Healthcare & Medical Devices

Advanced wound care market to amass hefty proceeds from wound dressings, global industry valuation to cross USD 13 billion by 2024

Posted on Updated on

The increasing prevalence of diabetes, especially among the global geriatric population is likely to expedite advanced wound care market trends in the years ahead. This can be credited primarily to the rising occurrence of chronic wounds resulting in limb amputations among diabetic patients. Data released by the World Health Organization (WHO) revealed that over 400 million people are affected by diabetes worldwide. Given today’s lifestyle and dietary trends the occurrences are projected to continue to escalate. Back in 2016 alone, diabetes was the seventh leading cause of death with almost 1.6 million deaths directly credited to diabetes annually.

India Advanced Wound Care Market, By Product, 2013 – 2024, (USD Million)

India Advanced Wound Care Market, By Product, 2013 – 2024, (USD Million)

Although several people experience wounds, cuts, and minor scratches or ulcers, for people with diabetes, even minor wounds can lead to major consequences. Several people affected by diabetes develop wounds that never heal or do so at a slow pace. Wounds that cannot be cured pose a high risk of infection that can rapidly spread to tissues, bones or other parts surrounding the affected area, which in some cases can lead to deadly complications. These patients thus form a pivotal part of the consumer base for advanced wound care market companies.

Speaking of wound healing, it has been speculated that slow healing wounds constitute one of the most dreaded and common complications of diabetes. In the United States alone, around 15 percent of diabetic patients are estimated to get one at some point in their life, with caring costs accounting for $20 billion every year, excluding an estimation of 2 million workdays that are lost due to foot wounds that won’t heal.

Considering the major drawbacks of diabetic wounds, doctors are consistently focused on developing advanced wound care methods, specifically a slew of wound therapy devices and wound dressings, so they don’t lead to severe treatments like limb amputations. Additionally, with technological advancements in wound care, there have lately been fewer cases of amputations. For instance, a study conducted in 2012 stated that the rate of leg and foot amputations among adults affected by diabetes in the U.S. decreased by 65 percent from 1996 to 2008.

Wound dressings, encompassing myriad dressing techniques such as hydrogel dressings, foam dressings, antimicrobial dressings, and the like, form a pivotal part of the product landscape of advanced wound care market. This is primarily on account of the plethora of dressing styles available that can be individually scrutinized and used for numerous types of wounds such as venous ulcers, open wounds, burns, stalled wounds, necrotic wounds, and broken skin. Apparently, in 2017, would dressing held the highest proportion of the advanced wound care market share.

Of late, advanced wound dressings like trauma hydrocolloidal dressings are used to promote oxygen circulation in and around the wound, speeding up wound healing. Other types such as hydrocolloidal dressings that are not just latex free but also biocompatible with the patient’s body are also being deployed extensively. Powered by the massive variety of advanced dressings available and the incredible benefits delivered by these dressings for wound healing, advanced wound care market size from wound dressings is anticipated to depict a CAGR of 4.8% over 2018-2024.

Get a Sample Copy of this Report:https://www.gminsights.com/request-sample/detail/2871

A pivotal factor that would contribute substantially to the demand for advanced wound care is the increasing rate of the geriatric population around the world. According to the World Population Prospects, the number of older adults aged 60 years and above is expected to double by 2050 from 962 million in 2017 to 2.1 billion in 2050. Likewise, the American Diabetes Association (ADA) claims that over 25% of the population aged 65 within the United States suffer from diabetics. The geriatric population is invariably linked to reduced functional status and high risk of institutionalization, and they are also more receptive to complications including both chronic microvascular and cardiovascular complications.

The report by ADA further suggested that older adults with diabetes have the highest rates of lower limb amputations along with other complications that include visual impairment, myocardial, and end-stage renal disease. The overall elderly population base susceptible to chronic wounds will thus lead to increased cost burden on the healthcare systems throughout the world, which is estimated to direct investments in developing advanced wound care technology. This would quite overtly, have a transformational impact on the remuneration portfolio of the global advanced wound care market.

