US medical cannabis market projected to eclipse $16B by 2025
Research report: 41% of US cannabis consumers self-identify as medical consumers
New Frontier Data, a data, analytics and business intelligence company that focuses on the cannabis industry, released its latest industry report, Medical Cannabis & Pharmaceuticals: Growth & Disruption in US Healthcare, highlighting medical cannabis patients as a consumer group with reasons for consumption that are differerent from those of recreational users. The rise of cannabis in the wellness space, the legal market expansion and consumer sentiment shifting toward medical cannabis as a possible alternative to prescription medications are contributing to the possible disruption of the pharmaceutical market.
Incorporating New Frontier Data’s analysis on the cannabis consumer, the report delves into medical cannabis preferences and behaviors, consumer purchasing and consumption habits, and the potential impact on the pharma industry.
Highlights include:
- The medical cannabis market is projected to almost double to over $16 billion by 2025.
- 41% of US 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.
- Patients reported using less Rx medications since beginning treatments with medical cannabis in the following drug categories: opiates (68%), anxiety medications (51%) and sleep aids (55%).
- Consumer drivers for choosing cannabis over pharmaceuticals: 51% want more natural treatment options; 48% want to reduce or cease Rx drug use; and 29% indicate pharmaceuticals were ineffective.
