The medicinal cannabis market has grown rapidly over the past few years owing to the legalization and adoption of medical marijuana for treating various medical conditions such as chronic pain, arthritis, cancer, epilepsy, and other neurological disorders. Medical cannabis is known to effectively reduce pain and inflammation and alleviate symptoms of many medical conditions.
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 key trends:
Rising adoption of medical marijuana for pain management has emerged as a key trend driving the growth of the medicinal cannabis market. Chronic pain affects over 1.5 billion people globally and commonly used pharmaceutical drugs often have serious side effects. Medical cannabis has shown promise in effectively treating chronic pain with minimal side effects. Several clinical studies have demonstrated the efficacy of cannabis in reducing chronic neuropathic pain and arthritis pain. This has increased the adoption of medical marijuana for pain management among patients and healthcare professionals. Countries around the world are recognizing its medical benefits and legalizing its use for medical purposes which is expected to further boost the adoption of medical cannabis for treating pain.
SWOT Analysis
Strength: Medicinal cannabis have immense medical value for various treatment and has ability to treat conditions such as chronic pains, seizures, and mental health problems.
Weakness: Legalization status of cannabis vary widely country to country which restricts global adoption and limits research.
Opportunity: Many countries are reviewing their cannabis policies and regulations which can increase legal cultivation and exports. Growing acceptance of cannabis for medical use also presents business opportunities.
Threats: Social stigma and resistance associated with cannabis remains a challenge. Stringent regulations in major economies like US limits business growth potential of medicinal cannabis companies.
Key Takeaways
The Global Medicinal Cannabis Market Size is expected to witness high growth.
Regional analysis: North America dominates the global medicinal cannabis market currently due to legality of marijuana in major economies like US and Canada. The countries in the region are also witnessing rising investments in cannabis research which will drive higher product adoption.
Key players operating in the Medicinal Cannabis market are Deere & Company, AGCO Corporation, Agribotix LLC, Agrobot and Blue River Technology. These companies are investing in developing advanced cannabis cultivation technologies and trying to establish strong distribution networks globally. Emerging players are also introducing innovative cannabis-based medical products and solutions to gain market share.
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