The availability and awareness related to wound care especially in developing nations is likely to generate substantial demand for these products in the years ahead. As per a report compiled by Global Market Insights, Inc., advanced wound care market size is slated to cross USD 13 billion by 2024.

Author Name : Krithika Krishnan

Advertisements

Automated liquid handling systems market to observe robust growth over 2018-2024, advent of next-generation products to stimulate the industry trends

Posted on

The exponentially increasing deployment of liquid handling instruments in chemical and biomedical laboratories has been fueling liquid handling systems market from the last few years. These systems are extensively used in laboratories owing to the fact that they help reduce the time required for performing laboratory tasks and increase the working efficiency and accuracy. On these grounds, most of the life science research organizations have also been preferring liquid handling solutions on a large scale. Considering the heavy product demand across healthcare, chemical, and biomedical sector, players in liquid handling systems market are investing heavily to launch advanced product ranges. Indeed, in the last few years, a wide range of next-generation products have emerged in the liquid handling systems market which generated a revenue of USD 1.4 billion in 2017.

U.S. Liquid Handling Systems market, By Type, 2013 – 2024 (USD Million)
U.S. Liquid Handling Systems market, By Type, 2013 – 2024 (USD Million)

Speaking along the same lines, a few days before, the California based, biotechnology tools company, Labcyte launched a new range of liquid handlers integrated with acoustic droplet ejection technology. It has been investing in research and development activities for quite a while, to revolutionize the liquid handling tools. In this newly launched liquid handling system, it has integrated several other lucrative features that help avoid the chances of cross-contamination of liquids. It also improves data quality which is one of the vital factors in life science research and is used to revolutionize workflows in genomics, drug discovery, precision medicine, and synthetic biology.

As of now, end-users have been giving preference for highly accurate, touchless, fully automated, and low-volume dispensing fluid transfer equipment. In regard to this, companies have been developing advanced versions of liquid handling systems. The heavily advanced systems will quite overtly, observe more demand from the end-users. For the record, Labcyte’s instruments have also imprinted a similar influence on the players in the biotechnology and pharmaceutical industries as well as research organizations, service laboratories, academic institutions, and hospitals.

Get a Sample Copy of this Report:https://www.gminsights.com/request-sample/detail/2963

Validating the aforementioned fact, in April 2018, the well-known pharmaceutical company, Merck, signed an agreement with Labcyte Inc., to use its patented droplet ejection technology in drug discovery and development activities. The development of modernized products has thus been generating new opportunities for the players in the liquid handling systems industry.

Speaking more about the recent advancements, a renowned manufacturer of electromechanical and pneumatic systems and industrial automation, Festo, launched a next-generation liquid handling system to automate the biomedical research activities including sample inspection, cell and genome research, and in-vitro diagnostics. The ability of automated products to handle the fluid sample at high speed with precision will transform the future of the companies that are investing in the invention of automated liquid handling systems. In line with the increasing popularity of automated medical devices, automatic liquid handling systems industry will register a CAGR of 5.9% over 2018-2024.

With the surging demand for automatic liquid handling systems, companies have also been looking forward to diversifying the technology and product development tactics by acquiring the firms that have been manufacturing next-generation medical devices. For instance, a technology-focused investment firm, Battery Ventures has recently acquired TTP Labtech Ltd which designs and develops liquid handling equipment. This acquisition will help Battery Ventures to strengthen its profile and gain popularity in the growing life-sciences market.

Nowadays, laboratory equipment manufacturers have been taking the help of the latest hardware facilities and software as well, that have been turning out to be rather beneficial to lower the design time and speed up the installation. The use of the latest technology for product development has been helping them to gain competitive benefits by launching the newer versions in the market within a shorter time. It is noteworthy to mention that the growing involvement of companies in product advancement activities will significantly improve the industry trends in the years to come.

The increasing availability of a wide range of automated liquid handling systems will further strengthen the product demand noticeably. Driven by the on-going innovations and the trend of mergers & acquisitions, liquid handling system market will surpass a revenue collection of USD 2 billion by the end of 2024.

