U.S. Medical Cannabis Market Projected to Almost Double to Over $16 Billion by 2025
Research reveals patients substituting medical cannabis for anxiety medications could result in $140 million in revenue for legal cannabis programs
Washington, May 11, 2021 — New Frontier Data (https://NewFrontierData.com), the global authority in data, analytics and business intelligence on the cannabis industry, releases its latest industry report, Medical Cannabis & Pharmaceuticals: Growth & Disruption in U.S. Healthcare, highlighting medical cannabis patients as a consumer group with distinct reasons for consumption that vary greatly from those of recreational users. The rise of cannabis in the wellness space, the legal market expansion, and consumer sentiment shifting towards medical cannabis as a viable alternative to prescription medications are contributing to potential disruption of the pharmaceutical market.
Incorporating New Frontier Data’s extensive analysis on the cannabis consumer, the report delivers an in-depth and comprehensive assessment of medical cannabis preferences and behaviors, consumer purchasing and consumption habits, and the potential impact on the pharmaceutical industry.
“The pharmaceutical sectors across Europe, Asia and North America are making strides into the recognition and application of cannabis relative to more traditional medicine, making this a critical time to best understand what the patient needs and wants, not to mention why,” noted New Frontier Data Founder and Executive Chair, Giadha A. DeCarcer. “Given the current opioid crisis in the United States and beyond, we expect increased, if not improved, collaboration and communication between the medical community and cannabis research, with an emphasis on efficacy optimization and better medicinal alignment with patient behavior.”
Key Findings of the Report Include:
Growth of Medical Cannabis & Market Opportunity:
- 41% of U.S. cannabis consumers self-identify as medical consumers (versus recreational users) and of those, 44% are between the ages of 25-44 and 36% are aged 45-64 highlighting important demographics for medical cannabis brands.
- Nearly half of medical consumers (45%) identify smokable cannabis as their preferred product form while 24% prefer edibles and beverages, key insight for retailers and operators.
Cannabis as an Alternative for Prescription Drugs:
- Leading prescription types replaced by medical cannabis: anticonvulsants (72%), glaucoma medication (71%), anti-migraine medication (65%), nausea suppressants (65%), and ADD/ADHD (62%).
- Consumer drivers for choosing cannabis over pharmaceuticals: 51% want more natural treatment options; 48% want to reduce or cease prescription drug use; and 29% indicate pharmaceuticals were ineffective.
- Patients reported using less prescription medications since beginning treatments with medical cannabis in the following drug categories: opiates (68%), anxiety medications (51%) and sleep aids (55%).
A FREE copy of the Medical Cannabis & Pharmaceuticals: Growth & Disruption in U.S. Healthcare report can be downloaded here: https://hubs.la/H0N0qBl0.
About New Frontier Data:
New Frontier Data is the premier data, analytics and technology firm specializing in the global cannabis industry, delivering solutions that enable investors, operators, advertisers, brands, researchers and policy makers to assess, understand, engage and transact with the cannabis industry and its consumers.
Our mission is to inform policy and commercial activity for the global legal cannabis industry. We maintain a neutral position on the merits of cannabis legalization through comprehensive and transparent data analysis and projections that shape industry trends, dynamics, demand and opportunity drivers. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with a presence in Europe, Latin America and Africa. For more information about New Frontier Data, please visit us at www.NewFrontierData.com.
Media Contact:
Susan Clayton Hammann
Marketing & Communications Director
New Frontier Data
+1 844-420-3882 ext. 3
