Cannabidiol or CBD is one of the main active cannabinoid compounds in cannabis with various medical applications. Cannabidiol is increasingly being used for applications such as reducing seizures associated with epilepsy and reducing pain from conditions like arthritis.
The global cannabidiol market is estimated to be valued at US$ 323.23 Mn in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing acceptance of cannabidiol for medical applications is one of the key trends driving the growth of the global cannabidiol market. Various studies have shown cannabidiol to be effective in reducing seizures associated with epilepsy and reducing pain and inflammation. With an increasing number of people suffering from conditions like epilepsy, arthritis and other chronic pain conditions, the demand for cannabidiol as an alternative medication is growing significantly. Various countries are also easing regulations regarding the use of cannabidiol and cannabis extracts containing CBD for medical use which has boosted the growth of the cannabidiol market. This growing acceptance and relaxation of regulations regarding medical applications of CBD is expected to further accelerate the market growth over the forecast period.
Segment Analysis
The global cannabidiol market is dominated by the pharmaceutical segment. The cannabidiol is increasingly gaining acceptance in the pharma industry to treat medical conditions like epilepsy and multiple sclerosis among others. The cannabidiol have shown positive impact in reducing seizures and controlling symptoms of multiple sclerosis and hence this sub-segment is witnessing high growth.
Key Takeaways
The global cannabidiol market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to be $323.23 Mn.
Regional analysis
The North America region currently dominates the global cannabidiol market and is expected to maintain its dominance over the forecast period as well. Increased adoption of cannabidiol products to treat various medical conditions and growing awareness among people have been driving the growth of cannabidiol market in North America.
Key players
Key players operating in the cannabidiol market are Johnson & Johnson, GW Pharmaceuticals, Anthropic, INSYS Therapeutics, Corbus Pharmaceuticals, and AXIM Biotechnologies. The market is witnessing emergence of new players focused on development of cannabidiol based products for indications like anxiety, pain and neurological conditions.
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