Author NameSunil Hebbalkar

U.S. compounding pharmacies market to be driven by a strict regulatory landscape, industry valuation to cross USD 7 billion by 2025

Posted on

Endowed with numerous regulatory compliances, the U.S. compounding pharmacies market has been traversing toward becoming one of the most profitable business spaces. Owing to the lack of safety and absence of clinical clearances, compounded medications have been under stringent scrutiny that has been helping players in the U.S. compounding pharmacies to strengthen their existing manufacturing practices. The surging use of compounded medicines for pain relief and hormone replacement therapies is poised to fuel the product demand over the years ahead. The business tactics adopted by the pharmaceutical companies to proliferate the supply of superior compounded drugs will further propel the industry share.

   U.S. Compounding Pharmacies Market, 2014 – 2025 (USD Billion)
                 U.S. Compounding Pharmacies Market, 2014 – 2025 (USD Billion)

In U.S, compounded medications are not approved by the FDA so far, indeed, this regulatory agency has been working continuously to encourage compounding pharmacies with the implementation of new policies. Over the last few years, FDA has been dedicatedly striving toward the development of compliances for compounding pharmacies. In fact, recently, it has deployed new guidance documents that describe the fundamental scope, insanitary conditions, and effective inspection procedures required for maintaining the effectiveness and safety after the consumption of drugs. In order to comply with the guidelines provided by the FDA, players in the U.S. compounding pharmacies industry are planning to set up drug formulation workflow processes. The integration of safe handling procedures and effective formulations will further strengthen the U.S. compounding pharmacies industry outlook over the years ahead.

Compounded drugs are important for the patients whose clinical requirement cannot be fulfilled by FDA-approved drugs. The patients suffering from the allergy need medicines without compromising on certain flavoring agents that further fuels the demand for compounded drugs which also play a critical role in case there is a shortage of FDA-approved medication. Say for instance, in the U.S., most of the FDA approved medicines have not been available in a liquid form that is primarily required for the elderly patients and children who cannot swallow pills.

Get a Sample Copy of this Report:https://www.gminsights.com/request-sample/detail/2961

Meanwhile, the main concern related to the compounding pharmacies is the huge number of unchecked compounds that have been largely available in the distribution centers. In accordance, the U.S. government has deployed some reforms that mandates compounding pharmacies to obtain a certification from the Pharmacy Compounding Accreditation Board (PCAB) or another equivalent regulatory body. In addition, the FDA has also sent a letter to the state pharmacy board to encourage outsourcing facilities to register with the FDA.

The registration potentially allows the so-called outsourcing facilities to sell their products in bulk to physicians and hospitals without a prescription for individual patients. Such perks provided by the regulatory bodies for encouraging compound pharmacies is poised to enhance the U.S. compounding pharmacies market size.

Currently, as per the estimates by the American Pharmacists Association, there are nearly 7,500 pharmacies providing compounding services across U.S. The number will increase over the coming years as several smaller firms have been investing in the development of low-risk drugs that will significantly boost U.S. compounding pharmacies market share.

The regulatory compliances implemented by the governing bodies will help pharmacies develop potentially more effective compounded medications on a large scale over the years ahead. The increasing use of compounded medication for overcoming the risks associated with the consumption of regulated drugs on the health of the geriatric and pediatric populace will further expedite the industry size considerably. Powered by the lower manufacturing costs of these medicines, by the end of 2024, U.S. compounding pharmacies market will generate a revenue of more than USD 7 billion.

Author NameSunil Hebbalkar

Coronary stents market to be characterized by the rising BVS product sales, U.S. to evolve as a highly viable revenue pocket over 2018-2024

Posted on

The rising prevalence of a sedentary lifestyle has had a positive impact on the coronary stents market share pertaining to the surging prevalence of heart-related diseases that have been fueling the need for several surgeries. Lifestyle changes have led to a spur in the obese population and the number of people suffering from chronic ailments such as cardiovascular disorders. As the demand for coronary stents for heart surgeries has been depicting an upsurge, healthcare companies have been developing sustainable and affordable products that will help them to gain competitive benefits. The increasing focus of players involved in the coronary stents market toward the development and commercialization of bio-resorbable polymer technologies for vascular applications is also slated to push industry trends.

