Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for political professionals · Thursday, March 28, 2024 · 699,567,906 Articles · 3+ Million Readers

Medical Cannabis Market Size, Share, Growth, Trends and Forecast Analysis | US$ 49,116.4 million by 2028

Continuous Growth of Medical Cannabis in Pharmaceutical Industries Worldwide to Drive Market During 2022–2028

NEW YORK, UNITED STATES, December 6, 2022 /EINPresswire.com/ -- According to a new market research study titled “Medical Cannabis Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Medical Application, and Compound,” the market is expected to reach US$ 49,116.4 million by 2028 from US$ 8,926.6 million in 2020. It is estimated to grow at a CAGR of 23.9% from 2021 to 2028.

Download Sample PDF at https://www.theinsightpartners.com/sample/TIPRE00015806/

The report highlights the trends prevalent in the market and the factors driving the market along with those that act as restraints to its growth. Increasing number of approvals for medical cannabis products, rising acceptance for medicinal use of cannabis in developing countries, growing research on medicinal use of cannabis, and escalating government funding for spreading awareness and exploring medicinal benefits of cannabis are likely to drive the market. However, the illegal use of cannabis as a street drug and misconceptions regarding cannabis is a key factor restraining the market growth.

Various pharmaceutical companies have begun exploring the medicinal potential of new cannabinoid drug formulations, and they are seeking approvals for commercializing their products. GW Pharmaceuticals received an FDA approval for Epidiolex in 2018. Also, in the US, 33 states along with Washington, DC, and Puerto Rico in the region have legalized the medicinal use of cannabis, which is encouraging companies to conduct cannabis-related R&D and establish the medical cannabis sector well under the pharmaceutical industry Currently, cannabis is being used to treat medical conditions such as AIDS wasting, epilepsy, neuropathic pain, spasticity related to multiple sclerosis, and chemotherapy-induced nausea in cancer patients. However, the cannabis-based treatment is associated with side-effects such as drowsiness and low blood pressure, which is an important concern on which companies are working. Nevertheless, advancements in drug developing technologies are expected to enhance the safety and efficacy of cannabis-based products in medical applications in the coming future.

Prominent players operating in the medical cannabis market include Aphria, Inc.; Aurora Cannabis; Cannabis Science, Inc.; Canopy Growth Corporation; Medical Marijuana, Inc.; VIVO Cannabis Inc.; Tikun Olam Ltd; Tilray; and Cronos Group.

Speak to Analyst @ https://www.theinsightpartners.com/speak-to-analyst/TIPRE00015806

The report segments the global medical cannabis market as follows:
• By Product Type
• Flowers
• Concentrates
• Topical Ointments
• Tablets
• Capsules
• Beverages and Edibles

By Medical Application
• Pain Management
• Neurological Health Management
• Mental Health Management
• Others

By Compound
• Tetrahydrocannabinol (THC)-Dominant
• Cannabidiol (CBD)-Dominant
• Balanced THC and CBD

Get Full Copy of This Report @ https://www.theinsightpartners.com/buy/TIPRE00015806/?utm_source=EINPressWire&utm_medium=10379

About The Insight Partners
The Insight Partners is a one-stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as healthcare, media, and telecommunication.

Our research model is very simple. We believe in client servicing and delivering the best quality to our customers. Through our research content, we are making sure that our customers get value for their money along with better quality data and analysis.

Our research content is majorly focused toward market trends in terms of market sizing, competitive landscaping, company analysis, regional or country analysis, etc. We provide a detailed break-up of segmentation in terms of geography, systems, products, and services etc., which helps our clients to gain a deeper analytical understanding of various research topics.

Contact Us
If you have any queries about this report or would like further information, please contact us:

Sameer Joshi
The Insight Partners
+ +91 96661 11581
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn

Powered by EIN Presswire


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release