U.S. Medical Marijuana Market is valued at USD 9.0 Billion in 2021 and is expected to reach USD 17.5 Billion by 2028 with a CAGR of 10.0% over the forecast period.
U.S. Medical Marijuana Market: Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2029: The growing use of cannabis for a myriad of medical conditions and the rising number of clinical research trials are some of the major factors driving the growth of the U.S. Medical Marijuana Market.
The term "medical marijuana" refers to Cannabis sativa plant products that are used to treat symptoms caused by certain diseases. Numerous active substances are present in Cannabis Sativa. The most well-known is cannabidiol (CBD) and delta-9 tetrahydrocannabinol (THC).. These cannabinoids are utilized in applications for managing pain, blood pressure, memory, focus, hunger, sensory stimulation, muscle issues, and seizures, among other ailments and health concerns.
Nowadays, only a small number of U.S. states permit the non-medical use of cannabis. Thirty-three U.S. states and Washington, D.C. have medicinal marijuana programs, and 11 states and D.C. permit adult use of cannabis. Cannabis has varying amounts of THC, which has been continuously rising over the past few decades. The National Institute on Drug Abuse (NIDA)Trusted Source reports that in the 1990s, the typical THC level of samples that were seized was 3.7 percent. It was 9.6 percent in 2013.
THC connects to and activates cannabinoid receptors in the brain when it enters the body. These receptors' activation has a variety of effects on the organism. Reduced pain and inflammation, increased hunger, nausea, and sleeplessness are a few of its side effects. CBD is a different component of marijuana that has advantageous health benefits. The cannabinoid (CBD)-based drug Epidiolex, derived from the cannabis plant, was licensed by the Food and Drug Administration (FDA) to treat seizure disorders in 2018. It is the sole CBD drug that has received FDA clearance.
Additionally, CBD may be made into an oil and used as a therapeutic ointment. The effects of CBD require more investigation. Even in jurisdictions where it is permitted therapeutically, cannabis is still classified as a Schedule I substance. Healthcare professionals can write recommendations or certify patients for its usage, but they cannot prescribe it. Advanced clinical nursing, often known as APRNs, are permitted to submit recommendations and certifications in several jurisdictions.
COVID-19 has spread to over 100 nations since its inception in December 2019, and on January 30, 2020, the World Health Organization announced it to be a public health crisis. The unexpected COVID-19 pandemic brought the whole planet to a standstill. The load on hospitals and medical staff intensified as the entire US battled this pandemic. A paper claiming that marijuana users may be more prone to infection and a worsening of their clinical condition as a result of the covid-19 infection was published in January 2021 by BioMed Central Ltd, a scientific open-access publication, a division of Springer Nature.
The activity of the psychoactive substance on the central nervous system as opposed to the immune system and the normal method that this substance is taken may both be used to illustrate it. Additionally, marijuana users may be significantly more vulnerable to SARS-CoV-2 infection due to their activities.
Numerous businesses have decided to participate in the medical cannabis market as a result of the quick growth of marijuana for medicinal use and its growing benefits over the therapeutic use. Although growing and producing cannabis is the most important component of the marijuana ecosystem, pharmaceutical companies account for a large portion of the market's high income. The industry is in a phase of expansion as a result of increased legalisations in several nations, which have prompted numerous businesses to make investments in the sector.
As more people become aware of and approve of cannabis usage for medical purposes, the demand for cannabis is anticipated to increase, driving the launch of new businesses. Key market players are taking on activities to enhance their market shares, such as mergers and acquisitions, collaborations, partnerships, and product launches with other market competitors.
The prominent players operating in this marketplace are -
The marijuana plant had been used medicinally for ages all over the world until it became legal in the early 1900s. The plant's medicinal properties are expected to increase product demand and support market expansion. A substance found in the cannabis plant called cannabidiol (CBD) is not psychoactive. CBD is reported to provide a number of medical advantages. For instance, the CBD oil extract epidiolex is presently the subject of epileptic clinical studies.
Additionally, a particular plant extract called nabiximols has been given the go-ahead in the US for the treatment of ailments including spasticity, multiple sclerosis, overactive bladder, neuropathic pain, and others. According to a recent poll, individuals most frequently use medicinal cannabis to treat pain, anxiety, depression, muscular stiffness, and a select few other ailments. As a result, the market is expected to experience significant growth during the forecast period due to the growing number of research studies to find new medicinal uses for marijuana and the growing number of advantages connected with using cannabis for medical purposes in the US.
Cannabinoid-based medications are used to treat a variety of conditions, including HIV/AIDS-related, weight loss and appetite loss, vomiting and nausea carried upon with chemotherapy, and a few uncommon kinds of neurological diseases. Growing clinical trial activities for this marijuana will play a major factor in the market's expansion. For instance, various research supported by the National Centre for Complementary and Integrative Health (NCCIH) is investigating the mechanisms of marijuana-related chemicals such as terpenes and minor cannabinoids.
This research intends to bolster the data on marijuana's active ingredients and determine whether they may have applications in the treatment of pain. Additional medical cannabis research projects are being carried out by NCCIH, including studies on the effects of edible cannabis and its ingredients on inflammation, chronic low-back pain, and investigations into the association between cannabis smoking and type 2 diabetes. This factor is expected to drive the market in the US.
One of the key factors influencing the penetration rate of cannabis in medical applications is the rising percentage of approval for the use of medicinal marijuana in many US states. The demand for medicinal marijuana is rising along with changes in governmental laws in the US. The use of medicinal marijuana is now legal in many states in the US, which is the main route for its production, reducing imports and generating cash in the form of taxes.
Despite the growing number of medical ailments for which legal marijuana is being used as a treatment, the negative consequences of marijuana use may limit market growth in the coming years. It is projected that side effects including dizziness, hallucinations, low blood pressure, and a specific few others would limit the expansion of the market. Another significant barrier preventing market development is the lack of public awareness about the wide array of benefits offered by marijuana.
- Jushi Holdings Inc. announced in July 2021 that it has acquired OhiGrow LLC. In Ohio, OhiGrow is a recognized producer of medicinal marijuana. The enterprise will provide biomass in order to produce medicinal marijuana products.
- >One of the biggest producers, distributors, and suppliers of medicinal cannabis, Columbia Care Inc, announced the acquisition of Green Leaf Medical LLC in June 2021. In the mid-Atlantic area, Green Leaf Medical LLC, a cannabis multi-state operator, holds a dominant market position.
- To boost cash flow and strengthen the company's position in the market, Greenrose Acquisition Corp stated in March 2021 that it had acquired four cannabis businesses, including Shango Holdings Inc., Futureworks LLC, Theraplant LLC, and True Harvest LLC.
|2016 - 2021
|2022 - 2029
|Market Size in 2021:
|USD 9.0 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 17.5 Billion
|Tables, Charts & Figures:
|Aurora Cannabis, Inc., GW Pharmaceuticals, Cannabis Sativa, Inc., Curaleaf, Canopy Growth Corporation, The Cronos Group Inc., Emerald Health Therapeutics Inc., Tilray, Lexaria Bioscience Corp, Green Roads, CHARLOTTE’S WEB, Gaia Herbs, Medical Marijuana, and Folium Biosciences, among others
|By Type, By Route of Administration, By Application, By Distribution Channel
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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