Cannabidiol for chronic pain management is fastest growing segment fueling the growth of Cannabidiol Market

 

Cannabidiol Market

The global Cannabidiol Market is estimated to be valued at US$ 7953.14 Mn in 2023 and is expected to exhibit a CAGR of 47% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Cannabidiol or CBD is a non-psychoactive compound found in the Cannabis plant. CBD offers therapeutically benefits in chronic pain, arthritis, anxiety, epilepsy, cancer and other medical conditions. It has gained popularity as an effective alternative treatment to opioids for pain management.

 

Market key trends:

One of the key trends in the Cannabidiol market is its increasing demand for treatment of chronic pain. Chronic pain affects more than 50 million adults in the U.S. annually. Conventional pain treatments involve the use of opioids which are addictive and can lead to dependency. CBD offers an effective alternative to opioids for chronic pain management without any side effects. Studies have found CBD to be effective in reducing arthritis pain and neuropathic pain. Its anti-inflammatory properties help relieve pain associated with autoimmune diseases. This has boosted its popularity as a natural remedy for pain relief.

Segment Analysis

The global cannabidiol market can be segmented based on product type, application, distribution channel, and region. By product type, the market can be segmented into pharmaceutical and nutraceutical. The pharmaceutical segment dominates the market and is expected to continue its dominance over the forecast period. This is attributed to increased adoption of CBD-based pharmaceutical products for the treatment of various medical conditions such as epilepsy, neurological disorders, anxiety, depression and chronic pain.

 

Key Takeaways

The Global Cannabidiol Market  Size is expected to witness high growth, exhibiting a CAGR of 47.% over the forecast period, due to increasing legalization of cannabis-based products across various regions.

 

Regional analysis

North America dominates the global cannabidiol market and is expected to continue its dominance over the forecast period. This is attributed to rising awareness about the medicinal properties of cannabis in countries like US and Canada. Growing legalization of both medical and recreational cannabis across various US states is also driving the growth of the regional market.

 

Key players

Key players operating in the cannabidiol market are Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann, Inc., Tilray, GW Pharmaceuticals, plc, ABcann Medicinals, Inc., Organigram Holding, Inc., Tikun Olam, The Cronos Group, ENDOCA, Isodiol International, Inc., MEDICAL MARIJUANA, INC., Cannoid, LLC, Elixinol, Folium Biosciences, NuLeaf Naturals, LLC, and Pharmahemp d.o.o.

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https://www.dailyprbulletin.com/cannabidiol-market-size-share-growth-outlook-2023/

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