U.S. Medical Cannabis Market to Reach USD 19.48 Billion by 2024 | Hexa Research

November 02 12:01 2017

Fact-based market research, penetrating industry insights and validated forecasts to help you make better decisions for a stronger future
Research Report on U.S. Medical Cannabis Market Size and Forecast, By Usage, By Consumption, By State, And Trend Analysis, 2014 – 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.

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 is expected to legalize cannabis owing to its numerous benefits which will fuel its growth over the projected period.

Browse Details of the Report @
https://www.hexaresearch.com/research-report/us-medical-cannabis-market

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 Reports @
https://www.hexaresearch.com/research-category/healthcare-industry

About Us:

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

More information @ www.hexaresearch.com

Media Contact
Company Name: Hexa Research
Contact Person: Ryan Shaw
Email: Send Email
Phone: +1-800-489-3075
Address:Felton Office Plaza, 6265 Highway 9
City: Felton
State: California 95018
Country: United States
Website: www.hexaresearch.com/research-report/us-medical-cannabis-market

  Categories: