Medicinal Cannabis Market Is Driven By Growing Adoption For Chronic Pain Treatment
Medicinal cannabis, also known as medical marijuana, refers to using the whole unprocessed marijuana plant or its basic extracts to treat symptoms of illness and other conditions. Medicinal cannabis contains various cannabinoids that interact with a person's endocannabinoid system. Some key active compounds in medicinal cannabis include tetrahydrocannabinol (THC) and cannabidiol (CBD). Medicinal cannabis has shown promising results in reducing nausea during chemotherapy treatment, lowering epilepsy and seizure frequency, easing pain and muscle spasms caused by multiple sclerosis.
The Global Medicinal Cannabis Market is estimated to be valued at US$ 14589.08 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Medicinal Cannabis market are Deere & Company, AGCO Corporation, Agribotix LLC, Agrobot and Blue River Technology. These companies dominate the market with innovative technology and wide product offerings.
The growing demand for medicinal cannabis is attributed to its effectiveness in treating chronic pain. Various clinical studies have proven the ability of cannabis in reducing opioid dependency for pain management. This has significantly boosted its adoption among patients and healthcare professionals.
Many countries have legalized the cultivation and production of medicinal cannabis over the past decade. Favorable regulatory norms have encouraged international companies to expand their operations in new markets. Investments and partnerships between weed producers, tissue culture laboratories and distribution networks have strengthened the global supply chain of medicinal cannabis.
Market Drivers
The increasing legal acceptance of medicinal marijuana for pain treatment is a major factor driving the industry. According to studies, cannabis is effective in treating neuropathic pain and reducing opioid abuse. This has encouraged more patients and doctors to incorporate medical cannabis for chronic pain conditions. Favorable reforms in regulations globally have further amplified the demand.
The geopolitical landscape has a significant influence on the Medicinal Cannabis Market Size growth globally. Several factors such as the widespread legalization of medicinal cannabis in major markets like the US and Canada, opening up of new revenue avenues. However, the complex geo-legal framework and international treaties governing cannabis pose challenges. Many nations refuse to change legislative policy due to pressure from neighbouring countries or ideological oppositions. This regulatory uncertainty stunts cross-border trade and investments.
Other geopolitical risks include rising economic nationalism affecting globalization trends. Many view cannabis as a threat to public health and safety. This fuels anti-trade sentiments in several cultures and regions. Political instability or conflicts in major producing nations can disrupt supply chains. Such obstacles hinder the market's potential to thrive. Therefore, industry stakeholders must proactively engage in international diplomacy and advocacy to build consensus.
Promoting scientific evidence on medical benefits can encourage policy shifts. Regional cooperation models on navigating these issues also help. Similarly, focusing on medical-only varieties and stringent compliance would assuage concerns. Overall, overcoming the geopolitical obstacles requires a multifaceted strategy factoring in cultural sensitivities, public opinions and political risks in different parts of the world.
The North American region currently leads the global Medicinal Cannabis Market in terms of value, attributed to the legalization in major economies like the United States and Canada. North America accounts for approximately half of the total market value. This is followed by the European region, with countries like Germany emerging as high potential markets. Within North America, the United States represents the most lucrative opportunity, owing to various states legalizing medical use over the past decade. This massive patient population offers a solid consumer base driving revenues. Canada has also emerged as another key regional market after federally legalizing recreational and medical cannabis in 2018. Both nations have established large domestic cultivation capacities to fulfill demand.
Meanwhile, in Europe, Germany holds the top spot attributed to continued increase in doctor prescriptions and patient registrations over the past few years. The country has evolved rapidly from being quite conservative to a front-runner in the industry. This rising acceptance has concentrated significant market value in the major developed economies of North America and Europe currently.
For More Details On The Report, Read: https://www.trendingwebwire.com/medicinal-cannabis-market-demand-analysis
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