North America is expected to generate ample growth opportunities for cannabis use disorder treatment. As per Future Market Insights, the region is anticipated to account for nearly 45% of all treatments.
According to a recent report published by Future Market Insights, demand for cannabis use disorder treatment is poised to grow at a CAGR of 4.9% from 2023 to 2033. By the end of the aforementioned period of assessment, a valuation worth US$ 2.66 billion is anticipated. Today’s global cannabis market is measured in billions of dollars, which is a direct result of the widespread legalization efforts, combined with a significant increase in social acceptance. However, the adverse effects associated with cannabis consumption cannot be ignored.
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During the start of the COVID-19 pandemic, for instance, dependence has increased to the tune of 50%. This is significant, given that 19.3 million adults suffered from substance use disorders in 2019. As per the World Health Organization (W.H.O), approximately 147 million people, or 2.5% of the global population consume marijuana.As per a UN Office on Drugs and Crime report, around 284 million people aged 15-64 used drugs worldwide in 2020, a 26% increase over the previous decade. Young people are using more drugs, with use levels today in many countries higher than with the previous generation. Globally, the report estimates that 11.2 million people worldwide were injecting drugs. Around half of this number were living with hepatitis C, 1.4 million were living with HIV, and 1.2 million were living with both.
To counter this, healthcare practitioners are adopting a slew of strategies which involve introducing virtual applications helping addicts quit their dependence on cannabis, or collaborating with governments to legalize recreational consumption. In addition, numerous clinical studies are underway to develop anti-dependence drugs, although the results at present appear quite limited.
Key Takeaways from the Market Study
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“With substance abuse becoming an area of major concern, healthcare providers are looking to collaborate with various entities, including governmental bodies, to push for legalization, as well as develop novel treatment drugs, which will provide ample opportunities for companies to develop key drugs,” remarks an analyst at FMI.
Competitive Landscape
Key Players in the Cannabis Use Disorder Treatments Market:
Cipla Limited, Intas Pharmaceuticals Limited, Orexo AB, Allergan plc., Alkermes plc., Indivior plc., Noramco, Inc., Mallinckrodt Plc., BioCorRx Inc., Glenmark Pharmaceuticals Limited, Dr. Reddy’s Laboratories
Majority of cannabis use disorder treatments are based on counselling and therapy, healthcare companies are conducting extensive clinical trials, implementing research & development projects and collaborating with major funding agencies and other established market players.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global cannabis use disorder treatment market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
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Key Segments Profiled in the Cannabis Use Disorder Treatment Industry Analysis
By Type:
By Treatment:
By End User:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 07, 2023