May 25, 2024

Medicinal Cannabis Market Growth Accelerated by Rising Demand for Medicinal Value

Medicinal cannabis, also known as medical marijuana, contains components called cannabinoids that are reported to relieve pain and suppress nausea. It is used for medical conditions such as chronic pain, epilepsy, Parkinson’s disease, and cancer. Cannabis provides advantages like pain relief without dependence or life-threatening side effects. The need for alternative therapies for chronic pain and neurological disorders is driving the demand for cannabis.

The global Medicinal Cannabis Market is estimated to be valued at US$ 14589.08 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
According to the trends, many countries are in process of legalizing the use of cannabis for medical purpose. For instance, South Korea and Thailand legalized medicinal cannabis in recent past. This has encouraged businesses to invest in research and development of new cannabis-based pharmaceutical products. It has also prompted cultivation facilities to ramp up production to meet the rising demand. Moreover, approval of new cannabis-based drugs by regulatory bodies is expect to shape the market going forward.
Here is the Segment Analysis and Key Takeaways for the given market without mentioning market size, CAGR or conclusion:

Segment Analysis
The global medicinal cannabis market is dominated by medicines subsegment which accounts for over 45% market share. Medicinal cannabis is widely accepted for treatment of chronic pain, arthritis, neurological disorders, and cancer. Legalization of medical marijuana in various countries has boosted its demand for treatment of various medical conditions. Further, availability of cannabis-based products like cannabidiol (CBD) oils, capsules, lotions, etc. make medicines subsegment the fastest growing.

Key Takeaways
The Global Medicinal Cannabis Market Size is expected to witness high growth.

Regional Analysis: North America region currently dominates the medicinal cannabis market owing to legalization of medical marijuana in countries like United States and Canada. Further, presence of major players and increasing research on medical applications of cannabis drive the market growth in the region.

Key players operating in the Medicinal Cannabis Market are Deere & Company, AGCO Corporation, Agribotix LLC, Agrobot and Blue River Technology.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it