Medicinal Cannabis Market 2019 Industry Analysis, Share, Growth, Sales, Trends, Supply, Forecast to 2024
This report covers market characteristics, size and growth, segmentation, regional breakdowns, competitive landscape, market shares, trends and strategies
Pune, India – August 26, 2019 /MarketersMedia/ —
Global Cannabis medicinal market is expected to rise to 44.4 billion US Dollars by 2024. The market was expected to 13.8 billion mark in 2018. Consumption Annual Growth rate of medicinal cannabis is expected to be 22.9%between2019-2024.
Cannabis, a psychoactive drug is extracted from a plant which belongs to Cannabacae family. The very extract has been in use since the ancient times across Asian and other countries including India, Egypt, China and well as Islamic states.
The fundamental dynamics that are explored in the report hold substantial influence over the Medicinal Cannabis market. The report further studies on the value, volume trends, and the pricing history of the market. In addition to it, various growth factors, restraints, and opportunities are also analyzed for the market to study the in-depth understanding of the market.
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The key manufacturers of medicinal cannabis are
Abbvie
GreenWich
Tilray
Insys Therapeutics
Valeant Pharmaceuticals
Corbus Pharmaceuticals
Aphria, Manitoba Harvest
Phytokann
Botanical Genetics
Jinzhou Qiaopai Biotech.
Medicinal cannabis, which is used in varied medicines is found to have lesser side effects than other such medicines. Such types of drugs are also considered safer in comparison to other products, for example the drug can be used in controlling vomiting or nausea . Reason behind an increase in medicinal cannabis market growth is the escalating population, thereby an increasing demands in such products. R & D, experiments in clinics and medicines as well as commercialization of the products are other factors for its growth in the market.
Money spent on products related to health and hygiene are rarely vulnerable to fluctuations in terms of consmer’s expenditure but an increase in use of medical marijuana is susceptible to fluctuations in disposable income of people for it is unconventional in nature. Thus, disposable income is directly proportional to the demand of medicinal cannabis. If the disposable income increases so would the demand for such products.
Market segmentation:
Medicinal Cannabis market is segmented on the basis of product type and application.
Product type:
On the basis of product type it is used in oral medications and topical medications. There are few legal restrictions on the use of medicinal cannabis in certain medicines.
Segmentation on the basis of applications:
The medicinal cannabis is used in hospitals, clinics and medicinal research centres.
The very substance finds its use in medicines for the treatment of varied diseases including treating symptoms of cancer, epilepsy, chronic pain, diabetes, migranes, glaucoma, arthritis, Alzheimer’s, Parkinson’s etc.
Regional Outlook:
Medicinal Cannabsis is being used all across the globe. Many countries widely use the product for medicinal purposes. Americas and US stand at the top for making use of such drugs for the purpose of treatment whie Asian countries like China, Japan, India too use the product widely. Other countries where medicinal cannabis has a high market reach are Canada, Mexico, Brazil, APAC, Southeast Asian countries, European nations such as Germany,France, UK, Italy, Spain. Russia, Australia, Middle East and African states including Isreal, Turkey and GCC countries.
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