According to the latest research by Persistence Market Research, the Medicinal Cannabis Compounding market is set to witness a growth of more than 15% during 2021-2031. Demand for Medicinal Cannabis Compounding expects to witness steady recovery in the short-term, with an optimistic growth outlook in the long run. The growing advancement for the Medicinal Cannabis Compounding market industry will offer lucrative opportunities in near future.
The prescription of medical cannabis products is on the rise. Cannabidiol (CBD) and tetrahydrocannabinol (THC) are the major constituents of the plant Cannabis Sativa. Medicinal Cannabis have been found effective in many ailments such as Alzheimer’s disease, Appetite loss, Cancer, Crohn’s disease, Diseases effecting the immune system like HIV/AIDS or Multiple Sclerosis (MS), Eating disorders such as anorexia, Epilepsy and many more.Cannabis is safer and has less severe side effects in comparison to other treatment options. It also finds usage along with other treatments either to enhance their efficacy or to combat adverse side effects. For instance, it is very effective in reducing nausea and increasing appetite among chemotherapy patients.
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Similarly, it is also used in combination with traditional opioid painkillers, which enables patients to reduce the dosage and frequency of opioids significantly and imparts greater pain relief. Many countries in Europe have legalized cannabis thus it can be used for medicinal purpose, such as Italy, Germany.
The increasing adoption of cannabis for medicinal purpose due to its lesser side effects will increase its legalization in countries still banned. Increase in R&D and technical innovations have shown the benefits of cannabis extracts to be helpful in many diseases.There is still plenty of scope for research in effectiveness of cannabis. As cannabis extracts act as body’s own chemicals its effectiveness increases with lesser side effects.
North America held the majority of the revenue share of the global market in 2020. The increasing targeted population, prevalence of chronic disorders, such as cancer and seizures is the major factor driving the Medicinal Cannabis Compounding market.Furthermore, the presence of major market companies and developed R&D structure in the region are the key factors that have contributed to the growth of Medicinal Cannabis Compounding demand. In addition, favorable government initiatives, high healthcare expenditure, and technological advancements are the main factors positively impacting Medicinal Cannabis Compounding regional market growth.
Cannabis is legal in Europe which makes it yet another region for high growth for medicinal cannabis compounding market. There has been increasing R&D in the region and adoption of various treatment options making it lucrative for the market growth.Request for Table of Content@ https://www.persistencemarketresearch.com/toc/32570
Suitable government policies and regulations for the reimbursement of digital health applications are expected to boost the European medicinal cannabis compounding market over forecast years
Some of the key players of Medicinal Cannabis Compounding include,
- Aphria Inc.
- Aurora Cannabis
- Cannabis Science Inc.
- Canopy Growth Corporation
- Medical Marijuana Inc.
- VIVO Cannabis Inc.
- TikunOlam Ltd
- Terra Tech Corp.
- Tilray and Cronos Group
- Harvest Health & Recreation
- Green Thumb Industries
- Maricann Group Inc.
- TerrAscend
- Others.
Companies offering Medicinal Cannabis Compounding are involved in existing product upgrades, new product launches, mergers and acquisitions, and regional expansion to enhance their market position.
Key Segments
By Product Type
- Extracts
- Flowers
- Leaves
- Others
By Application
- Tetrahydrocannabinol
- Cannabidiol
- Others
By End User
- Hospitals
- Clinics
- Research Institutes
- Others
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