U.S. Medical Cannabis Market Size is Expected To Reach USD 19.48 Billion By 2024
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.
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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.
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