Medical Marijuana Market 2022 Disclosing Latest Trends and Advancement Outlook 2028

  

The medical marijuana market was valued at US$ 11,706.50 million in 2021 and is likely to reach value of US$ 40,027.59 million by 2028; it is estimated to grow at a CAGR of 19.2% from 2022 to 2028.

According to our latest study on "Medical Marijuana Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Application, Distribution Channel, and Geography," the market was valued at US$ 11,706.50 million in 2021 and is projected to reach value of US$ 40,027.59 million by 2028; it is estimated to grow at a CAGR of 19.2% from 2022 to 2028. Medical marijuana is a term for derivatives of the Cannabis sativa plant that are used to ease symptoms caused by certain medical conditions. Medical marijuana is also known as medical cannabis. Cannabis sativa contains many active compounds. Medical marijuana uses the marijuana plant or chemicals in it to treat diseases or conditions. It is the same product as recreational marijuana but is taken for medical purposes. The marijuana plant contains more than 100 different chemicals called cannabinoids. Each one has a different effect on the body. Delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD) are the main chemicals used in medicine.

 

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The medicinal potential of marijuana has attracted various researchers and companies to use marijuana in medical applications. For instance, tetrahydrocannabinol (THC) is predominantly used for producing medicinal products. The US Food and Drug Administration (FDA) has approved THC-based medicinal products such as Cesamet, which contains nabilone as its active ingredient. Cesamet is a synthetically derived product that has a structure similar to THC. Cesamet is prescribed for the treatment of nausea in patients receiving chemotherapy. Cesamet is generally prescribed when other medications cannot control nausea and vomiting.

 

Based on product, the medical marijuana market is segmented into dried form and extract form. Based on application, the market is segmented into pain management, Tourette, Alzheimer’s disease, migraines, depression and anxiety, multiple sclerosis, cancer, and others. Based on distribution channel, the market is segmented into retail pharmacy, e-commerce, and others. By geography, the medical marijuana market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East Africa (the UAE, Saudi Arabia, Africa, and the Rest of the Middle East Africa), and South Central America (Brazil, Argentina, and the Rest of South Central America).

 

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Sagar Pawar

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