India Coronary Stents Market Size, By Product, 2017 & 2024, (USD Million)
 India Coronary Stents Market Size, By Product, 2017 & 2024, (USD Million)

In line with healthcare product manufacturing companies, regulatory bodies have also been playing a crucial role related to the clinical trials, commercial operations, financial support, and pipeline product development. For instance, in 2016, U.S. Food and Drug Administration has given the approval for the use of bio-resorbable stents for treating coronary artery diseases. Before sanctioning the clinical permission, the FDA undertook a clinical trial to check its applicability while treating the patients with a major advanced cardiac issue. As per estimates, every year, nearly 370,000 people lose their lives due to coronary heart diseases in U.S. In this regard, the recent approval for the bio-resorbable stent to treat coronary artery diseases is likely to generate lucrative opportunities for coronary stents market contenders. Reportedly, with the growing prevalence of coronary artery disease, bioresorbable vascular scaffold (BVS) based coronary stents industry is likely to register a CAGR of 7.6 percent over 2018-2024.

Get a Sample Copy of this Report:https://www.gminsights.com/request-sample/detail/2966

Though advanced clinical facilities have been deployed in U.S. on a large scale, the high prices of the coronary stents as compared to the other countries have been encouraging the government to implement a slew of supportive policies. Some of the governmental agencies have also been studying technology related policies to control the prices of cardiac devices. The supportive stand taken by the regional governments will turn out to be rather beneficial for companies, as they are encouraged to get involved in the development of cost-effective medical technologies. The deployment of supportive medical facilities along with the growing popularity of minimally invasive treatments are poised to enhance the U.S. coronary stents market trends. Regionally, U.S. accounted for nearly USD 2331.8 million of North America coronary stents market share in 2017.

In order to deal with the issues related to the prices of cardiac devices, most of the countries have been striving to develop in-house medical devices with the help of local healthcare companies. As coronary artery disease is one of the leading causes of mortality across the globe, the tactics adopted by the regional government to curb the number of heart attacks by boosting the availability of affordable medical facility across the country will have a significant impact on the product demand. Validating the aforementioned fact, recently, a medical company based in Vietnam has developed stents in collaboration with hospitals. The Vietnamese healthcare organizations have claimed that the coronary artery made in Vietnam has emerged fruitful for the patients pertaining to its positive results after completion of surgery. In addition, the advent of a new stent will cut approximately 30 to 40 percent of the device cost that will ultimately reduce the financial burden for patients.

The ongoing innovations related to the advancement of coronary stents around the world are likely to have a notable influence on the coronary stents industry outlook. The extensive support of healthcare regulatory bodies and regional governments to increase the availability of highly advanced medical facilities at an affordable cost will fuel the product demand over the years ahead. Reportedly, the overall coronary stents market will surpass a revenue collection of USD 11.9 billion by the end of 2024.

Author NameSunil Hebbalkar

Aesthetic medicine market to garner lucrative proceeds from non-surgical procedures over 2018-2024, non-invasive treatments to underline the industry growth

Posted on

Over the last few decades, the rapid developments in surgical & cosmetic procedures have majorly impacted the growth dynamics of aesthetic medicine market. Aesthetic care has certainly skyrocketed in popularity, exclusively among the millennials who are thinking of the effects of aging on appearance and are therefore increasingly going under the knife. According to the International Society of Aesthetic Plastic Surgery, more than 2.5 million facial rejuvenation procedures were registered globally in 2016. Reports claim that this shift is particularly due to the escalating advancements in non-invasive treatments which are yielding effective results with reduced down time.

India Aesthetic Medicine Market, By Product, 2013 – 2024, (USD Million)

India Aesthetic Medicine Market, By Product, 2013 – 2024, (USD Million)

Against this backdrop, aesthetic medicine industry is gaining exceptional momentum in terms of the remuneration portfolio, as consumer perspective toward beauty has become rather sophisticated. With rapid innovations in aesthetic medicines, what was once perceived as radical & risky, has now become more commonplace, resulting in heightened aesthetic medicine market demand. This is evident from the estimates which claim the overall valuation of aesthetic medicine market to have been valued at USD 9.2 billion in 2017, and to continue along a lucrative growth path in the years ahead.

