Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Missouri Medical Cannabis market.
Trusted Business Insights presents an updated and Latest Study on Missouri Medical Cannabis Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Missouri Medical Cannabis market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Missouri Medical Cannabis Market
The Missouri medical cannabis market size is anticipated to be valued at USD 31.1 million in 2020 and is projected to register a CAGR of 22.0% over the forecast period. Medical use of cannabis was legalized in Missouri in 2018 and the commercialization is expected to begin from 2020. Growing research pertaining to benefits of marijuana on human health, increasing awareness among patients about these benefits, and rising prevalence of chronic diseases are key factors likely to boost the market in this U.S. state.
Missouri has a long history regarding marijuana usage, which can be dated back to the 1900s when there was a nationwide trend to prohibit the drug. The state banned all forms of marijuana and regulations were so stringent that anyone possessing it was charged with a death penalty. Finally, in 1994, the state legislature legalized cannabis for medical use. But the law was very difficult to enforce because cannabis was not recognized as medicine under federal law. Hence, the idea of legalization was dropped out by Missouri State.
However, in 2014, reforms were made that finally led to the decriminalization. Senate Bill 491 was enforced in January 2017, which reduced penalties on offenses. It also eliminated the punishment of imprisonment for the possession of up to 10 grams of marijuana. This paved the way for patients to cultivate cannabis for personal consumption. From November 2018, cultivation, processing, manufacturing, and distribution for medical application has been legalized in Missouri. This is expected to drive the market for medical cannabis. However, since marijuana has still not been legalized for recreational use in the state, growth of the overall market for cannabis is likely to be slow.
Type Insights of Missouri Medical Cannabis Market
Based on product type, the Missouri medical cannabis market is segmented into buds, tinctures, and oil. Buds are anticipated to hold the largest market share in 2020 and it is likely to experience strong growth by 2026. Buds, being the primary plant product, can be readily used for smoking, which can help patients alleviate chronic pain and reduce the progression of cancer and Alzheimers disease. Also, buds are affordable for low-income patients as compared to other forms, which is likely to boost segment growth.
However, oil is expected to be the fastest-growing segment by 2026, owing to increasing demand for the same among patients for treating epilepsy, post-traumatic stress disorder (PTSD), autism, chronic pain or muscle spasms due to multiple sclerosis, Parkinsons disease, and seizures. Moreover, oil is a safe form that can be easily administered to patients, without posing any ill effects on their health. It has been reported that smoking buds may irritate the lungs, cause persistent cough and phlegm, and increase the risk of lung cancer. However, when it is consumed in oil form, these negative effects are eliminated.
Application Insights of Missouri Medical Cannabis Market
Based on medical application, the Missouri medical cannabis market is segmented into chronic pain, mental disorders, cancer, and others. The chronic pain application segment is expected to dominate the market in 2020 and is projected to demonstrate steady growth in the next few years. Different types of chronic pain include neurogenic, arthritis, cancer, low back, headache, neck, and face pain. Chronic pain is also associated with many other medical conditions, which increases the adoption of cannabis for pain management.
A large geriatric population across the globe is also a crucial factor driving the market. This demographic is more susceptible to acute pain owing to various causes and therefore pain management solutions are in high demand. This is supported by growing awareness about the benefits of consumption of marijuana for health purposes. These factors are likely to boost the uptake of medical cannabis in Missouri.
On the other hand, the mental disorders application segment is expected to witness the highest CAGR of 26.3% over the forecast period. Medical cannabis is being studied as an alternative treatment method in cases where other treatments have failed or patients have remained unresponsive. Growing research in this field and increasing adoption of marijuana for treatment of various mental disorders is expected to boost the growth of this segment over the forecast period. Psychological conditions like Post Traumatic Stress Disorder (PTSD), anxiety disorders, depression, bipolar disorder, multiple sclerosis, Attention Deficit Hyperactivity Disorder (ADHD), Alzheimers disease, and Parkinsons disease have been known to be effectively treated with medical cannabis owing to its therapeutic benefits.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Missouri Medical Cannabis Market Research Report
This report forecasts revenue growth at state level and provides an analysis on the latest industry trends in each of the sub-segments from 2020 to 2026. For the purpose of this study, this market research report has segmented the Missouri medical cannabis market report based on product type and medical application:
Product Type Outlook (Revenue, USD Million, 2020 – 2026)
Medical Application Outlook (Revenue, USD Million, 2020 – 2026)
Quick Read Table of Contents of this Report @ Missouri Medical Cannabis Market Size, Share, Market Research and Industry Forecast Report, 2026 (Includes Business Impact of COVID-19)
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