By application, the market can be segmented into epilepsy, migraine, arthritis, cancer, and others.
By derivatives, the market can be segmented into tetrahydrocannabinol and cannabidiol.
By species, the market can be segmented into hybrid, Sativa, Indica, and others.
North America accounts for the largest share in the global medicinal cannabis market due to growing research activities, medical treatments, medical cannabis, business, and an increased portfolio. Also, growing establishments of pharmaceutical companies, hospitals, medical clinics, and laboratories are likely to augment the demand for medical cannabis.
Asia Pacific is expected to witness significant growth over the forecast year due to the growing disposable income of the people along with strengthening healthcare infrastructure in the region.
Some of the significant players in the global medicinal cannabis market are Cann Group, Medlab Clinical, GW Pharmaceuticals, AusCann Group, Queensland Bauxite, European Cannabis Holdings, MGC Pharmaceuticals, Oxford Cannabinoid Technologies, MMJ Phytotech, and Botanix Pharmaceuticals. To cite, GW Pharmaceutical launched its UK home office. The company has referred to EPIDIOLEX as a schedule 5 drug. EPIDIOLEX is made to move to a low level of control vital for patient’s safety.
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