U.S. Cannabinoids Market Size, Share, Growth Analysis, By Product(Cannabidiol (CBD), Cannabigerol (CBG)), By Application(Inflammation, Pain Management) - Industry Forecast 2024-2031

Cannabinoids Market Drivers

Increased Use of Cannabis in Medicines:

• Medicinal cannabis, derived from cannabis plants, has demonstrated its potential to alleviate symptoms associated with specific medical conditions and mitigate side effects resulting from certain treatments. One of the primary applications of medicinal cannabis is in pain management. Over time, an increasing number of countries have legalized cannabis for various indications, contributing to the gradual acceptance and utilization of medicinal cannabis. The FDA has approved the use of medical cannabis for three rare and severe forms of epilepsy, namely Dravet syndrome and Lennox-Gastaut syndrome. Additionally, it has been approved to address spasticity in Multiple Sclerosis (MS). In addition to the approved drugs, there is growing interest in two key cannabinoids: delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD). THC has demonstrated potential in improving appetite, reducing fatigue, and managing issues related to muscle function. On the other hand, CBD has shown effectiveness in managing epileptic seizures, treating psychiatric illnesses, and reducing inflammation. These cannabinoids have garnered significant attention for their therapeutic properties and their potential applications in various medical conditions.

Cannabinoids Market Restraints

High-cost Purchasing and Rush for Premium Quality

• The manufacturing and purchasing of medical cannabis devices can incur significant expenses, alongside high procedure costs due to specialized equipment and training requirements. This can create barriers to access medical cannabis treatments for patients and healthcare facilities, particularly in lower-income regions. Furthermore, the elevated costs associated with medical cannabis devices and procedures may discourage certain patients from opting for these treatments, particularly if they are required to bear the expenses themselves. Additionally, insurance coverage for medical cannabis treatments is often limited, further impeding their adoption. Consequently, the high costs associated with medical cannabis devices and procedures pose a substantial hindrance to market growth, particularly in regions where cost plays a pivotal role. However, as technology progresses, there is a possibility of cost reduction in these devices and procedures, potentially enhancing accessibility for patients and healthcare facilities. The complexity of medical cannabis devices and the exorbitant costs of medical cannabis treatments are projected to impede market expansion.