The demand analysis of medical cannabis market predicts that the growth and development within the global industry will be propelled by the presence of several essential drivers, including the rising usage of CBD or cannabidiol for the treatment of a wide range on medical indications, such as pain management, and stress relief. Furthermore, the increasing societal acceptance, as well as the rising trend of legalization of medical cannabis products in various parts of the world is also stimulating highly attractive expansion and growth opportunities in the medical cannabis market.
Additionally, the increasing trend of legalization of marijuana has given a rise to an increasing incidence of clinical research to derive various types of useful medications and drug solutions from cannabis plant materials. Moreover, the evolving legal framework pertaining to production, distribution, and consumption of marijuana or cannabis derived products, such as CBD or cannabidiol, and THC or tetrahydrocannabinol, is also expected to augment the demand within the medical cannabis market in the coming years.
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Increasing Applications of CBD Oils in Pharma Industry Favors Expansion of Medical Cannabis Market
Some of the most prominent and lucrative emerging trends of the medical cannabis market include rising applications in the pharmaceutical industry fro CBD hemp oils, intended for the treatment of chronic pain, as well as epilepsy, and the increase in the incidence of musculoskeletal health conditions. Furthermore, the increasing trend of decriminalizing cannabis has fostered the growth of its production throughout the economies that have passed legislative votes to allow it. Some of these key regions include North America, as well as Europe.
Major applications for the products and solutions offered by the leading stakeholders in the medical cannabis market include neurological disorders management (including Parkinson’s disease, Alzheimer’s disease, and epilepsy, among others), pain management (including cancer pain, and neuropathic pain, among others), and mental health management (including depression, and anxiety, among others).
The increasing applications in pain management, as well as emerging applications in mental health management are fueling the growth of the medical cannabis market. The products and solutions in the medical cannabis market can also be used for the treatment of various skin conditions, as well as various complex mental and psychological health issues, including PTSD or post traumatic stress disorder, among others.
North America & Europe Show Promising Potential for Growth in Medical Cannabis Market
The geographical assessment of the medical cannabis market can provide us with the information pertaining to individual regions, such as Europe (including Germany, Spain, the United Kingdom, Italy, France, and rest of the Europe), North America (including Canada and the United States), Latin America (including Mexico, Brazil, and rest of the Latin America), and rest of teh World. Amongst these, the largest medical cannabis market size can be attributed to the North America region. However, the Europe region also shows some attractive opportunities for an increased revenue generation in the medical cannabis market, on the back if the increasing trend of marijuana legalization in several economies in the European Union.
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According to the latest statistics, medical cannabis is on the track of becoming one of the most lucrative consumer segments in the leading economy of North America region, i.e., the United States. Furthermore, the cannabis is legalized in both the major economies of North America region, i.e., Canada, as well as the United States, in considerable number of states and provinces. These trends are bolstering the development and expansion of the North America medical cannabis market.
A few of the medical cannabis market key players and suppliers are United Cannabis, Cannabis Sativa, Inc., GW Pharmaceuticals PLC, Medical Marijuana, Inc., The Cronos Group, Canopy Growth Corporation, Aurora Cannabis, Emerald Health Therapeutics, Tilray, and The Supreme Cannabis Company, Inc., among others. These leading manufacturers and players operational in the medical cannabis market are focusing on extensive research and development activities, as well as undertaking promotional and educational campaigns to raise awareness about the medical benefits of consuming cannabis products.