The leading cosmetic procedures | Aesthetic medicine industry analysis

Given the growing inclination of people toward non-invasive aesthetic procedures, the non-surgical procedures are expected to witness tremendous demand in the ensuing years. As per a report provided by the American Society for Aesthetic Plastic surgery, the number of non-surgical aesthetic procedures were around 11.7 million in 2016 compared to that of 10.9 million in 2015. Availability of advanced technologies such as laser based vaginal rejuvenation and non-invasive visible fat reduction has depicted an upward trend for non-surgical procedures adoption. The leading industry players are further contributing to the growth of non-surgical procedures by introducing new techniques and establishing partnerships.

For instance, in 2017, Botox maker Allergan Plc had announced to buy fat-fighter Zeltiq Aesthetics for USD 2.48 billion in an all cash deal. Reportedly, the Zeltiq Aesthetics systems help people slim down by freezing fat away. Allergan estimates that the body contouring is a significant USD 4 billion market, and the demand for procedures are already high.

Get a Sample Copy of this Report:https://www.gminsights.com/request-sample/detail/2687

With increasing affordability & advanced healthcare infrastructure, non-surgical procedures are expected to draw attractive remuneration in the future. Reports claim that the non-surgical procedures segment contributed USD 6.6 billion in 2017 toward the overall share and will continue to tread along a lucrative path with an estimated CAGR of 10.8% over 2018-2024.

The rapidly growing product portfolio | Aesthetic medicine industry analysis

In an era ruled by social media, beauty has become a lucrative tradable commodity and personal appearance management has become a contemporary art form. Facial aesthetics product segment, in this regard dominated the global industry space with a valuation surpassing USD 4.1 billion in 2017. Increasing demand for eyelid surgery, nose surgery, facelift, & lip enhancement has augmented the segment growth. According to the report published by ISAPS (International Society of Aesthetic Plastic Surgery) eyelid surgery accounted for over 1.3 million in 2016, while total face & head procedures were around 4.2 million for the same year. Moreover, the Westlake Dermatology & Cosmetic Surgery report claims more than 31,000 rhinoplasty procedures to be performed for the year 2016. The data significantly stands as testimony to the increasing adoption of such procedures, which in turn have chiefly impacted facial aesthetics medicine industry share. Breast aesthetics is another popular segment under the global aesthetic medicine market which accounted for more than 12.7% of the overall revenue share in 2017.

The soaring demand for cosmetic surgeries across myriad geographies, especially the across U.S., China, and India have further impelled global players to invest in R&D activities and adopt market expansion strategies. Enumerated below are some of the recent instances witnessed by the competitive landscape of this industry that are bound to propel the overall aesthetic medicine industry share.

  • Merz, a global leader in medical aesthetics, has recently announced the launch of Belotero® Lips, with product portfolio designed for lip enhancement & treatment of perioral lines that complement each other to deliver natural-looking & effective cosmetic results.
  • Enhance Aesthetics & Medicine has unveiled that it is now offering GAINSWave® in Arkansas. Reportedly, this noninvasive medical therapy makes use of low-intensity shockwave therapy to treat Erectile Dysfunction (ED) symptoms & enhance sexual performance.
  • Earlier, Ideal Implants Inc., developed a structure breast implant that uniquely combines the benefits of using silicone gel implants and saline implants.

These instances clearly validate that the manufactures have been investing heavily in product research & development activities, in turn supporting advanced technology and product innovation. Powered by advanced developments, the aesthetic medicine industry, though still in its infancy is projected to outpace the traditional plastics surgery industry. A report compiled by Global Market Insights, Inc., anticipates the global aesthetic medicine market to secure a valuation of over USD 18.5 billion by 2024.

