Cannabidiol is an active ingredient in cannabis and is derived from hemp plants. It is different from THC, which has its main psychoactive ingredient as marijuana. CBD gives mild relaxation and pain relief. The global medical cannabis market will have touched the mark of US$ 7.8 billion in 2020. Looking at the present trends and anticipating the future, the cannabis medical market will grow by 15.3% during 2021-2026 as we are amidst the mayhem and uncertainties of the COVID-19 pandemic, tracking and evaluating the direct and indirect influence of the same on the different end-use sectors mistaken into account. Covid 19 pandemic was unprecedented and staggering, with hemp witnessing a positive shock across all regions. Importantly it is now easier to get Kush online dispensary as online deliveries of goods from any part of the world are now possible.
Presence Of Cannabis In Ancient Civilizations?
Cannabis is a psychoactive drug derived from the cannabis plant of the Cannabaceae family. It served medical purposes in the ancient Indian, Chinese, Egyptian, and Islamic cultures. Cannabis is a flowering plant genus, and its use was recognized and accepted for its therapeutic and medical benefits. Presently the same cannabis is used in treating a wide range of diseases and symptoms like cancer, treat the side effects of chemotherapy, Tourette’s, chronic pain, inflammation, glaucoma, diabetes. Migraine, epilepsy, multiple sclerosis, Alzheimer’s, post-traumatic stress disorders (PTSD), and Parkison’s. It has therapeutic benefits and proves its worth as a medicine; thus, it is approved legally in many countries, but there are various legal restrictions. The countries where it is legal are Argentina, Brazil, Canada, Chile, the United Kingdom, Germany, Colombia, Italy, Spain, Italy, the United States, Uruguay, and the Czech Republic.
The Global Medical Cannabis Market Drivers?
The reasons for cannabis growing this big and capturing the market are straightforward. The medical benefits it cast without any side effects or very few side effects made it a household name. Apart from the medical benefits, it also helps one improve their physical relationship and thus is widely used in medicines for treating some sexual disorders. Also, as it is accessible, more and more people enjoy its benefits; therefore, the market grew in leaps and bounds. Some of the reasons that helped in developing the market for cannabis are discussed below.
Medical cannabis uses the marijuana plant to treat diseases or conditions. It is similar to marijuana or cannabis consumed for recreational purposes, but it also serves medical requirements.
- Cannabis is safe- Cannabis is safer and has less severe side effects than other treatment options. It has proved its worth in reducing nausea and increasing appetite among chemotherapy patients. It is used in combination with traditional opioid painkillers, enabling the patients to cut the dosage and frequency of opioids significantly and excellent pain relief.
- A significant role of the aging population- the steadily aging population across the globe, has played an important role in demanding medical cannabis as generic patients who are more likely to develop chronic diseases require more physician visits.
- Clinical trials and development activities- clinical trials, research and development activities, commercialization of cannabis-based indicators are expected to catalyze the market’s growth.
- Health products are less susceptible to fluctuations – the expenditure on health products is less susceptible to instability. The uptake of medical marijuana can change the disposal income due to its unconventional nature. The increase in disposable income is projected to positively impact demand for mechanical cannabis.
Ample research has given vital trends in each sub-segment of the medical cannabis market with global, regional, and country-level forecasts from 2021to 2026 depending on species, derivatives, application, end-use, and route administration.
Break up by species:
All the species are widespread, yet Cannabis Indica is the most popular. Getting cannabis is easy, and one can specify the species. It is often used to treat insomnia, relax muscle soreness, pain, migraine, and headaches. Most varieties grown for use are hybrid varieties that show features of two or more of these principle species.
The market is divided into Cannabidiol, THC, and others based on derivatives. CBD is used for medical purposes as it has a non-psychotic effect, it does not have a toxic effect, and THC is used to reduce the side effects of AIDS and cancer treatment.
Breakup by application:
The market is divided into the above-stated categories based on application, and here cancer represents the leading category. Other areas where it is used is epilepsy, arthritis, migraine, and others,
Break up based on end-use:
- Pharmaceutical industry
- Research and development centers
The market of cannabis expands into the pharmaceutical industry, research and development centers, and others based on end-use. However, it is the pharmaceutical industry that uses it majorly.
Breakup by route of administration:
- Oral solutions and capsules
Based on the route of administration, the market is divided into oral solutions and capsules, smoking, vaporizers, topicals, and others. Oral solutions and capsules are the most prominent segment and consume the largest market share.
Rapid legalization of cannabis for several reasons and medical applications across the nations for treating different conditions has resulted in the growth of the medical market for cannabis. FDA approved cannabis in 2018 for treating various ailments. Medical hemp has gained attention worldwide and is being used in other formats apart from medicines to help people fight multiple diseases. It is being grown in numerous countries as it is now being produced specifically for medical purposes. Thus, the demand and market for cannabis will continue to grow. If you are trying to buy cannabis, make sure to avail it from a trusted site.