- The medical cannabis market surged to USD 11.60 billion in 2022.
- It is expected to grow to USD 40.48 billion by 2032, representing a quadrupling of its size.
- The market is projected to expand at a robust CAGR of 13.8%.
- Chronic pain management led the market, capturing a significant 52% share in 2022.
- North America dominates the market with a substantial 56% share, driven by early legalization, a well-established market, and increasing 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
Discover our detailed Table of Contents (TOC) for the Industry, providing a thorough examination of market segments, material, emerging technologies and key trends. Our TOC offers a structured analysis of market dynamics, emerging innovations, and regional dynamics to guide your strategic decisions in this rapidly evolving healthcare field – https://www.towardshealthcare.com/table-of-content/medical-cannabis-market-size
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