Medical Cannabis Market Size to Reach 47.15 Billion in 2027 | Increasing Use of Medical Marijuana to Alleviate Symptoms, Treat Diseases and Conditions…

VANCOUVER, BC, July 26, 2021 /PRNewswire/ -- The global medical cannabis market size is expected to reach USD 47.15 billion in 2027 at a CAGR of 16.9%, according to the latest report by Emergen Research. Market revenue growth can be attributed to the increasing use of medical cannabis to treat diseases and conditions, rising research and development activities, and legalization of cannabis in various countries across the globe. Increasing government initiatives to encourage safe usage and consumption of the product is also a key factor expected to contribute to market growth over the forecast period.

Medical cannabis is cannabis and cannabinoids that are prescribed by doctors and physicians for relieving symptoms or treating diseases. Preliminary studies suggest cannabis can reduce nausea and vomiting that are primary side effects of chemotherapy, improve appetite in people suffering from HIV/AIDS, and alleviate chronic pain and muscle spasms. Medical cannabis can be administered through capsules, tinctures, dermal patches, and cannabis edibles, among others. Increasing incidence of severe and chronic diseases such as cancer, Parkinson's disease, Alzheimer's disease, and ALS, among others have boosted the use of medical cannabis and this has led to the development of new products. In addition, cannabinoids have been increasingly recommended for treatment of anorexia, arthritis, migraines, and glaucoma when other treatment regimens are ineffective. This is expected to further boost revenue growth of the market over the forecast period.

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Increasing research and development activities to study the medical applications of cannabis and availability of synthetic cannabinoids as prescription medicine are some other key factors expected to contribute to revenue growth of the market going ahead. However, lack of data on long-term safety of medical cannabis, chronic side effects such as fatigue, dizziness, and hallucinations, among others, and implementation of stringent regulatory policies regarding cultivation and commercialization of cannabis are some key factors expected to restrain market growth going ahead.

Some Key Highlights in the Report:

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For the purpose of this report, Emergen Research has segmented the global medical cannabis market on the basis of product type, application, and route of administration, distribution channel, and region:

Product Type Outlook (Revenue, USD Billion; 2017-2027)

Application Outlook (Revenue, USD Billion; 2017-2027)

Route of Administration Outlook (Revenue, USD Billion; 2017-2027)

Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)

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Regional Outlook (Revenue, USD Billion; 2017-2027)

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Medical Cannabis Market Size to Reach 47.15 Billion in 2027 | Increasing Use of Medical Marijuana to Alleviate Symptoms, Treat Diseases and Conditions...