Market Trends of Medical Marijuana Industry
The Chronic Pain Segment is Expected to Experience the Fast Growth Over the Forecast Period
Chronic pain is long-standing pain that persists beyond the usual recovery period or occurs with a chronic health condition, such as arthritis. Many studies have shown that medical cannabis is found to be an effective method for the treatment of chronic pain and that it is far safer than many other options. It is an affordable, natural alternative that lacks side effects and is traditionally used to treat chronic pain. There are also several ongoing kinds of research on medical marijuana for the treatment of chronic pain, which is expected to impact the market's growth directly. For instance, according to an article published by the CDC in April 2023, an estimated 20.9% of U.S. adults (51.6 million persons) experienced chronic pain, and 6.9% (17.1 million persons) experienced high-impact chronic pain (i.e., chronic pain that results in a substantial restriction to daily activities) with a higher prevalence among non-Hispanic American Indian or Alaska Native adults. Thus, with an increase in chronic pain, the demand for medical marijuana increases, leading to market growth.
Furthermore, according to a study published by the Journal of the American Medical Association in January 2023, about a third of Americans have used medical marijuana to deal with chronic pain. The study stated that 31% of respondents reported using medical marijuana to relieve chronic pain at some point. Hence, such a rise in the use of medical marijuana for chronic pain is expected to drive market growth.
Additionally, the rise in research and development studies is a key factor promoting the growth of the studied market. For instance, in April 2022, a minimal medical cannabis trial dubbed Canpain, focusing on chronic pain, was launched to understand the medical efficacy of cannabinoids better. Campaign is one of the first government-backed trials which could also lead to patients finally being prescribed medical cannabis via the National Health Service (or NHS).
Thus, due to the above-mentioned factors, the studied segment is expected to contribute to the significant growth of the market.
North America Accounted for the Significant Share in the Global Market Over the Forecast Period
North America holds a significant share of the medical marijuana market and is expected to show a similar trend over the forecast period without significant fluctuations. The surging pace of cannabis legalization in North America is one of the key factors contributing to its increased demand. For instance, in April 2022, the United States House of Representatives passed legislation that would legalize marijuana nationwide, eliminating criminal penalties for anyone who manufactures, distributes, or possesses the substance.
Moreover, in April 2022, Metrc, the provider of cannabis regulatory systems in the United States, signed a new contract with Mississippi to support regulating its medical cannabis market. Metrc will help facilitate Mississippi's medical cannabis program's data collection and regulatory oversight through its robust track-and-trace platform, which is essential in creating a safe and secure marketplace for patients and providers.
Furthermore, according to an article published by WUFT, in December 2022, cannabis sales increased to USD 30 billion in 2021, 40% higher than the previous year. The United States will make up 75% of global cannabis sales in 2026. Hence, with the increased demand for medical marijuana, the region's market is expected to grow.
Thus, due to the abovementioned factors, the studied market will augment in the North American region during the study period.
