Press Releases

Medical Cannabis Market Size to Apex $40.48 Bn by 2032

Highlights of the Medical Cannabis Market Report:
  • 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.

Download statistics of this report @ https://www.towardshealthcare.com/download-statistics/5099

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

To own our research study instantly, Click here @ https://www.towardshealthcare.com/price/5099

You can place an order or ask any questions, please feel free to contact us at sales@towardshealthcare.com

About Us

Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.

Explore the comprehensive statistics and insights on healthcare industry data and its associated segmentation: Get a Subscription

For Latest Update Follow Us: https://www.linkedin.com/company/towards-healthcare

Elena Morales

Elena Morales is a healthcare industry expert working at Healthcare Web Wire Consulting Firm, a subsidiary of Towards Healthcare. With her excellent knowledge of the field, Elena helps clients optimize their operations and navigate healthcare regulations. She's dedicated to staying updated on industry trends to make a positive impact on patient care. Elena is known for her professionalism and commitment to excellence, making her a valuable asset to any team.

Recent Posts

Driving Innovation in Healthcare Revenue Cycle Management: Key Advancements and Market Growth

The healthcare industry is continually evolving to meet the challenges of rising administrative costs, regulatory compliance, and the need for… Read More

3 mins ago

The Growing Role of Cloud Computing in Healthcare: Market Trends, Opportunities, and Future Outlook

Cloud computing has revolutionized the way services are delivered across various industries, and healthcare is no exception. In today’s digital… Read More

8 mins ago

Advancements in AI and Digital Health Transforming Healthcare Landscape

The healthcare sector is experiencing a paradigm shift with the rapid adoption of artificial intelligence (AI) and digital technologies. These… Read More

14 mins ago

Transforming Corporate Wellness with the Role of AI in Shaping Healthier Workplaces

The corporate wellness industry has seen significant advancements in recent years, with artificial intelligence (AI) playing a pivotal role in… Read More

19 mins ago

AI Revolutionizing the Automated Cell Counting Industry

AI is transforming industries across the globe, and the automated cell counting market is no exception. Traditionally, cell counting has… Read More

34 mins ago

The Promise of CAR T-Cell Therapy in Revolutionizing Cancer Treatment

Chimeric Antigen Receptor T-cell (CAR-T) therapy is rapidly emerging as one of the most revolutionary treatments in the fight against… Read More

39 mins ago