Medical Cannabis Market Report Highlights:
- Medical cannabis bloomed to USD 11.60 billion market in 2022.
- It is projected to become USD 40.48 billion market by 2032.
- It is set to quadruple by 2032 with a sizzling 13.8% of CAGR.
- Chronic pain management claimed the top spot, holding a firm 52% share in 2022.
- North America reigns supreme, boasting a commanding 56% share, thanks to early legalization, established market and booming popularity.
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In 2023, according to the World Health Organization, it is estimated that around 50 million individuals are suffering from Epilepsy and showing a greater risk of premature death due to epilepsy. Medical cannabis hits high notes for Epilepsy, Chronic Pain Management and Rare Diseases.
Medical cannabis is obtained from the Cannabis Sativa plant and has been used for centuries due to its potential therapeutic benefits. Cannabis contains two main active compounds: Tetrahydrocannabinol (THC) and Cannabidiol (CBD). THC is known for its psychoactive properties, whereas CBD is non-psychoactive and has a variety of health benefits. The human body contains an endocannabinoid system (ECS), which regulates various physiological processes. Cannabinoids found in medical cannabis interact with receptors in the ECS, influencing processes such as pain perception, immunity and mood. One of the primary applications of medical cannabis is pain relief and it is used for various symptoms and diseases. THC can help alleviate chronic pain by altering how pain signals are processed in the brain. CBD, on the other hand, may have anti-inflammatory and analgesic properties without causing the “high” associated with THC. Medical cannabis is also utilized to manage nausea and vomiting, often in patients undergoing chemotherapy. THC can help reduce these symptoms and improve the quality of life for individuals undergoing cancer treatments.
In some cases, medical cannabis is prescribed for muscle spasms and spasticity associated with conditions like multiple sclerosis. The cannabinoids’ muscle-relaxant properties may provide relief for these symptoms. It’s crucial to highlight that the legal status of medical cannabis varies widely around the world and even within different regions of a country. Some places have legalized its use for medicinal purposes, while others still have strict regulations or complete prohibition. Before considering medical cannabis, individuals should consult with healthcare professionals to discuss potential benefits, risks and legal implications based on their specific health conditions and local regulations.
Medical Cannabis Market Analysis Survey, 2022
The DHHS center for medical cannabis surveyed participants in the state’s medical cannabis program. The survey aimed to gather feedback on the state’s medical cannabis sector regarding product access availability.
Additionally, medical cannabis, also known as medical marijuana, utilizes either the cannabis plant or its chemical components to address symptoms or medical conditions. While medical marijuana is available in forms similar to recreational use, there are also refined lab-made versions for specific health issues. Historically, cannabis use traces back to Central Asia or Western China, with documented instances dating back to 2800 BC in Emperor Shen Nung’s pharmacopeia. The cannabis plant contains over 100 cannabinoids, with THC and CBD being the primary ones used in medicine. THC induces the characteristic “high”, whether through smoking or ingesting cannabis-infused products. As of 2023, medical marijuana products were legally accessible in 38 states, three territories and the District of Columbia despite remaining prohibited under federal law.
The Role of Medical Cannabis in Treating Various Symptoms and Conditions
In states where medical marijuana is sanctioned, its approval extends to a diverse range of medical conditions, such as
- Severe and Persistent Pain
- Multiple Sclerosis
- Chemotherapy-Induced Nausea
- Epilepsy
- Alzheimer’s
- ALS
- HIV/AIDS
- Crohn’s Disease
- Glaucoma
- Migraines
- Anorexia
- Wasting Syndrome
- Irritable Bowel Syndrome
- Post-Traumatic Stress Disorder
It’s imperative to recognize that some endorsed applications lack robust scientific validation. This discrepancy arises, in part, from the challenge researchers face in conducting comprehensive studies on a substance that, despite state-level approval, remains federally prohibited. The intricacies of this legal landscape contribute to limitations in establishing conclusive evidence for certain medicinal uses of Cannabis. More and more folks are realizing the amazing health benefits of medical cannabis, and it’s causing a big demand boost in the market. People are getting hip to the therapeutic perks of cannabis-based products and as we all get more comfortable with using cannabis for medical reasons, the demand is shooting up. Ongoing research backing up its effectiveness also plays a role, making these products even more popular. It’s like everyone’s realizing that cannabis is a legitimate and valuable part of taking care of our health.
A cannabis patient cardholder is someone whose state’s regulatory body has issued a medical marijuana card or license. This card verifies that the holder has a qualifying medical condition that makes them eligible to use cannabis for therapeutic purposes.
Prescription Drugs Based on Cannabis Compounds
The FDA hasn’t endorsed marijuana for health issues, but it has given the thumbs up to two prescription medications featuring synthetic cannabinoids.
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