The U.S. Medical Cannabis Market is expected to be valued at USD 19.48 billion by 2024, driven by its
numerous medical benefits particularly by patients suffering from cancer,
chronic pain and diabetes. Favorable regulatory environment across numerous
states including California and Colorado is expected to fuel the growth of the
market over the next few years.
Medical Marijuana Regulation and Safety Act implemented in 2015 permits
the cultivation and use of cannabis dispensaries at the state and local level
which has been one of key drivers to fuel the U.S market. The rising number of
states receiving approval to utilize cannabis for consumption in medical cases
is expected to be one of the crucial factors to upsurge the demand for medical
marijuana over the forecast period.
Over the past few decades, there have been several controversies
surrounding legalization of cannabis for medical purposes; however, increasing
signs of medical benefits received from the consumption of cannabis has
resulted in the herb being legalized across various states in the nation. The
industry is expected to witness significant growth during the forecast period
owing to greater consumer acceptance along with an increasing number of
companies entering the market.
The symptoms and conditions that can be treated by the herb include
cancer, arthritis, epilepsy, nausea, pain Alzheimer’s disease, anorexia, AIDS,
HIV, glaucoma, cachexia, Crohn’s disease, migraines, and multiple sclerosis.
Chronic pain accounted for 46% of the U.S. cannabis medical market share in
2016. The ability of medical marijuana to curb pain is expected to gain
popularity among patients diagnosed with chronic illnesses and pain.
In 2016, solid edibles segment dominated the U.S market generating
revenues worth USD 2.47 billion and is expected to continue dominating the
industry over the forecast period. The future product innovation and potential
growth are substantial owing to continuous development from the consumption of
cannabis infused products owing to their numerous applications including
lotions, bath salts, shampoo, lip balm, toothpaste, coffee pods, baked brownies
cookies, candy, confectioneries, beverages, vinegar and oils.
California is known to be the first state in U.S. that legalized
cannabis for medical purpose. In 2016, California recorded the highest revenue
generation and is expected to grow at a CAGR of 13% over the projected period.
Over the next few years, more number of state governments are expected to
legalize cannabis owing to its numerous benefits which will fuel its growth
over the projected period.
Hexa Research has segmented the U.S. medical cannabis market based on
usage, consumption and state:
Segmentation by usage, 2014 - 2024 (USD Million)
• Chronic Pain
• Arthritis
• Migraine
• Cancer
• Others
Segmentation by consumption, 2014 - 2024 (USD Million)
• Solid Edibles
• Inhalation
• Liquid Edibles
• Topical
Segmentation by state, 2014 - 2024 (USD Million)
• California
• Colorado
• Washington
• Arizona
• Michigan
Key players analyzed
• American Cannabis
• Canopy Growth Corporation
• Greengro Technologies
• Medical Marijuana Inc.
• United Cannabis
• Terra Tech Corp.
• Mentor Capital, Inc
• Cannabis Sativa, Inc.
• GBSciences, Inc.
• The Green Solution
Browse Related Category Market Reports @
https://www.hexaresearch.com/research-category/healthcare-industry
https://www.hexaresearch.com/research-category/healthcare-industry
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