U.S. Medical Marijuana Market Size & Share 2022 to 2030
Market Size by Application (Pain Management, Muscle Spasms, Nausea, Anorexia, Seizures), by Route of Administration, (Inhalation, Oral, Topical), by Distribution Channel (Dispensaries, Online) & Forecast.
Report ID: GMI2890
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Published Date: October 2022
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Report Format: PDF
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Authors:
Monali Tayade, Jignesh Rawal
U.S. Medical Marijuana Market Size
U.S. Medical Marijuana Market size was worth more than USD 9 billion in 2021 and is anticipated to exhibit 10% CAGR between 2022 to 2030.
Increasing awareness regarding the health benefits of cannabis and cannabidiol (CBD) to treat various clinical conditions will boost the market landscape. CBD is a non-impairing compound found in marijuana that does not induce euphoria. It has multiple health benefits including pain management, appetite enhancement, reduced eye pressure, and many more.
The United States Food and Drug Administration (FDA) encourages new drug development efforts and is steadily authorizing medicines containing therapeutic compounds derived from cannabis. The product could help treat patients of age one year and above with seizures caused by tuberous sclerosis complex (TSC).
Strict federal laws against cannabis production in some states may impede industry across the U.S. As per federal law, cannabis remains illegal and banks in the U.S. are under strict compliance with the government to avoid taking funds from marijuana businesses. The lack of a policy framework pertaining to the production and sale of marijuana in many parts of the country may hinder the U.S. medical marijuana market forecasts.
U.S. Medical Marijuana Market Analysis
U.S. medical marijuana market from pain management segment was over USD 7 billion in 2021. Rising incidences of neuropathic and chronic pain cases in the U.S. has accelerated the need for novel therapeutic options. According to data provided by the CDC, more than 20% of American adults live with chronic pain. Marijuana is seen as a potential alternative to traditional chronic pain medication.
Studies suggest that medical marijuana may be a good treatment option for people with fibromyalgia as it contains compounds that could offer relief from some of its symptoms. Patients of fibromyalgia may experience pain and headaches along with several other indications. Government efforts to legalize the substance for medical purposes will enable its use in the production of novel chronic pain medications.
In terms of the distribution channel, the U.S. medical marijuana market is bifurcated into dispensaries, and online platforms. The dispensaries segment is projected to exhibit a 10% CAGR between 2022-2030. Several U.S. states are allowing patients to purchase medical marijuana products from authorized local dispensaries. Authorized procurement and sale of cannabis-infused medical products helps the local governments to effectively check whether the distribution is performed legally. Increasing initiatives in favor of marijuana legalization will enable the deployment of authorized dispensaries in the country.
South Atlantic U.S. medical marijuana market is poised to surpass USD 3 billion by 2030. Significant progress in the patient population across the state will fuel the demand for suitable CBD products. A favorable licensing scenario is accelerating cannabis production across South Atlantic. Increasing awareness regarding the health benefits of the substance will further drive the sales of medical marijuana across South Atlantic U.S.
U.S. Medical Marijuana Market Share
Some of the leading companies in the U.S. medical marijuana market are:
These companies are focusing on product commercialization and patents by means of collaboration with related firms.
Impact of COVID-19 Pandemic
The COVID-19 pandemic led to a dramatic rise in the consumption of health supplements and nutraceuticals, creating a positive outlook for U.S. medical marijuana industry. In the wake of the pandemic, a significant rise in prescriptions for medical marijuana patients was seen across the U.S. This led to ramping up of production of cannabis for medicinal purposes. Despite supply chain disruptions, domestic marijuana producers reported high product demand on account of the growing popularity of cannabis supplements.
The U.S. medical marijuana market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2030 for the following segments:
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By Application
By Route of Administration
By Distribution Channel
The above information is provided for the following zones and states:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
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4. Market sizing
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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