Author NameOjaswita Kutepatil

Unveiling joint reconstruction devices market trends with regards to the dynamic competitive spectrum: 3D printing technology to emerge as a game-changer in the industry over 2018-2024

Posted on

Rising prevalence of chronic bone disorders such as osteoporosis and rheumatoid arthritis, especially across the geriatric population, have been identified as pivotal drivers augmenting joint reconstruction devices market. As per a report provided by the World Health Organization (2014), osteoarthritis is one among the 10 most disabling diseases across the developed countries. Reliable reports further state that presently, there are around 7 million Americans living with knee & hip replacement, accounting for 85% of the total joint replacement & reconstruction market. These statistics underscore the substantial growth potential for joint reconstruction devices industry players.

U.S. Joint Reconstruction Devices Market, By Joint, 2013 – 2024 (USD Billion)
U.S. Joint Reconstruction Devices Market, By Joint, 2013 – 2024 (USD Billion)

The aging population base suffering from joint pain, stiffness, inflammation, arthritis, & orthopedic diseases has profoundly remained as a crucial factor proliferating the joint reconstruction devices market share. However, the recent advancements brought forth by the industry players in this sector are also poised to leave an appreciable impact on the growth statistics. Below listed are a few examples providing insights into the competitive landscape of this business sphere and how the technological advancements debuting in this vertical will help impel the revenue graph of joint reconstruction devices industry.

CloudMedx collaborates with the UCSF Department of Orthopedic Surgery to create AI models for enhancing patient outcomes following joint replacement surgery

According to recent reports, CloudMedx, a renowned healthcare artificial intelligence company based in California, is researching on how the patient-generated healthcare data will predict clinical outcomes & recovery related to knee & hip surgery. The firm will be using machine learning, evidence-based algorithms, and natural language to analyze both structured & unstructured data related to joint replacement.

Get a Sample Copy of this Report:https://www.gminsights.com/request-sample/detail/2823

CloudMedx’s move is expected to further develop enhanced systems for joint reconstruction that will reduce costs, enhance care delivery, increase efficiency, and optimize workflows, in turn impacting overall joint reconstruction devices industry growth. The company further plans to expand its clinical artificial intelligence platform that offers real-time clinical insights to the overall healthcare fraternity.

Robotic joint replacement at Flinders Private Hospital

As per a recent news report, an Australian healthcare clinic Flinders Private Hospital has reportedly acquired the Mako Orthopedic Robotic-Arm System, that provides the surgeons with an innovative treatment option for hip or knee replacements. This new Orthopedic system utilizes computer-assisted planning in combination with a robotic arm to insert a joint replacement prosthesis with utmost accuracy & precision.

Robotic-Arm in the global joint reconstruction devices industry has emerged as a vital technique improving alignment, prosthesis positioning, soft tissue balancing, minimum bone removal, and overall improvement in quality of measures.

According to the Australian Orthopedic Association National Joint Replacement Registry, there were more than 43,183 hip replacements and around 54,277 knee replacements registered in the year 2014. The report also claims that the regional joint replacement rate has significantly surged from the previous years, primarily on the grounds of increased rate of bone fracture and the ever-growing geriatric population base. Subject to this robust rise in joint replacement surgeries and increasing deployment of technologically advanced systems, the regional joint reconstruction devices industry is expected to grow at massive rate in the ensuing years.

Conformis announces to have performed the first 3D Total Hip Replacement Surgeries at JFK Medical Center in Florida

Conformis, Inc., claims that by leveraging the advancements in automated 3D printing & additive manufacturing, it has developed a system that will provide 3D implant design that in turn has improved the overall operational efficiencies when compared to 2D templating. The design process will produce specific individualized pre-navigated implants by converting the patient’s CT scan into 3D computer model. The unique measurements will be then 3D printed and delivered to the surgeons. If experts are to be believed, with the launch of the Conformis Hip System, the company is expected to lead the way in offering innovative solutions in the joint reconstruction devices industry.

With the game-changing operative solutions, 3D printing technology has prominently made itself the most useful technology to better serve both patients and the clinicians in the global joint reconstruction device market. Huge investments  in 3D joint replacement are further expected to address the short comings of primary hip, knee, ankle, and shoulder replacement surgeries at present.

