Market Trends of Cannabidiol (CBD) Oil Industry
Neurological Pain Segment is Expected to Hold a Significant Share in the Cannabidiol (CBD) Oil Market Over the Forecast Period
Neurological pain is a type of pain that is frequently persistent, and it typically results from a chronic, progressive nerve illness, an injury, or an infection. CBD oil is used in the treatment and management of neurological pain.
According to a review study published in February 2022, about 3% - 17% of the general population suffers from neuropathic pain, and neuropathy can contribute to chronic pain and be a component of mixed pain syndromes. Hence, the high burden of neuropathic pain is expected to boost the segment's growth during the forecast period.
Furthermore, according to a research study about the safety of medical cannabis in neuropathic chronic pain management, published in October 2021 by MDPI, cannabis was found to be effective in chronic neuropathic pain management. Therefore, owing to the vast potential of CBD oil products in neurological pain treatment and the high prevalence of neurological pain, the segment is expected to hold a significant market share over the forecast period.
North America Region is Expected to Hold a Significant Share in the Cannabidiol (CBD) Oil Market Over the Forecast Period
The North American region is expected to hold a significant share of the studied market owing to the increasing acceptance of cannabis-based products in the treatment of psychological disorders and the increasing expansion activities of the companies in the region.
The strategic initiatives adopted by key players, like product launches, innovation in products, approvals, and partnerships, are fueling market growth. For instance, in January 2021, Pure Extracts Technologies signed an agreement for the purchase of 220 kilograms of high-potency cannabis dried flower from a large Canadian licensed producer and 1,000 kgs of high-potency CBD biomass from a top Western Canadian cultivator to scale up production of both its Tetrahydrocannabinol (THC) and CBD extracts. Further, several cannabis-based products are approved and regulated in the United States and Canada, which is expected to play a significant role in the growth of the cannabidiol (CBD) oil market over the forecast period.
Furthermore, in March 2021, Advanced Pain and Rehab Specialists, in collaboration with Hemp synergistic, conducted a phase I clinical trial to assess the efficacy of Hemp Oil (CBD) for treating pain, anxiety, insomnia, and reduction of opioid use. Also, in June 2021, The Valens Company Inc. completed the acquisition of Green Roads and its manufacturing subsidiary. With this acquisition, Valens Company is expected to have one of the largest presence in the cannabinoid market. The rising company activities in the region are expected to boost market growth over the forecast period as these initiatives are expected to increase product availability in the region.
Therefore, due to the above-mentioned factors, the North American region is expected to hold a significant market share in the cannabidiol (CBD) oil market over the forecast period.
