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The cannabis industry projects to be worth $35.8 billion by 2025 , as legalization continues to spread across the U.S. In the first quarter of 2019 alone, the North American cannabis market generated $1.1 billion in revenue, with $530 million coming from the U.S. marijuana market, according to data from New Frontier Data, a leader in cannabis industry analysis and reporting, which operates the Cannabis Benchmarks platform.
The medical cannabis industry in the U.S. is projected to grow at a compound annual growth rate of 21.1% between 2017 and 2025 to reach $16.1 billion, according to a new report by Ameri Research Inc. (ARI). The market is driven primarily by the widespread legalization of cannabis for medical purposes in key U.S. states. Currently, 28 states and Washington, DC have legalized cannabis use for medical purposes, while an additional 16 states and Washington, DC have legalized the use of cannabis products for medical use with a doctor’s recommendation.
Washington, D.C., 11. May 2021. (GLOBE NEWSWIRE) — New Frontier Data (https://NewFrontierData.com), the global authority on data, analysis and market intelligence on the cannabis industry, has released its latest sector report, Medical Cannabis and Pharmaceuticals:. Growth & Disruption in U.S. Healthcare, which points out that patients using medical cannabis are a user group with specific reasons for use that differ significantly from those of recreational users. The growing popularity of cannabis in the wellness industry, the expansion of the legal market, and the changing consumer sentiment towards medicinal cannabis as an alternative to prescription drugs contribute to the potential disruption of the pharmaceutical market.
The report is based on New Frontier’s in-depth analysis of cannabis consumer data and provides a detailed and comprehensive assessment of medicinal cannabis consumers’ preferences and behaviors, their buying and consumption patterns, and the potential implications for the pharmaceutical industry.
The pharmaceutical industry in Europe, Asia and North America is making progress in the acceptance and use of cannabis over more traditional medications. So it’s time to understand what the patient needs and wants, and why, said Jiad A. DeCarser, founder and executive chairman of New Frontier Data. Given the current opioid crisis in the U.S. and abroad, we expect increasing, if not improved, collaboration and communication between the medical community and cannabis researchers, with the goal of optimizing efficacy and better tailoring medications to patient behavior.
The main findings of the report are:
Medical cannabis growth and market opportunities:
41% of U.S. cannabis users identify themselves as medical cannabis users (as opposed to recreational users), of which 44% are between the ages of 25 and 44 and 36% are between the ages of 45 and 64, an important demographic for medical cannabis brands.
Nearly half of health consumers (45%) cite smoking cannabis as their preferred product form, while 24% prefer edibles – an important consideration for retailers and operators.
Cannabis as alternative to prescription drugs:
The main types of prescriptions replaced by medical cannabis were anticonvulsants (72%), glaucoma medication (71%), migraine medication (65%), nausea suppressants (65%) and ADD/ADHD medication (62%).
Consumers prefer cannabis to pharmaceuticals: 51% want more natural treatment options; 48% want to reduce or discontinue the use of prescription drugs; and 29% point out the ineffectiveness of pharmaceuticals.
Patients reported a decrease in prescription drug use in the following categories after starting medical cannabis treatment: Opiates (68%), anxiolytics (51%) and sleeping pills (55%).
FREE copy of the book Medical Cannabis and Pharmaceuticals: The reportGrowth & Disruption in U.S. Healthcare can be downloaded here: https://hubs.la/H0N0qBl0
Over New Frontier Data:
New Frontier Data is a leading data, analytics and technology company specializing in the global cannabis industry. It provides solutions that enable investors, operators, advertisers, brands, researchers and policy makers to evaluate, understand, engage and act on the cannabis industry and its consumers.
Our mission is to inform the policy and commercial activities of the global legal cannabis industry. We maintain a neutral stance on the benefits of cannabis legalization through comprehensive and transparent data analysis and forecasting that shapes trends, dynamics, demand and opportunities in the sector. Founded in 2014, New Frontier Data is headquartered in Washington, D.C., with operations in Europe, Latin America and Africa. For more information about New Frontier Data, please visit our website: https://www.newfrontierdata.com/.
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