Medical Marijuana (Cannabis) Market Expected to Grow at CAGR of 28.7%, by 2026 - Research Dive

PUNE, India, Feb. 12, 2020 /PRNewswire/ -- According to new research study published by Research Dive, global medical marijuana (Cannabis) market forecast revenue of $36,205.4 million in the year 2026 increasing at healthy CAGR of 28.7%. North American market for Medical Marijuana is anticipated to rise at a CAGR of 26.6% by generating a revenue of $ 11,404.7 by 2026. Asia-Pacific market size expected to generate a revenue of $ 8,037.6 Million by 2026.

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Driving Factors and Restrain of Medical Marijuana

The constant aging population across the globe along with commercialization of cannabis-based indications, research and development activities are anticipated to compel the growth of medical marijuana market. Moreover, rising disposable incomes in the developing and developed countries expected to create a significant impact on the demand for medical marijuana market. On the other hand, strict government policies and lack of safety information shall decline the growth of medical marijuana market.

In the recent years, the medical marijuana market has gained momentum across the North America. For instance, in October 2018, in some US states such as Massachusetts, Oregon, California, Michigan & others and along with Canada the recreational marijuana is legalized and liberalized its recreational use. Thus, this removal of legalization prohibition and clinical advancements in cannabis is expected to create enormous opportunities for the medical marijuana market.

According to study, pain management segment will cross $15,133.9 million in 2026, rising at a healthy CAGR 28.2%. Pain management segment is further categorized into cancer pain, neuropathic pain, and others. Increasing patients of chronic diseases along with growing demand for pain management worldwide is expected to boost the global medical marijuana market.

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Inhalation segment shall surpass $25,162.8 million by the end of 2026, at a healthy CAGR of 28.1% till 2026.This segment has lucrative opportunities owing to properties like less noxious emissions and quick effects. Topical segment will cross $7,965.2 million in 2026, growing at a CAGR of 30.2%.

Online segment will see vast expansion due to, increasing positive changes in the legality of cannabis and rising demand for E-payment system in marijuana market will account revenue of $9,558.2 million throughout the projected period, growing at a healthy CAGR 32.3%. Dispensaries segment is anticipated to cross $26,647.2 million during the projected period, at a CAGR of 27.6%.

How will be North American Market for Medical Marijuana?

North America market will surpass $11,404.7 million during forecasted period, growing at a CAGR 26.6%. North America marijuana market is anticipated to boost the medical marijuana market due to Canada and several states of the US have fully legally approved the recreational utilization of cannabis. In addition, rapid growth in research of marijuana based therapeutic drugs projected to drive the medicinal marijuana market in this regions.

Asia-Pacific Medical Cannabis Market 2026:

Asia Pacific region has anticipated to cross $8,037.6 million by the end of 2026, growing at a healthy CAGR of 30.8%. This region has anticipated to witness major growth due to the legalization of medicinal marijuana in the economies such as Israel and Australia. Moreover, countries such as Thailand has fully legalized medicinal cannabis; such key factors projected to foster the growth of market.

Top 10 Key Players in Medical Marijuana Market:

Some of the significant key players of Medical Marijuana Market include

1. mCig Limited
2. Cannabis Sativa Inc.
3.  ABcann Medicinals Inc.
4. Aurora Cannabis Inc
5. Emerald Health Therapeutics
6. Insys Therapeutics, Inc.
7. Aphria, Inc.
8. Canopy Growth Corporation (formerly Tweed Marijuana Inc)
9. GW Pharmaceuticals
10. Green Relief Inc.

To gain competitive advantage, such market players investing heavily in the huge amount for R&D activities to develop cannabis based drugs for various diseases.

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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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