NEW YORK: According to a research report by New Frontier Data, medical marijuana sales are forecast to grow to $5.3 billion in 2017, accounting for 67% of total cannabis sales. Medical sales in currently legal states are forecast to grow to $13.2 billion by 2025, at which point medical sales will account for 55% of all sales. In comparison, adult-use sales in 2017 are forecast to reach $2.6 billion, rising to $10.9 billion by 2025. Medical cannabis products are known to be beneficial for such conditions as chronic pain, post-traumatic stress disorder (PTSD), sleep disorders, anxiety, nerve pain and others.
The research points out that the United States constitutes 35% of the global pharmaceutical market, the largest market in the world, and a major driver of the U.S. economy, and it is estimated that cannabis and related products can replace $4.4 billion to $4.9 billion per year of current spending on existing treatments.
“Looking at these numbers, it would appear that medical cannabis would be a drop in the bucket when it comes to impacting the total pharmaceutical industry. However, when you start to break down the numbers by specific sectors of the industry, like chronic pain or symptoms associated with chemotherapy, which are very lucrative markets for pharmaceutical companies, you will certainly see cannabis have a major impact,” said Aguirre De Carcer, CEO of New Frontier Data.