In a groundbreaking development, the Global Cannabis Use Disorder Treatment Industry is set to witness a robust growth trajectory, as highlighted in a recent report by Future Market Insights. Projections indicate a remarkable Compound Annual Growth Rate (CAGR) of 4.9% from 2023 to 2033, signifying a period of substantial expansion.
The market, valued at US$ 1.57 billion in 2022, is anticipated to soar to US$ 1.65 billion by the end of FY 2023, showcasing an impressive Year-on-Year (Y-o-Y) increase of over 5%. This positive momentum is indicative of a burgeoning demand for effective cannabis use disorder therapies.
The forecast is underpinned by a compelling statistic from the United Nations Office on Drugs and Crime (UNODC), revealing that over 275 million individuals globally engaged in drug use in 2020, with more than 36 million grappling with drug use disorders.
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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 cannabis dependence, 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 Global Cannabis Use Disorder Treatment Industry 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% concerning CUD treatment
https://www.pharmiweb.com/press-release/2024-02-07/global-cannabis-use-disorder-treatment-industry-set-for-substantial-expansion-envisaging-a-valuatio
