The Missouri medical cannabis market size is estimated to be valued at USD 102.4 million in 2026 and is predicted to register a lucrative CAGR of 22.0% over the forecast period, according to a new study by Grand View Research, Inc. Legalization of marijuana for medical applications and growing number of patients qualifying for the same is expected to boost the market in Missouri.
Based on product type, the market is divided into buds, oil, and tinctures. The buds segment is anticipated to hold the largest market share in 2020 with a revenue of USD 20.6 million. Buds being the primary plant product, can be used readily without any processing, which makes it relatively affordable for low-income patients. Moreover, easy availability of buds as compared to other cannabis products is further anticipated to increase their adoption in the state.
Based on application, the chronic pain segment is expected to dominate the Missouri market in 2020 owing to a large patient pool. On the other hand, the mental disorder application is expected to witness fastest growth over the forecast period owing to increasing number of patients suffering from neurological conditions such as anxiety disorder, depression, and Alzheimer’s disease. For instance, according to the Missouri Foundation for Health, around 110,000 people over 65 years and above were suffering from Alzheimer’s disease in 2010 and the number is expected to increase to 130,000 by the end of 2025.
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Key Takeaways from the report:
- Buds are anticipated to dominate the Missouri medical cannabis market in 2020, as they can be readily used by patients for smoking. This helps alleviate chronic pain associated with various ailments
- The oil segment is anticipated to witness the fastest growth by 2026 owing to increasing adoption of oil as a healthier alternative to smoking marijuana
- The chronic pain application segment is anticipated to remain the dominant throughout the forecast period thanks to increasing patient pool
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Grand View Research has segmented the Missouri medical cannabis market based on product type and medical application:
Missouri Medical Cannabis Product Type Outlook (Revenue, USD Million, 2020 – 2026)
- Buds
- Oils
- Tinctures
Missouri Medical Cannabis Medical Application Outlook (Revenue, USD Million, 2020 – 2026)
- Chronic Pain
- Mental Disorders
- Cancer
- Others
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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