Healthcare Industry Medical Cannabis Market

Your CatalystTo a Lucrative Business Over the past few decades, there have been several controversies surrounding legalization of cannabis for medical purposes; however, increasing signs of medical benefits received from the consumption of cannabis has resulted in the herb being legalized across various states in the nation. The industry is expected to witness significant growth during the forecast period owing to greater consumer acceptance along with an increasing number of companies entering the market. The symptoms and conditions that can be treated by the herb include cancer, arthritis, epilepsy, nausea, pain Alzheimer’s disease, anorexia, AIDS, HIV, glaucoma, cachexia, Crohn’s disease, migraines, and multiple sclerosis. Chronic pain accounted for 46% of the U.S. cannabis medical market share i n 2016. The ability of medical marijuana to curb pain is expected to gain popularity among patients diagnosed with chronic illnesses and pain. In 2016, solid edibles segment dominated the U.S market generating revenues worth USD 2.47 billion and is expected to continue dominating the industry over the forecast period. The future product innovation and potential growth are substantial owing to continuous development from the consumption of cannabis infused products owing to their numerous applications including lotions, bath salts, shampoo, lip balm, toothpaste, coffee pods, baked brownies cookies, candy, confectioneries, beverages, vinegar and oils. California is known to be the first state in U.S. that legalized cannabis for medical purpose. In 2016, Cali fornia recorded the highest revenue generation and is expected to grow at a CAGR of 13% over the projected period. Over the next few years, more number of state governments are expected to legalize cannabis owing to its numerous benefits which will fuel its growth over the projected period. Hexa Research has segmented the U.S. medical cannabis market based on usage, consumption and state: Segmentation by usage, 2014 - 2024 (USD Million) • Chronic Pain • Arthritis • Migraine • Cancer • Others Segmentation by consumption, 2014 - 2024 (USD Million) • Solid Edibles • Inhalation • Liquid Edibles • Topical Segmentation by state, 2014 - 2024 (USD Million) • California • Colorado • Washington • Arizona • Michigan Follow Us:

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