Exemplary initiatives by the leading players will undeniably have a lasting impact on the growth prospects of joint reconstruction devices market and will significantly upscale the product demand. A report by Global Market Insights, Inc., claims that the global joint reconstruction devices market will surpass USD 21.5 billion by 2024, with a CAGR projection of 3.7% over 2018-2024.

Author NameOjaswita Kutepatil

U.S. medical marijuana market to record double digit CAGR over 2018-2024, global industry trends to be driven by a favorable regulatory landscape

Posted on

U.S. medical marijuana market has recorded rapid traction ever since medical marijuana was legalized in California in 1996, a move that gathered immense public and state support leading to the eventual medical marijuana legalization in 31 states of the U.S. Marijuana received medical approval as it was found that certain medicines derived from cannabis can have significant potential in alleviating nausea during the treatment of cancer and AIDS, pain relief, anxiety, insomnia and several other ailments. Medical marijuana is also noted to have less negative and addictive effects on patients, thus making it a more preferred option than several other opioids, making stronger public support stronger for the expansion of the U.S. medical marijuana market.

North East Medical Marijuana Market, By Application, 2013 – 2024 (USD Million)
North East Medical Marijuana Market, By Application, 2013 – 2024 (USD Million)

A recent study looking into the effects of medical marijuana versus opioids found that the rate of opioid prescription has significantly gone down in U.S. states where medical marijuana has been legalized. Authors of the study pointed out that substantial evidence has been gathered to conclude decisively that marijuana can relieve pain in patients with lower risk of addiction and almost no risk of overdose. Against the background of the fact that the U.S. at present is battling with an opioid epidemic, the potential for marijuana policies to curb opioids addiction is receiving increased consideration consequently adding impetus to U.S. medical marijuana market. Studies found that in the states that legalized medical marijuana, opioid prescription on an average dropped by 5.9% annually. It was also found that older Americans are most likely to use medical marijuana, notably a group most afflicted by pain conditions that can be alleviated by marijuana.

It is anticipated that the U.S. medical marijuana market will receive added boost from lawmakers noting such trends. Recently a bill has been passed a House committee that will make it imperative for the U.S. Department of Justice to expand sanctions to cannabis growers in order to provide high quality marijuana for research purposes. At present medical marijuana has not received approval from the U.S. Food and Drug Administration and researchers blame the poor quality of cannabis they have to deal with to produce their drugs. Experts are of the opinion that better quality medical marijuana is inevitable for researching the safety, efficacy and medical application of the drug. The Medical Cannabis Research Act is therefore put into place to allow medical marijuana researchers to overcome the fear of legal action and to help in expanding the scope of the drug. The act is in turn expected to expand growth avenues for U.S. medical marijuana market.

Get a Sample Copy of this Report:https://www.gminsights.com/request-sample/detail/2890

The Medical Cannabis Research Act is expected to lead to better and more widespread research regarding the potential of marijuana as a medical substance. At present marijuana’s medical abilities are limited to pain relief and treating stiffness in muscle resulting from multiple sclerosis. But if subsequent research is able to convince the federal government to acknowledge the medicinal value of marijuana, the Drug Enforcement Administration will have to reclassify marijuana from a schedule I to a schedule II substance leading to further relaxation of restrictions which will be another significant step forward for the U.S. medical marijuana market.

Recently the Drug Enforcement Administration made a demonstration of its decision to stand by its goal to improve resources for the U.S. medical marijuana market when the Canadian cannabis producer Tilray was approved to import marijuana to the United States for medical research. Before this marijuana could be sourced for research exclusively from the University of Mississippi, which is authorized by the National Institute on Drug Abuse

Studies have shown that legalization of marijuana as a pain reliving drug can reduce the cost and dependence on opioid pain drugs. States that have legalized medical marijuana have already saved $7.46 million in annual Medicaid spending for the federal government besides saving $6.54 million in savings for the states. Experts estimate that such encouraging trends will inspire other states as well as the federal government to eventually legalize marijuana. This inconsequence, would have a commendable impact on U.S. medical marijuana market, that is expected to double in size over 2018-2024 and cross $8 billion by 2024.

Author NameParoma Bhattacharya