Medical Marijuana Market in the U.S. to Cross USD 14.8 Bn by 2027: Global Market Insights Inc.

According to the latest report “U.S. Medical Marijuana Market by Application (Pain Management, Muscle Spasms, Nausea, Anorexia, Seizures), Route of Administration (Inhalation, Oral, Topical), Distribution Channel (Dispensaries, Online), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of medical marijuana in the United States will cross $14.8 billion by 2027.
The increasing prevalence of cancer is one of the primary driving forces for market growth. Currently, medical marijuana is being studied for the treatment of cancer, as it is claimed to be effective against the illness. Similarly, several formulations of medical marijuana are currently approved to treat the cancer-related pain and nausea that is caused by chemotherapy drugs. Thus, the increasing prevalence of cancer significantly contributes to the market expansion. However, stringent regulations and strict quality standards may pose a threat to the market progression.
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Pain management segment in the U.S. medical marijuana market accounted for USD 5.5 billion in 2020. Pain condition is one of the leading public health issues amongst the U.S. population that is fueling the industry growth. For instance, as per the National Health Interview Survey (NHIS), nearly 25.0 million individuals suffer from pain every day in the U.S. Thus, increasing research on marijuana’s potential for pain management or for medicinal use will gain significant momentum in the U.S., thereby enhancing the market value during the forecast period.
U.S. medical marijuana market for the topical route of administration segment valued at USD 374.6 million in 2020 and is estimated to witness 11.2% growth rate till 2027 led by increasing demand for marijuana topical products for the treatment of various skin-related diseases such as psoriasis and eczema among others. According to the research, it is found that cannabinoid is beneficial for the treatment of skin conditions and can successfully be used as a natural alternative to commonly used steroids. Thus, the growing demand for topical products to treat various skin diseases will augment the market demand.
The dispensaries segment in the U.S. medical marijuana market is anticipated to reach USD 8.8 billion by 2027 on account of the presence of a large number of legal dispensaries operating in most of the U.S. states. Moreover, with the increasing number of states legalizing marijuana for medical purposes, more and more dispensaries are being set up across the states, thereby propelling the segment growth. Furthermore, the rising incidence of pain condition coupled with growing demand for medical marijuana in the U.S. will further spur the industry expansion.
Pacific Central in the U.S. medical marijuana market is predicted to expand at a CAGR of more than 8.7% through 2027 driven by the presence of states such as Washington, Alaska and California coupled with increased application of medical marijuana. Also, California led the U.S. in the legalization of medical marijuana since 1996 and thereafter the state has dominated the market growth. Additionally, the majority of medical patients reside in California with more than 400 dispensaries, thereby adding up to the revenue of Pacific Central medical marijuana industry value. However, since the legalization of recreational use of cannabis, an increasing number of people are opting for adult-use cannabis, thereby hampering the medical cannabis market revenue.
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A few notable companies operating in the market include Canopy Growth, Aurora Cannabis, Inc., Medical Marijuana, Inc., GW Pharmaceuticals, Tilray, Emerald Health Therapeutics, and United Cannabis among others. Industry leaders are focusing on various strategies such as acquisitions, business expansion and novel service launches to consolidate their market presence.
Table of Contents (ToC) of the report:
Chapter 3   U.S. Medical Marijuana Market Insights
3.1    Industry segmentation
3.2    Industry landscape, 2016 – 2027
3.3    Industry impact forces
3.3.1    Growth drivers
3.3.2    Industry pitfalls & challenges
3.4    Growth potential analysis
3.4.1    By application
3.4.2    By route of administration
3.4.3    By distribution channel
3.5    COVID-19 impact analysis
3.6    Regulatory landscape
3.7    Value chain analysis
3.8    Legal requirement for distribution of medical marijuana
3.9    Porter’s analysis
3.10    Competitive landscape, 2020
3.11    PESTEL analysis
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Source: Global Market Insights Inc.