U.S. Medical Marijuana Market will exceed USD 8.0 billion by 2024; as per a new research report.
More than half of the U.S. states and Washington D.C. have legalized marijuana for therapeutic application. Increased number of people affected with chronic pain caused due to cancer, HIV/AIDS and neurological diseases will drive the market growth in the U.S. In addition, rigorous research and development on marijuana is also rising in the U.S., thereby opening avenues for novel products in the market.
U.S. has allowed to issue medical marijuana cards in 30 states that will enable a patient with a doctor’s recommendation to obtain and possess marijuana for therapeutic use. There has been increase in the number of doctors in the U.S. recommending medical marijuana to patients as a part of their overall plan of treatment due to marijuana’s greater efficacy and usefulness, thereby boosting sales.
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However, factors such as few adverse side effects of marijuana, lack of safety data, strict U.S. regulatory norms and difficulty in setting up marijuana business will act as major barriers in the growth of U.S. medical marijuana market.
The U.S. medical marijuana anorexia market segment is estimated to witness a CAGR of around 13.1% during the forecast period. Marijuana contains appetite stimulant, which accelerates the treatment of anorexia. In addition, anorexia is a serious, potentially life-threatening eating disorder in the U.S. that has been constantly increasing, thereby boosting the market segment growth.
The U.S. medical marijuana inhalation market segment is estimated to grow at 13.4% CAGR during the forecast period. Factors such as controlled dosage rates and better absorption of medical marijuana into the body will drive the inhalation route of administration market segment. Moreover, the U.S. population prefers to inhale medical marijuana owing to its better perceiving rate with high peak concentrations.
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U.S. online medical marijuana market segment is forecasted to expand at a CAGR of 13.9% during 2018-2024. Factors such as vast product portfolio, convenience, and competitive costs will boost the growth of online medical marijuana market segment. Also, online distribution channel has an effective customer service that will propel the market revenue of this segment.
The U.S. Pacific Central medical marijuana market was valued at around USD 2,085.9 million in 2017. California was the first state to legalize medical marijuana way back in 1996. Other states such as Alaska, Oregon and Washington also headed in the same pathway and got the approval for medical marijuana use in 1998. All these factors are responsible for the market growth in U.S. Pacific Central.
Some of the prominent industry players in U.S. medical marijuana market are Canopy Growth, Aurora Cannabis, Inc., Medical Marijuana, Inc., GW Pharmaceuticals, Aphria, Inc., Tilray, Emerald Health Therapeutics, and United Cannabis., among others. Increasing mergers and acquisition, and rigorous research and development activities performed by these companies are resulting into new and innovative marijuana products in the U.S. market.
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