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Report Overview
2023
Base Year
2017-2023
Historical Year
2024-2032
Forecast Year
United States Medical Cannabis Market Outlook
The United States medical cannabis industry attained a value of around USD 15.10 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 12.2% to reach a value of about USD 42.56 billion by 2032.
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Market Segmentation
Cannabis refers to a psychoactive medication extracted from the Cannabaceae family cannabis plant. The drug was used in ancient Indian, Chinese, Egyptian as well as Islamic cultures. These days, cannabis is used in treating a wide range of diseases, such as cancer, chronic pain, depression, arthritis, diabetes, glaucoma, migraines, epilepsy, multi-sclerosis, AIDS, amyotrophic side sclerosis (ALS), Alzheimer's, post-traumatic stress disorder (PTSD), Parkinson's, and Tourette's. Cannabis has also been approved for medicinal use in multiple countries with varying levels of legal constraints due to its therapeutic benefits.
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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, and Far West.
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Market Analysis
The ageing population in the region has played a vital role in raising the market for medical cannabis, as geriatric patients are more prone to developing chronic diseases and need more doctor visits. Clinical trials, R&D, and the commercialisation of indications based on cannabis are also anticipated to catalyse the market growth.
Although spending on health products is less likely to fluctuate, medical marijuana use is subject to unusual shifts in disposable incomes. As a result, higher disposable incomes will have a positive effect on medical cannabis demand. The application sector is being led by the chronic pain segment.
Competitive Landscape
The report presents a detailed analysis of the following key players in the United States medical cannabis industry, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Green Man Cannabis
- Los Sueños Farms LLC
- Copperstate Farms, LLC
- Harvest Health & Recreation, Inc.
- GrowHealthy Holdings, LLC
- Vireo Health of New York
- LivWell Enlightened Health LLC
- Others
The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter's Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Species |
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| Breakup by Application |
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| Breakup by Distribution Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the United States medical cannabis market attained a value of nearly USD 15.10 billion.
The market is projected to grow at a CAGR of 12.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 42.56 billion by 2032.
The major drivers of the industry, such as the rising ageing population and clinical trials, increasing disposable income, and the increasing commercialisation of the product, are expected to aid the market growth.
The key market trend guiding the growth of the market includes the rising research and development activities in the industry.
The major regions in the industry are New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
The dominant products of medical cannabis in the industry are buds, oils, and tinctures.
The leading species of the product in the market are indica, sativa, and hybrid.
The major applications of medical cannabis in the industry are chronic pain, mental disorders, and cancer, among others.
The significant distribution channels of the product are dispensaries, pharmacies, and online retailers.
The major players in the industry are Green Man Cannabis, Los Sueños Farms LLC, Copperstate Farms, LLC, Harvest Health & Recreation, Inc., and GrowHealthy Holdings, LLC, among others.
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