A new analysis from Allied Market Research has projected the global medical cannabis market to reach £~113.68bn ($53.88bn) by 2030, growing at a CAGR of 23.6 per cent from 2021.
The Allied Market Research report shows that the global medical cannabis industry generated $6.82bn in 2020. The report attributes the estimate of £~113.68bn by 2030 to an increase in legalisation of cannabis across various regions.
It also owes the growth to a rise in awareness regarding health benefits and medical applications of cannabis, as well as innovative product development with increased R&D activities.
Allied Market Research highlights that the complex regulatory structure for the usage of cannabis is hindering the market growth, but that the beginning of cannabis legalisation in the Asia-Pacific region presents new opportunities in the coming years.
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According to the report, COVID-19 has attributed to a significant decline in demand for medical cannabis citing “restricted manufacturing operations in most of the industries, and inadequate funding for research and academic institutes”, as well as disrupted supply chains and “challenges in terms of essential/post-sales services”. However, it notes that businesses offering an e-commerce platform saw a surge in growth.
Despite this, the pandemic also saw governments, such as America, class cannabis as an essential service.
Cannabis extracts accounted for the largest share of the market in 2020, and the report says this segment will continue its leadership through to 2030, projecting the highest CAGR of 24.0 per cent. It attributes this growth to a preference for products such as oils and tinctures, and the increase in legalisation for the treatment of chronic diseases and new product launches.
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The report also analyses the segments of cannabis flowers, chronic pain, mental health conditions, and more.
To read the full report, Medical Cannabis Market by Product Type (Buds/Marijuana Flower and Cannabis Extracts), Application (Chronic Pain, Mental Disorders, Cancer, and Others), and End User (Pharmaceutical and Research & Development Centers): Global Opportunity Analysis and Industry Forecast, 2021–2030, please visit: https://www.alliedmarketresearch.com/request-sample/14619.
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