Cannabis use disorder treatment Market is foreseen to rise to US$ 1.65 billion in from 2023
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.
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.
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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
· By type, treatment for tobacco/nicotine and vaping to remain prominent, comprising 67% of all solutions
· Counselling & behavioral therapy to be most common treatment approach, registering a 5.5% CAGR
· Rehabilitation centers to be key places to seek cannabis use disorders treatment
· North America to account for 45% of all cannabis use disorder treatments, amid heavy marijuana dependence
· Latin America to emerge as an opportunistic market, expected to register a 4.5% CAGR
· Europe to experience a growth rate of 4% with respect to CUD treatment
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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.
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.
· In November 2022, Indivor Plc. entered into a definitive agreement with Opiant Pharmaceuticals Inc. wherein the former will acquire the latter so as to cement its position as a leader in addiction treatment. Through this acquisition, Indivor will now supervise the potential of OPNT003, an opioid overdose treatment drug which will reduce dependence on illicit drugs such as fentanyl
· Orexo AB is a prominent face in the cannabis use disorder treatment domain. Its amorphOX® drug delivery technology is highly scalable, possessing unique properties which supports highly differentiated pharmaceutical products. One of its pipeline projects includes the OX124 medication for treating opiod overdose
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global cannabis use disorder treatment market, providing historical data for 2018-2022 and forecast statistics from 2023-2033.
To understand opportunities in the cannabis use disorder treatment, the market is segmented on the basis of type (tobacco/nicotine and vaping, alcohol, marijuana, synthetic cannabinoids and others), treatment (detoxification, counselling & behavioral therapy, medication and support group) and end user (hospitals and clinics, rehabilitation centres and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Key Segments Profiled in the Cannabis Use Disorder Treatment Industry Analysis
- Tobacco/Nicotine and Vaping
- Synthetic Cannabinoids
- Counselling & Behavioral Therapy
- Support Group
- Hospitals and Clinics
- Rehabilitation Centers
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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. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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