Global Medical Marijuana (MMJ) Market to witness a CAGR of 19.1% during 2018-2024

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NEW YORK, Sept. 14, 2018 (GLOBE NEWSWIRE) -- The global medical marijuana market is expected to grow significantly from USD 8,280.6 million in 2017 to USD 28,070.0 million in 2024, at a CAGR of 19.1% from 2018 to 2024. Factors propelling the growth of medical marijuana market are growing awareness regarding the benefits offered, increasing demand for marijuana in the treatment of various diseases, and growing number of research and development activities. Moreover, several clinical trials are underway which are expected to drive the market demand over the years to come.

The National Institute on Drug Abuse maintains detailed information on the therapeutic as well as abusive aspects of marijuana. National Institutes of Health (NIH) provides funding to the researchers who are involved in exploring the therapeutic uses of medical marijuana. Recent studies have shown that marijuana extracts may kill certain cancer cells and also helps in the cure of epilepsy.

Medical marijuana plant contains many chemical properties that may help in treating a wide range of diseases and symptoms. The medical marijuana plant having two major strains: cannabis sativa and cannabis indica. The cannabis sativas have a higher level of TCH (delta-9 tetrahydrocannabinol) resulting in a medical application such as control of nausea, vomiting, and stimulate appetite in AIDS patients. The cannabis indica have a higher level of CBD (cannabidiol), resulting in treatment of symptoms such as muscle spasms, chronic pain, anxiety and sleep deprivation. The industry size for medical marijuana is increasing primarily in U.S. offering business opportunity with high profit margins. However, federal prohibition remains to be key restraint to market growth across the globe.

North America held the largest share of the global medical marijuana market in 2017 and is expected to show high growth rate due to growing number of U.S states, legalizing the use of marijuana in the medical applications. Europe holds the second largest share in the global medical marijuana market in 2017. Growing importance of cannabis sector coupled with several legalization initiatives is likely to augment the market growth in Europe. Additionally, the North America region is expected to witness the fastest CAGR during the period 2018–2024. The aforementioned growth can be attributed to increasing awareness about MMJ along with favorable government legislations for medicinal use of marijuana.

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Globe Newswire: 14:04 GMT Friday 14th September 2018

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