IRELAND: The global medical marijuana market in 2016 was USD 12.67 billion and will reach USD 33.41 billion by 2022 at a CAGR of 17.53% during the forecasted period, according to a new report, the “Global Medical Marijuana Market – by Medical Indications, Mode of Administration, Region – Market Size, Demand Forecasts, Industry Trends and Updates (2016-2022).
Medical Marijuana refers to using the whole, unprocessed marijuana plant or its basic extracts to treat symptoms of illness and other conditions. Scientific study of the chemicals in marijuana, called cannabinoids, has led to two FDA-approved medications that contain cannabinoid chemicals in pill form. The two main cannabinoids from the marijuana plant are THC and CBD, which are used as medications for increasing appetite, reduce nausea, decreasing pain, inflammation (swelling and redness), and muscle control problems.
The global medical marijuana market is mainly driven by the use of marijuana in treatment of various diseases and government support for legalizing it for medical purposes. The growing prevalence of cancer and increasing interest amongst researchers regarding the use of medical marijuana in cancer treatment are some of the factors responsible for driving the medical cannabis market over the coming years. On the other hand, regulations related to marijuana usage in the countries are restraining the growth of the market.