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The global medical marijuana market size is anticipated to reach USD 26,920.4 million by 2026, on account of the increasing awareness about the medicinal properties of cannabis. Medical cannabis can be used as a therapeutic ailment for patients suffering from diseases such as acute pain diseases, Parkinson’s disease, cancer, and others. More information on this market is provided in a recently published report by Fortune Business Insights™ titled, “Medical Marijuana Market Size, Share & Industry Analysis, By Application (Pain Disorders, Cancer, and Others), By Type (Flowers, Concentrates, Edibles and Others), By Distribution Channel (Dispensaries, Online Channel, and Others), and Regional Forecast, 2019-2026.” The market was USD 6,338.1 million in 2018 and is anticipated to exhibit a CAGR of 20.4% between 2019 and 2026.
In-store Pickup or Home Delivery Service Provided by Verda Innovation – Setting New Market Trends
Revolution in the marijuana industry is brought on Feb 2020 by Verda Innovation with the launch of their cutting-edge platform for legal marijuana consumers and retailers for medical purposes. With the help of this platform, users can easily search nearby dispensaries that are licensed and choose from live menu containing products, place orders online and opt for either same-day delivery or in-store pickup within the boundaries of regulations imposed by the government.
The CEO of Verda Evan Adcock says, “We emerged as the first company providing such a platform and our main motto is to offer peace of mind to consumers within the legal boundaries.”
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Increasing Number of Clinical Research Trials will Add Impetus to Market
A number of therapeutics with marijuana content are utilized in the treatment of certain rare health conditions. These include nausea associated with chemotherapy, weight loss and appetite related with AIDS/HIV, neurological disorders, acute pain diseases, and others. This trend of rising initiatives to pertain to the clinical trials of cannabis is considered a major factor promoting the medical marijuana market growth. Besides this, the rising demand for permitting the use of legal medical cannabis in various states will also bode well for the market in the forecast period.
On the flip side, side effects associated with limitless consumption of marijuana for medical purposes may cause hindrance to the overall market in the coming years. Such side effects include low blood pressure, dizziness, and others.
Heavy Investment in Research and Entry of New Players will Intensify Market Competition
The fast pace of development for legal medical cannabis and its vivid growth has encouraged manufacturers to make their entry into this market and invest heavily in related studies and development. Although the basic element is its manufacturing and cultivation, most of the medical marijuana makes business from the pharmacological corporations. Furthermore, with the growing trend of legalizing cannabis in various states, players are increasingly moving into the market to generate revenue. Existing vendors are however focusing on geographical expansion for attracting high market revenue in the coming years.
Significant Industry Developments of Medical Marijuana Market include:
List of Important Vendors in this Market include:
Further Report Findings
The Global Market is categorized into:
Value (USD million)
By Distribution Channel