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Jan. 22, 2021, 1:02 p.m. EST

U.S. Medical Marijuana Market | Top 3 Trends Driving Industry Growth Through 2024

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Jan 22, 2021 (Market Insight Reports) -- U.S. medical marijuana market from inhalation applications is predicted to expand at 13.4% CAGR up to 2024.The U.S. Pacific Central medical marijuana industry accounted for nearly US$2,085.9 million in 2017. The first state to legalize medical cannabis was California back in 1996. Similarly, other states in the U.S. such as Oregon, Washington, and Alaska got the approval for medicinal cannabis use in 1998.

Reportedly, in the United States only 23 states allow citizen-initiated ballot initiatives, meaning in most states the only way to reform marijuana laws is via the legislature. With polls showing that 67% of Americans support making marijuana use legal and around 90% support allowing medical marijuana, lawmakers are increasingly getting the message that constituents want them to act on sensible and humane marijuana legalization in the U.S.

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On account of medicinal properties and widespread applications in therapeutics, the rising demand of legalization will boost U.S. medical marijuana market expansion. Increased number of people suffering from severe pain caused by cancer, arthritis, HIV/AIDS, and neurological disorders will drive the market in the region.

To enable a patient to get a doctor's recommendation to possess and obtain marijuana for therapeutic use, the U.S. has allowed issuing medical marijuana cards in 30 states. On account of the substance's effectiveness and functionality in various medical treatments, a large pool of doctors in the U.S. recommending medical cannabis to their patients.

Including Washington D.C., more than half of the U.S. states have legalized marijuana for its widespread application in therapeutics. Additionally, extensive research and development on medical cannabis to introduce novel products in the market can be observed across the United States. According to Global Market Insights, Inc., U.S. medical marijuana market size could surpass US$8 billion by 2024.

The online distribution of marijuana in the U.S. is projected to grow considerably at a CAGR of 13.9% on account of hassle-free product movement. The growth of the online medical cannabis market is attributed to factors such as the convenience of product availability, vast product portfolio, and competitive costs. Also, the high market revenue of this segment is due to the effective customer service of the online distribution channel.

Leading companies in the U.S. medical marijuana market include United Cannabis, Aurora Cannabis, Inc., Emerald Health Therapeutics, Medical Marijuana, Inc., Aphria, Inc., GW Pharmaceuticals, Tilray, and Canopy Growth. Increasing research and development activities, and strategic mergers and acquisition performed by these firms is factoring into the development of new and innovative medical cannabis products across the U.S.

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Partial Chapter of the Table of Content

Chapter 5. U.S. Medical marijuana Market, By Route of Administration

5.1. U.S. medical marijuana market share, by route of administration, 2017 & 2024

5.2. Inhalation

5.2.1. Market estimates and forecast, by region, 2013 – 2024

5.3. Oral

5.3.1. Market estimates and forecast, by region, 2013 - 2024

5.4. Topical

5.4.1. Market estimates and forecast, by region, 2013 - 2024

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