New York, NY, July 10, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Medical Marijuana Market by Product (Dried Form and Extract Form), by Application (Pain Management, Seizure, and Others), and by Distribution Channel (Retail Pharmacy and E-Commerce): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024”. According to the report, the global medical marijuana market was valued at approximately USD 11,813 million in 2017 and is expected to generate revenue of around USD 40,907 million by the end of 2024, growing at a CAGR of around 19.4% between 2018 and 2024.

Before the development of science, cannabis or marijuana was used as a medicine. The herb enjoyed a transitory period of attractiveness as a medicinal plant in the U.S. and Europe in the 1800s, as it was prescribed for numerous medical conditions, such as asthma, menstrual cramps, birth labor, cough, migraine, insomnia, and withdrawal symptoms from opiate use. Due to dose adjustments related difficulties, there were concerns regarding patients being given too much or too little dosage, resulting in anything from no result to adverse effects. In the early twentieth century, cannabis was removed from the list of registered medicines in the U.S. and was made illegal all over the world.

Browse through 66 Tables & 25 Figures spread over 110 Pages and in-depth TOC on “Global Medical Marijuana Market: Industry Size, Share, Growth, Trends, Analysis and Forecast, 2017 - 2024”.

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Marijuana is a greenish-gray color mixture of dried flowers of cannabis sativa. Medical marijuana is in its inception phase in the medical sector. The chemical characteristics of medical marijuana have their usage in the treatment of various diseases, such as mental disorders, chronic pain, cancer, etc. Marijuana for medicinal uses is steadily finding acceptance in the society globally, which, in turn, is fuelling the expansion of medical marijuana market on a global scale.

Currently, medical marijuana is in its initial phase in the medicinal healthcare industry. It is a revolutionary product that is garnering mass acceptance globally, where Chinese remedies still use such plants and have a long history associated with marijuana. Medical marijuana has the potential to create a huge impact on the healthcare industry to cure cases that are not treatable by traditional medicines. Medical marijuana is basically common marijuana plant used to obtain an authentic composition of cannabinoids required for manufacturing the product needed for medicinal use.

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The medical marijuana market is segmented based on product, application, and distribution channel. By product, the medical marijuana market is bifurcated into dried form and extracts form. Based on application, the market is segmented into pain management, seizure, and others. By distribution channel, the market covers retail pharmacy and e-commerce.

North America accounted for the largest share in the global medical marijuana market and is expected to remain dominant over the forecast timeframe. The U.S. held a major revenue share in 2017. The rising number of the patients suffering from chronic pain, due to the increasing prevalence of cancer and chronic diseases, is the key factor contributing to the high share of the U.S. in the North American medical marijuana market. According to the National Academies of Science, in 2017, more than 100 million Americans are suffering from chronic pain and about 2 million Americans are addicted to prescribed painkillers. The cost for the top 3 opioid pain medication cost was around USD 1.97 billion in 2017.

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The rising prevalence and increasing spending on pain management medication are propelling the demand for medical marijuana in North America. The Canadian medical marijuana market was estimated at USD 260 million in 2017 and is expected to grow at a high CAGR over the forecast timeframe in the North American medical marijuana market. In July 2015, Canadian MMJ producers revived the approval to start producing marijuana extracts, which are retailed in the form of cannabis oil to patients. Similar to the U.S., marijuana extracts have gained popularity in Canada. According to Canada's Office of the Parliamentary Budget Officer, the estimated cannabis consumption in 2018 is 655,000 kg. Patients being treated for chronic conditions usually need larger and certainly ingestible doses of THC to offer relief from their symptoms. This is contributing to the overall sales growth of medical marijuana in the country.

Europe held the second position in the global medical marijuana market in 2017. The legalization of marijuana for medicinal use in countries like Germany, UK, etc. is the major factor contributing to the growth of the medical marijuana market in this region. In March 2017, Germany, the country with strictest narcotic drug acts in Europe, legalized marijuana for medical uses. The legalization of marijuana allows doctors to prescribe medicine consisting tetrahydrocannabinol (THC), primarily in the form of extracts or flowers, to the patients with chronic diseases, such as cancer, severe pain, and multiple sclerosis.

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Asia Pacific is projected to showcase good growth potential in the medical marijuana market. Australia is anticipated to register the maximum growth rate in comparison to other countries in the region, mostly due to increased research and development activities for the manufacturing of marijuana for medicinal purposes.

The Latin American and the Middle East and African regions are also expected to be potential markets for medical marijuana, due to opportunities provided by the government to researchers to develop new products for better patient health in these regions.

Some of the leading players in medical marijuana market include MedReleaf Corporation, GW Pharmaceuticals PLC, Canopy Growth Corporation, Green Relief Inc., Aurora Cannabis Inc., Aphria Incorporation, Cannabis Sativa, INC., Medical Marijuana, The Peace Naturals Project, and Insys Therapeutics, Inc.

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This report segments the global medical marijuana market as follows:

Global Medical Marijuana Market: Product Segment Analysis

  • Dried Form
  • Extract Form

Global Medical Marijuana Market: Application Segment Analysis

  • Pain Management
  • Seizure
  • Others

Global Medical Marijuana Market: Distribution Channel Segment Analysis

  • Retail Pharmacy
  • E-Commerce

Global Medical Marijuana Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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