Global Medical Marijuana Market is expected to reach a value of USD 55.8 billion by 2025, according to a new report by Grand View Research, Inc. It has been identified that, in 2016, Washington D.C. along with 28 states have legalized marijuana for medical uses. In 2016, states such as Arkansas, Florida, North Dakota, Ohio, and Pennsylvania were approved to use the drug in medical applications such as chemotherapies and pain management. The growing number of states and countries getting approval for using it in therapeutic applications is one of the crucial factors driving the demand over the coming few years.
The presence of several regulatory frameworks such as the Medical Marijuana Regulation and Safety Act is indicators of the present demand for the drug in the market. The regulatory framework requires every individual or the company associated such as growers, retail operators, and makers of processed pot products to obtain permission and an annual state license from 2018. An increasing number of issued licenses is also among factors that is expected to drive the market especially after 2018.
The increasing interest amongst the academic researchers and healthcare providers regarding the therapeutic uses of marijuana is among the significant factors, which is driving the market over the coming years. Some of its potential therapeutic values are suppression of vomiting & nausea, pain relief, and appetite stimulation. In addition, research states that marijuana is effective in providing relief to the patient suffering from HIV/AIDS, glaucoma, cancer, and multiple sclerosis. The growing number of therapeutic applications of the drug is one of the key factors that is propelling the market over the forecast period.
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Further key findings from the study suggest:
View blog on Medical Marijuana Market by Grand View Research: http://www.grandviewresearch.com/blog/medical-marijuana-market-size-share
Grand View Research has segmented the Medical Marijuana Market by application and region:
Application Outlook (Market Revenue in USD Million, 2013 – 2025)
Regional Outlook (Market Revenue in USD Million, 2013 – 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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