Medical Marijuana Markets to Reach USD 26,920.4 Million by 2028

 The global medical marijuana market size is expected to reach USD 26,920.4 million by 2026, owing to the increasing demand for decriminalization of marijuana in most parts of the world. Medical cannabis or medical marijuana is extracted from the marijuana plant and can be used for treating certain illnesses and health conditions. But due to government restrictions, the use of marijuana as a medicinal drug is not tested rigorously. 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, and Others), and Regional Forecast, 2019-2026” discusses the market comprehensively. According to this report, the market was USD 6,338.1 million in 2018 and is anticipated to exhibit a CAGR of 20.4% during the forecast period set between 2019 to 2026.

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https://www.fortunebusinessinsights.com/medical-marijuana-market-102609

Medicinal Properties of Cannabis to Propel Growth

The increasing demand for legalization of medical cannabis across various states is a major medical marijuana market growth driver. Besides this, the rising prevalence of diseases such as Parkinson’s disease, cancer, neurological disorders, and acute pain diseases is also expected to aid in expansion of the market in the forecast period. On the contrary, increasing application of marijuana beyond the required dose may result in side effects such as hallucinations, dizziness, low blood pressure, and others. This may stand as a major challenge to the market in the long run.

Increasing Awareness on medicinal Properties of Cannabis to Offer Lucrative Growth Opportunities for the Rest of the World

Geographically, North America earned the maximum medical marijuana market share with a revenue of USD 5,994.9 million earned in 2018, that is anticipated to reach USD 24,578.3 million by the end of 2026.Growth of this region is attributed to the rise in the number of legalization of marijuana for both medical and recreational purposes, coupled with the presence of major vendors in the region. Europe ranks second in terms of cannabis cultivation and is expected to witness significant growth owing to the increasing investments for research activities by many public and private entities in the forthcoming years.

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