Title: Outlook of U.S. medical marijuana market status and development trends reviewed in new report
1U.S. medical marijuana market trends research and
projections for 2021- 2027
- A research study conducted by Global Market
Insights, Inc., suggests that U.S. medical
marijuana market is anticipated to cross 14.9
billion and depict a 10.5 growth rate through
2027. Strong prevalence of cancer is projected to
give the U.S. medical marijuana market share an
appreciable boost over the forecast spell.
Chronic pain has become a major health issue
among the U.S. population over the past years. In
light of a current opioid epidemic, patients who
are at high risks of chronic pain are also
looking for alternative therapy for pain relief. - As per reliable estimates, 62 of the population
consume medical cannabis as an effective
treatment against chronic pain, while 2.1 million
Americans consume different types of medical
marijuana for treating various medical conditions
and symptoms.
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2- Apart from chronic pain, medical marijuana has
been gaining widespread adoption to treat chronic
conditions like cancer. Several formulations of
the product are currently approved for use
against cancer-related pain and
chemotherapy-induced nausea. This growing
awareness about medical marijuana benefits will
contribute to the significant expansion of the
regional industry over the forthcoming years.
- With regards to the application spectrum, the
pain management segment registered 5.5 billion
of the U.S. medical marijuana industry revenue in
2020, as the pain condition is a prominent health
issue among the regional population. According to
the NHIS (National Health Interview Survey), over
25 million individuals in the United States
suffer from pain per day. The segmental growth
can further be credited to the exponential use of
marijuana for pain management and other medicinal
purposes.
- In terms of segmentation by route of
administration, the topical segment was valued at
374.6 million in 2020 and is poised to exhibit
an 11.2 CAGR through 2027, due to the robust
product demand for treating numerous skin related
diseases like eczema and psoriasis, coupled with
its mounting usage as an alternative to steroids.
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4- The Pacific Central medical marijuana market is
set to register a CAGR of 8.7 through 2027,
which is attributable to the growing product
applications as well as its legalization in major
regions like California. The regional industry
growth is further stimulated by the mounting
number of patients and dispensaries in
California. Rising shift towards adult-use
cannabis since the legalization of the
recreational use of the product may, however,
impede regional market share to some extent in
the foreseeable future.
- The competitive landscape of the U.S. medical
marijuana market consists of companies such as
Aurora Cannabis, Inc., United Cannabis, Emerald
Health Therapeutics, Tilray, GW Pharmaceuticals,
Medical Marijuana, Inc., and Canopy Growth, among
others. These companies are focusing on varied
strategies like MA and business expansions to
consolidate their market position. To illustrate,
in December 2020, Canada-based Tilray and Aphria
announced plans to merge in an all-stock
agreement to establish the largest cannabis
company across the globe.
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5Latest Research Report On U.S. medical marijuana
Market _at_ https//www.gminsights.com/industry-analy
sis/us-medical-marijuana-market
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