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24 May, 2022, 17:30 BST
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ALBANY, N.Y., May 24, 2022 /PRNewswire/ — The value of global medical cannabis market stood at US$ 8 Bn in 2018. The global market is likely to rise at a CAGR of 26.6% during the forecast period, from 2019 to 2027. The future market outlook for medical cannabis predicts the market value to reach US$ 52.8 Bn by 2027. Legislative measures that have played a key part in the legalization of cannabis use are expected to propel medical cannabis use to unprecedented heights. Furthermore, these legal reforms have resulted in an increase in cannabis cultivation for therapeutic and medicinal uses. The surge in medical cannabis demand is primarily supported by research and scientific developments that provide useful insights into the possible advantages of medicinal cannabis in the treatment of a variety of ailments.
Research has been essential in raising understanding about the relationship between cannabinoids and human physiology. Furthermore, while medicinal cannabis is expected to draw large investment during the evaluation phase, it is also expected to provide significant STEM career possibilities. In recent years, research and development efforts have shifted to examining the physiology and biology of cannabinoids and a variety of other bioactive substances derived from cannabis.
In Canada, the US, Canada, and some European Union countries, medicinal cannabis use is expected to expand at an unprecedented rate are expected to have largest revenue share in the medical cannabis market. Medical cannabis is on track to become one of the most significant new consumer categories in the US, according to current developments.
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Key Findings of Market Report
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Global Medical Cannabis Market: Growth Drivers
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Global Medical Cannabis Market: Key Players
Some of the key market players are
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Global Medical Cannabis Market: Segmentation
Derivative
Application
Route of Administration
Distribution Channel
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Cannabis Testing Market: The global cannabis testing market is broadly divided into two that is test type and end-user. Based on test type, cannabis testing can be segmented into terpene profiling, pesticide screening, potency testing, residual solvent screening, genetic testing, microbial analysis, and heavy metal testing.
Cannabis Pharmaceuticals Market: The shape of the cannabis pharmaceuticals market is expected to be molded by the changing dynamic of the regulatory landscape. A large part of negative public perception of cannabis products has been associated with the recreational use of TSH, a key psychoactive element of cannabis.
Legal Marijuana Market: The promotional activities and marketing strategies to create product awareness and understand the benefits of marijuana in treatment procedures may lead to significant growth of the legal marijuana market.
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