Outlook of U.S. medical marijuana market status and development trends reviewed in new report

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U.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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• 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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• Regional Analysis

• 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.

• Competitive Analysis

• 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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