The new report by Expert Market Research titled, ‘United States Medical Cannabis Market Size, Share, Price, Trends, Growth, Report and Forecast 2024-2032’, gives an in-depth analysis of the United States medical cannabis market, assessing the market based on its segments like buds, oils, tinctures, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2032)
• Historical Market Size (2023): USD 13.46 billion
• Forecast CAGR (2024-2032): 12.2%
• Forecast Market Size (2032): USD 35.11 billion
Medical marijuana usage is subject to unusual fluctuations in disposable incomes, despite the fact that spending on health items is less likely to fluctuate. As a result, increased disposable income would boost demand for medical cannabis. The chronic pain segment dominates the application market.
United States Medical Cannabis Industry Definition and Major Segments
Cannabis is a psychoactive drug derived from the cannabis plant, which belongs to the Cannabaceae family. Ancient Indian, Chinese, Egyptian, and Islamic societies all used the drug. Cancer, chronic pain, depression, asthma, diabetes, glaucoma, migraines, epilepsy, multi-sclerosis, AIDS, amyotrophic lateral sclerosis (ALS), Alzheimer’s, post-traumatic stress disorder (PTSD), Parkinson’s, and Tourette’s are among the disorders with which cannabis is now used. Owing to its therapeutic effects, cannabis has been licenced for medical use in a number of countries with varying degrees of legal restrictions.
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Based on the product, the industry can be divided into:
• Buds
• Oils
• Tinctures
Based on species, the industry is segmented into:
• Indica
• Sativa
• Hybrid
The market can be broadly categorised based on its applications into:
• Chronic Pain
• Mental Disorders
• Cancer
• Others
The distribution channels can be divided into:
• Dispensaries
• Pharmacies
• Online Retailers
The EMR report looks into the regional markets like:
• New England
• Mideast
• Great Lakes
• Plains
• Southeast
• Southwest
• Rocky Mountain
• Far West
United States Medical Cannabis Market Trends
The region’s ageing population has aided in the growth of the medical cannabis industry, as geriatric patients are more likely to develop chronic diseases and need more doctor visits. Clinical trials, research and development, and the commercialization of cannabis-based indications are also expected to fuel market growth.
Key Market Players
The major players in the market are Green Man Cannabis, Los Sueños Farms LLC, Copperstate Farms, LLC, Harvest Health & Recreation, Inc., GrowHealthy Holdings, LLC, Vireo Health of New York (OTC: VREOF) and LivWell Enlightened Health LLC. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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