Medicinal cannabis contain compounds called cannabinoids that may help ease pain or treat other health issues. The two major cannabinoids present in the plant are tetrahydrocannabinol (THC) and cannabidiol (CBD). THC is the one responsible for cannabis's psychoactive effects, whereas CBD doesn't cause someone to feel 'high' or intoxicated. Medicinal cannabis is being used for treating health issues like chronic pain, multiple sclerosis, arthritis, epilepsy, cancer, and mental health related issues. With increasing legalization of medicinal cannabis in several countries, its market is growing rapidly.
The global Medicinal Cannabis Market is estimated to be valued at US$ 14589.08 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights. Market Dynamics: Increasing legalization of medicinal cannabis is one of the key drivers fueling the market growth. Several countries like Australia, Canada, Colombia, Germany, Greece, Israel, Italy, Netherlands, Peru, Poland, Thailand are among many others have already legalized the use of medicinal cannabis. This has provided legitimate access to cannabis for medical use and increased investments towards cannabis research. Another driver is rising incidences of chronic diseases and conditions where medicinal cannabis is proving effective. Diseases like cancer, epilepsy, chronic pain persists to be on rise globally increasing the adoption of cannabinoid-infused medications. Easing of strict regulations and new product development is also encouraging more people to switch to medicinal cannabis from traditional painkillers and creating opportunities for market growth. Segment Analysis The medicinal cannabis market is dominated by the medical cannabis sub-segment, which accounts for over 60% share of the overall market. The use of medical cannabis is approved in most regions for treatment of chronic pain, anxiety, epilepsy, multiple sclerosis and other medical conditions. Researchers have found medical cannabis to be effective in reducing symptoms and pain for these conditions, which has led to more patients and doctors opting for it. PEST Analysis Political: Many countries have legalized or decriminalized the use of medical cannabis which has boosted the market growth. However, restrictions in other regions continue to hinder overall industry expansion. Economic: The rising healthcare expenditure and growing acceptance of alternative treatment options have provided a boost to the market. Higher R&D investment by players is also supporting new product development. Social: Changing attitudes towards use of cannabis for medical purposes has influenced its positive perception. Studies highlighting the medical benefits have increased social acceptance. Technological: New technologies focusing on customized cannabis formulations, targeted delivery systems and precise dosing are expanding medical applications. Development of high potency strains through hybridization is also positively impacting the market. Key Takeaways The Global Medicinal Cannabis Market Size is expected to witness high growth over the forecast period of 2024 to 2031 driven by the expanding applications in treatment of various medical conditions. North America currently dominates due to early legalization and abundant product availability in countries like the US and Canada. The Asia Pacific region is anticipated to be the fastest growing market owing to rising patient population, growing medical tourism and increasing legalization in countries like Australia, Thailand and South Korea. Key players operating in the medicinal cannabis market are Deere & Company, AGCO Corporation, Agrobot and Blue River Technology. Deere & Company is a prominent manufacturer of agricultural machinery and owns multiple patents. AGCO Corporation offers a wide range of machinery and precision agriculture solutions. Agrobot and Blue River Technology are early innovators in the field of agricultural robotics, focused on developing solutions for autonomous weeding and crop monitoring. For more Insights, Read – https://www.dailyprbulletin.com/medicinal-cannabis-market-size-market-share-analysis/
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