U.S. Medical Marijuana Market size to exceed $23Bn by 2030

U.S. Medical Marijuana Market size is estimated to surpass USD 23 billion by 2030, as per a new research report announced by Global Market Insights Inc.
 

Steady growth in acceptance of marijuana as a therapeutic drug will drive efforts toward the legalization of medical cannabis in the U.S. For instance, in July 2022, government representatives announced plans to introduce ground-breaking legislation that will lift federal prohibitions on marijuana. The move intends to leverage the Cannabis Administration & Opportunity Act to decriminalize weed on a federal level, allowing each state to set individual marijuana laws.
 

A similar move was initiated earlier in January 2022 when some representatives in the state of Wisconsin launched an attempt to legalize medical marijuana. The bill would help patients falling under the predetermined list of medical conditions to use medical marijuana on a doctor’s recommendation. Increasing awareness among patients regarding the health benefits of cannabis-infused drugs will encourage medical marijuana companies to expand their product portfolio.
 

Use of medical marijuana for treating chemotherapy-induced nausea in the U.S

U.S. medical marijuana market from the nausea application segment is projected to exhibit over 8.5% CAGR between 2022-2030. Cannabis and cannabinoid compounds are new treatment alternatives used to address symptoms such as nausea. It is one of the most common symptoms seen during pregnancy, food poisoning, gastrointestinal disorders, and motion sickness. Medical marijuana has also gained notable significance in treating chemotherapy-induced nausea. The rising burden on healthcare to cater to a large number of cancer patients in the U.S. will drive the use of medical CBD products.
 

Browse key industry insights spread across 225 pages with 397 market data tables & 16 figures & charts from the report, “U.S. Medical Marijuana Market Size By Application (Pain Management {Neuropathic Pain, Cancer Pain}, Muscle Spasms, Nausea, Anorexia, Seizures), By Route of Administration, (Inhalation, Oral, Topical), By Distribution Channel (Dispensaries, Online), Industry Analysis Report, Zonal Outlook (Industry Analysis Report, Zone Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/us-medical-marijuana-market
 

Large-scale production of oral medical marijuana products in the U.S.

Oral segment accounted for more than 21% share of the U.S. medical marijuana market in 2021. Medical marijuana in the form of oral dosage is manufactured on a large scale in the U.S. Compared to other methods, oral administration is considered to provide more convenience to patients. These medications are easy to consume and are relatively cost-effective. High patient preference for oral cannabis that contains tetrahydro-cannabidiol (THC), and cannabidiol (CBD) will complement the segment expansion.
 

High consumption of medical marijuana across Northeast U.S.

Northeast U.S. medical marijuana market share was over 25% in 2021. Awareness regarding the health benefits of cannabis-infused medical solutions has led to the wide-scale acceptance of marijuana for medical purposes. States across Northeast U.S. are introducing various programs to endorse the use of cannabis as a potential medicine for various patients.
 

Business expansion activities to favor U.S. industry progress

Canopy Growth Corporation, Aurora Cannabis, Inc., GW Pharmaceuticals, Medical Marijuana, Inc., Cannabis Sativa, Inc., Emerald Health Therapeutics Inc., The Cronos Group Inc., Tilray, Lexaria Bioscience Corp, Curaleaf, Green Roads, CHARLOTTE’S WEB, Gaia Herbs, and Folium Biosciences are some of the leading players in the U.S. medical marijuana industry. These companies are working towards expanding production capacities to address the growing demand for cannabinoids.