Based on region, North America held the highest market share in 2020, contributing to more than four-fifths of the global medical cannabis market

PORTLAND, OREGON, UNITED STATES, July 13, 2024 /EINPresswire.com/ -- Allied Market Research published a report, titled, “Medical Cannabis Market by Product Type (Buds/Marijuana Flower and Cannabis Extracts), Application (Chronic Pain, Mental Disorders, Cancer, and Others), and End User (Pharmaceutical and Research & Development Centers): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global medical cannabis industry generated USD 6.82 billion in 2020 and is expected to reach USD 53.88 billion by 2030, witnessing a CAGR of 23.6% from 2021 to 2030

The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐟𝐚𝐜𝐭𝐨𝐫𝐬 𝐝𝐫𝐢𝐯𝐢𝐧𝐠 𝐭𝐡𝐞 𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐂𝐚𝐧𝐧𝐚𝐛𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭?

Increase in legalization of cannabis across various regions, rise in awareness among consumers regarding health benefits of cannabis and its medical applications, and innovative product development with increased R & D activities drive the growth of the global medical cannabis market. However, complex regulatory structure for the usage of cannabis hinders the market growth. On the other hand, beginning of cannabis legalization in Asia-Pacific presents new opportunities in the coming years.

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐆𝐫𝐚𝐩𝐡𝐬 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/request-sample/A14250

𝐓𝐨𝐩 𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐂𝐚𝐧𝐧𝐚𝐛𝐢𝐬 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬

• Aurora marijuana Inc.
• Canopy Growth Corporation
• Cronos Group Inc.
• Maricann Group, Inc.
• Medical Marijuana, Inc.
• OrganiGram Holding Inc.
• Terra Tech Corp.
• Tikun Olam Ltd.
• Tilray, Inc.
• VIVO Cannabis Inc.

𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐂𝐚𝐧𝐧𝐚𝐛𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧: –

Based on product type, the cannabis extracts segment accounted for the largest share in 2020, contributing to more than half of the global medical cannabis market, and is expected to continue its leadership status during the forecast period. Moreover, this segment is projected to witness the highest CAGR of 24.0% from 2021 to 2030. This is due to preference for cannabis extracts such as oils and tinctures, increase in legalization of marijuana for treatment of various chronic diseases, and new product launches. The research also analyzes the buds or marijuana flower segment.

Based on application, the chronic pain segment contributed to the highest share in 2020, accounting for nearly two-fifths of the global medical cannabis market, and is estimated to maintain its lead position during the forecast period. This is due to surge in use of cannabis in the pharmaceutical industry and increase in investments by pharmaceutical companies in CBD for health benefits of cannabis. However, the mental disorders segment is estimated to portray the highest CAGR of 25.3% from 2021 to 2030. This is attributed to surge in usage of cannabis in patients with psychiatric disorders.

Based on region, North America held the highest market share in 2020, contributing to more than four-fifths of the global medical cannabis market, and is estimated to continue its dominance in terms of revenue by 2030. This is due to legalization of cannabis in the U.S. and Canada for medical and recreational purposes and rise in the usage of medical cannabis for treatment of several diseases associated with changing lifestyles. However, LAMEA is expected to manifest the fastest CAGR of 36.3% during the forecast period, owing to government approvals for cannabis cultivation and rise in prevalence of chronic diseases such as cancer and usage of cannabis for their treatments.

𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/purchase-enquiry/A14250

Our Market Research Solution Provides You Answer to Below Mentioned Question:

• Which are the driving factors responsible for the growth of market?
• Which are the roadblock factors of this market?
• What are the new opportunities, by which market will grow in coming years?
• What are the trends of this market?
• Which are main factors responsible for new product launch?
• How big is the global & regional market in terms of revenue, sales and production?
• How far will the market grow in forecast period in terms of revenue, sales and production?
• Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
• How will each segment grow over the forecast period and how much revenue will these segments account for in 2030?
• Which region has more opportunities?

By Region Outlook

North America
(U.S., Canada, Mexico)

Europe
(Germany, France, UK, Italy, Spain, Rest of Europe)

Asia-Pacific
(Japan, China, India, Rest of Asia-Pacific)

LAMEA
(Brazil, Saudi Arabia, South Africa, Rest of LAMEA)

Contact Details:

David Correa
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
[email protected]

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

David Correa
Allied Market Research
+1 800-792-5285
email us here
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