The global medical cannabis market is set to experience significant growth, with a projected market size of USD 24.52 billion by 2028.
Factors driving this growth include the rising global age of the population and increased investments in research and development for safer and more effective alternatives to traditional pain management medications.
The availability of diverse medical cannabis products and the growing demand among consumers also contribute to the market’s revenue growth.
Furthermore, the legalisation of medical cannabis in multiple countries is fuelling the market’s expansion.
Many nations are recognising the potential benefits of medical marijuana and are in the process of legalising its use.
The relaxation of laws surrounding medical cannabis usage and consumption is boosting market growth.
Additionally, as scientific studies, clinical trials, and FDA approvals increase in the coming years, the demand for medical cannabis is expected to rise.
Governments in various countries are also legalising cannabis to combat illegal trade and trafficking while benefiting from economic advantages through taxation.
The increased research and development investments by both public and private companies to develop safer methods of consuming cannabis are projected to drive further revenue growth in the market.
Medical cannabis has proven effective in treating various conditions, including chronic pain, mental disorders, anorexia, seizures, muscle spasms, and cancer. Further research continues on what other conditions it might be able to help with.
The rising prevalence of these chronic conditions and the demand for advanced treatment options have resulted in a strong market demand for medical marijuana products.
The legalisation of medical cannabis in numerous countries has also contributed to the revenue growth of the global medical cannabis market.
Medical cannabis is used to address a range of conditions, highlighting its versatility in treating various ailments.
Their efforts contribute to the growth and development of the market as they strive to meet the increasing demand for medical cannabis worldwide.