Market Trends of Medical Marijuana Industry
The Chronic Pain Segment is Expected to Experience the Fast Growth Over the Forecast Period
Chronic pain, defined as persistent discomfort that extends beyond typical recovery periods or accompanies chronic health issues like arthritis, poses a significant challenge for many individuals. Multiple studies underscore medical cannabis as a potent remedy for chronic pain, often proving safer than conventional alternatives. It is an affordable, natural alternative that lacks side effects and is traditionally used to treat chronic pain.
The segment's growth is primarily propelled by the escalating burden of chronic pain. For instance, an April 2023 CDC article highlighted that in the United States, approximately 51.6 million adults, constituting 20.9% of the population, experienced chronic pain in the preceding two years. Among them, 17.1 million, or 6.9%, suffer from high-impact chronic pain, severely curtailing their daily routines. In addition, non-Hispanic American Indian or Alaska Native adults showed a higher prevalence of these conditions. Thus, the rise in chronic pain cases is directly fueling the demand for medical marijuana, consequently driving market expansion.
Various studies were conducted to assess the effectiveness of medical marijuana for chronic non-malignant pain management. For instance, according to an article published by Current Pain and Headache Reports, in March 2023, medical cannabis effectively manages pain, particularly for patients with chronic non-malignant conditions. In addition, medical cannabis offers both convenience and efficacy for patients dealing with chronic non-malignant pain. Thus, the high efficacy offered by medical cannabis for treating pain is expected to fuel its adoption among consumers, boosting the segment growth.
Similarly, a study from the Journal of the American Medical Association, published in January 2023, reported that approximately one-third of Americans have turned to medical marijuana for managing chronic pain. Specifically, 31% of the respondents reported using medical marijuana for chronic pain relief. This increasing adoption of marijuana among the patient population is poised to significantly propel the segment's growth in the coming years.
Moreover, the surge in research and development initiatives serves as a pivotal driver fueling the market's expansion. For instance, the Canpain trial, initiated by the government in April 2022, is pioneering the exploration of cannabinoids' effectiveness in chronic pain management. This government-backed trial marks a pioneering step, potentially paving the way for the inclusion of medical cannabis in National Health Service (NHS) prescriptions.
With an increasing population suffering from chronic pain, a rising acceptance of marijuana for pain management, and a surge in clinical trials, this segment is poised to be a key driver of market growth.
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, a trend projected to continue steadily through the forecast period. This is propelled by the region's growing marijuana legalization, a shift towards cannabis-infused edibles, and increasing government initiatives.
The accelerating rate of cannabis legalization in North America is a primary driver of its escalating demand. For instance, in April 2022, the United States House of Representatives approved a bill, aiming to legalize marijuana across the nation. This move would effectively remove criminal sanctions for individuals involved in the substance's production, distribution, or possession.
Moreover, In April 2022, Metrc, a provider of cannabis regulatory systems in the United States, signed a deal with Mississippi. The agreement aims to bolster the state's oversight of its burgeoning medical cannabis sector. Metrc's cutting-edge track-and-trace platform plays a pivotal role in ensuring data accuracy and regulatory compliance, fostering a secure environment for both patients and providers.
Furthermore, according to a December 2022 survey by Statistics Canada, about 70% of cannabis users favored smoking in the past year, with 53% opting for edibles and 19% for beverages. For more frequent users, the preference shifted, with 29% favoring edibles and 8% opting for beverages. This trend underscores the rising popularity of THC-infused gummies and chews in Canada, driven by their precise dosing, unique flavors, and discreet appeal in social settings. With robust sales and consumption figures, the North American cannabis market is poised for significant growth in the coming years.
Moreover, the establishment of cannabis research centers across the region to frame policies related to the use of cannabis and its related products is expected to propel the market growth over the forecast period. For instance, in November 2023, the University of Minnesota School of Public Health launched a new Cannabis Research Center (CRC) to assess the impact of adult-use cannabis legalization and help inform future cannabis policies and practices across the state of Minnesota.
Thus, owing to the high adoption of marijuana edible products, the rising company’s strategic activities, the rising trend in the legalization of marijuana, and the development of new marijuana research centers, the demand for marijuana is expected to increase across the region which in turn is anticipated to boost the market growth over the forecast period.
