Medical Marijuana Spreading Globally: Cancer Treatment to Drive Growth
The medical marijuana business is growing across the globe, according to a report by Grand View Research, Inc. a San Francisco-based market research and consulting company.
In the January, 2017, report, “Medical Marijuana Market Analysis by Application and Segment Forecasts”, the global medical marijuana market size was valued at $11.4 billion in 2015 and is projected to grow with an annual growth rate of 17.1 percent through 2025.
Since the medical use of cannabis is not yet approved in the majority of Asian and Latin American economies, the regional scope of the report was limited to North America, Europe and Israel.
North America held a majority of the share of nearly 49 percent in 2015. Canada currently has 52 licensed marijuana producers. Mexico just legalized medical marijuana in June, 2017.
Australia legalized medical marijuana in February, 2016, and is now allowing the import and storage of cannabis until domestic production catches up to demand in the country.
The report also tracked medical marijuana market growth in Belgium, Italy, Switzerland, Croatia, the Netherlands, the Czech Republic, Finland, Portugal, France and Romania.
The market is growing because of rising awareness of its use in various medical applications, especially in areas like pain management and appetite enhancement.
The chronic pain segment alone represented 39.6 percent of the global revenue share in 2015, according to the report. The growing number of clinical trials using marijuana to treat neuropathic and chronic pain is one of the key indicators of medical marijuana growth, which implies a rising use of cannabis in pain management over the coming years.
Cancer will be the fastest growing cannabis application segment with an annual growth of 18.2 percent expected through 2025. The rapidly growing number of states, districts, and territories enacting laws to legalize the drug is also driving the demand for cancer treatment.
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