According to the recent report by IMARC Group, titled “Medical Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global medical cannabis market reached a value of more than US$ 11 Billion in 2017. Medical cannabis is currently in an introductory phase in the pharmaceutical industry and is gradually gaining acceptance across the globe. It is prescribed by doctors in the form of smoke, vapour and liquid extracts so as to alleviate the symptoms of various conditions or diseases like depression, migraine, chronic pain, arthritis, multiple sclerosis, nerve damage, anxiety, epilepsy, Parkinson’s disease, PTSD, etc. In comparison with the recreational cannabis, medical cannabis has a higher amount of Cannabidiol (CBD) and lower count of Tetrahydrocannabinol (THC) which helps in retaining anti-psychotic effects and providing therapeutic advantages to patients.
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On account of anti-proliferative and anti-spasmodic effects of medical cannabis, several countries are legally approving its employment in the treatment of various health conditions. For instance, medical cannabis is now used for reducing nausea and increasing the appetite of chemotherapy patients. Besides this, as aging population is more likely to develop chronic diseases, it plays a vital role in strengthening the growth of the medical cannabis market. Some of the other major factors which are boosting the market growth include inflating disposable incomes, urbanisation, and high investment in clinical trials as well as research and development activities so as to develop safer forms of cannabis. Looking forward, the market value is projected to reach nearly US$ 37 Billion by 2023, expanding at a CAGR of 22% during 2018-2023.
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Market Summary:
Browse related reports:
North America Legal Cannabis Market Report 2018: https://www.imarcgroup.com/north-america-legal-cannabis-market
Global Biopharmaceutical Market Report 2018: https://www.imarcgroup.com/biotechnology-industry
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