Jan 22, 2021 (Market Insight Reports) -- The U.S medical marijuana market is projected to have a growth of 14.2% owing to product benefits and increasing incidence of chronic pain conditions. Growing awareness about the application of medical marijuana in different ailments, such as the use of medical cannabis for nausea, pain, multiple sclerosis, epilepsy and loss of appetite is likely to boost regional product demand. Most of the states in the U.S have implemented medical marijuana laws, thus enabling the use of cannabis for treating several chronic illnesses.
Surging adoption of medical cannabis for the treatment of chronic pain could generate new growth strides in the medical marijuana market over the coming years. Increasing demand for legalization of medical marijuana in the U.S and other regions is likely to fuel industry expansion. The product demand is driving several companies to focus on the research and development of cannabis-based medical products.
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With growing product awareness and legalization, companies operating in the medical marijuana market are focusing on new partnerships, collaborations and product development. For instance, in 2019, medical cannabis manufacturer, Aurora Cannabis in partnership with CTT Pharmaceutical Holdings, launched its cannabinoid-infused sublingual wafers for easy administration and accurate dosage. Driven by such developments, Global Market Insights, Inc., reports that the medical marijuana market may register over USD 59 billion by 2025.
Oral administration segment is likely to record USD 13.1 billion in the coming years. Patient convenience and ease of administration are considered to be some of the key factors that could accelerate the demand for oral medical marijuana. Consumption of medical marijuana orally is slated to be a safe method of obtaining therapeutic effects without exposing oneself to the potentially harmful risks of smoking it.
Cancer pain segment is anticipated to experience 30% growth over the forecast period. Rising incidence of cancer worldwide could accelerate the supply and demand for medical marijuana. Most of cancer pain is caused due to the tumor pressing on bones, organs or nerves in the body. Chemotherapy drugs can occasionally cause severe pain or a burning sensation at the spot of drug injection, which can be eliminated with the help of medical marijuana.
According to the National Cancer Institute, cannabis is not approved by the FDA for the treatment of cancer or other medical conditions. However, commercially available cannabinoids such as nabilone and dronabinol are approved drugs for treating cancer-related issues.
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Partial Chapter of the Table of Content
Chapter 5. Medical Marijuana Market, By Route of Administration
5.1. Key segment trends
5.2.1. Market size, by region, 2014 - 2025 (USD Million)
5.3.1. Market size, by region, 2014 - 2025 (USD Million)
5.4.1. Market size, by region, 2014 - 2025 (USD Million)
Chapter 6. Medical Marijuana Market, By Distribution Channel