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The Global Cannabidiol Market is estimated to be USD 2.3 Bn in 2020 and is expected to reach USD 5.37 Bn by 2025, growing at a CAGR of 18.5%.
Market Dynamics
The antibiotic and analgesic effects & properties present in Cannabidiol, which can be used to treat a variety of ailments such as anxiety, nausea, stress, chronic pain, neurological conditions, and seizures, are likely to contribute to the growth of the market.
Growing medical applications of CBD, growing R&D in medical cannabis, and increasing product adoption and utilization due to government approvals bolstered the market growth for Cannabidiol. Changing regulatory landscape and legalization for approval of CBD-based products globally is also expected to propel the market growth.
/PRNewswire/ The "Cannabidiol - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com s offering. Global Cannabidiol Market.
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Pune, India, Feb. 03, 2021 (GLOBE NEWSWIRE) According to the report,
Medical Marijuana market size is projected reach USD 26,920.4 million by 2026. Global Medical Marijuana market was USD 6,338.1 million in 2018 and is anticipated to exhibit a CAGR of 20.4% during the forecast period set between 2019 to 2026.
Geographically, North America earned the maximum medical marijuana market share with a revenue of USD 5,994.9 million earned in 2018, that is anticipated to reach USD 24,578.3 million by the end of 2026.
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Medicinal Properties of Cannabis to Propel Growth
The increasing demand for legalization of medical cannabis across various states is a major medical marijuana market growth driver. Besides this, the rising prevalence of diseases such as Parkinson s disease, cancer, neurological disorders, and acute pain diseases is also expected to aid in expansion of the market in the forecast period. On the contrary, increasing
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The worldwide spread of COVID-19 has adversely affected the global medical marijuana market. Nevertheless, the market is likely to recover by Q3/Q4 of 2022. The inadequate information regarding cannabis in most of the emerging countries is predicted to restraint the market growth in the forecast period. Many vaccine manufacturers are taking efforts to develop vaccination through medical marijuana to help treat COVID-19 and other diseases. For instance, Cresco labs has acquired four dispensaries in Ohio to expand their medical cannabis business.
The global medical marijuana market is likely to observe a decline in the growth rate due to the COVID-19 pandemic all over the world.