DUBLIN–(BUSINESS WIRE)–The “Medical Cannabis Market by Product Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.
The global medical cannabis market was valued at $6,822.21 million in 2020 and is projected to reach $53,883.46 million by 2030 registering a CAGR of 23.6% from 2021 to 2030.
The key factors that drive growth of the medical cannabis market include legalization of cannabis across various regions and rise in awareness among consumers regarding health benefits of cannabis and its growing medical application such as treatment of wide range of diseases and symptoms.
In addition, novel product development along with increased R&D activities boost growth of the medical cannabis market. However, complex regulatory structure for the usage of cannabis and social stigma related to cannabis use hamper growth of the market. In contrast, cannabis legalization in Asia-Pacific is expected to offer lucrative growth opportunities for players in the medical cannabis market.
Market Dynamics
Drivers
- Increase in legalization of cannabis across various regions
- Rise in awareness among consumers regarding health benefits of cannabis and its growing medical application
- Novel product development with increased R&D activities
Restraints
- Complex regulatory structure for the usage of cannabis
- Social stigma related to cannabis use
Opportunities
- Emergence of cannabis legalization in Asia Pacific
Key Player Profiles
- Aurora marijuana Inc.
- Canopy Growth Corporation
- Cronos Group Inc.
- Maricann Group, Inc.
- Medical Marijuana, Inc.
- OrganiGram Holding Inc.
- Terra Tech Corp.
- Tikun Olam Ltd.
- Tilray, Inc.
- VIVO Cannabis Inc.
Market Scope
By Product Type
- Buds/Marijuana Flower
- Cannabis Extracts
- Oil
- Tinctures
- Others
By Application
- Chronic Pain
- Mental Disorders
- Cancer
- Others
By End-User
- Pharmaceutical
- Research & Development Centers
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Italy
- Denmark
- Poland
- UK
- Rest of Europe
- Asia-Pacific
- Thailand
- Australia
- New Zealand
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/am8e9u
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