A recent report from Global Market Insights details how health concerns and ailments have driven skyrocketing sales of CBD products during the global pandemic and will continue to rise at a brisk pace for the next several years.
Although some consumer markets had lower revenues due to the pandemic, CBD sales have increased since the advent of the COVID-19 pandemic as restrictive movement and isolation largely impact the human body in several ways causing chronic pain and concerns surrounding mental health, among others.
Further, several studies are also noted to remain underway to test the effectiveness of CBD-derived products against the lung damage caused by COVID-19. CBD oil is largely consumed across regions owing to its extensive benefits, particularly for pain related disorders. The significant disease burden of chronic pain is identified on a global level, and it is estimated that nearly one in 10 adults suffer from chronic pain.
According to Global Market Insights Cannabidiol Market size surpassed $7.1 billion in 2020 and is estimated to grow at over 35% CAGR between 2021 and 2027. Supportive regulatory stance in many countries is paving the way for the market expansion. Moreover, CBD has been found to be effective against numerous medical disorders such as chronic pain, neurological pain, anxiety, sleep disorder, as well as nausea and stress.
“The rising prevalence of cancer leads to an increasing number of patients undergoing chemotherapy and increasingly experience nauseatic conditions,” the report states. “Also, as several people across the globe are noted to adopt a sedentary lifestyle, muscular disorders have also surged in the recent years. Cannabidiol products are noted to remain effective against these and are gaining popularity among patients.”
The report also noted that cannabidiol products undergo multiple clinical trials encompassing the treatment of numerous disorders such as neuropathic pain, among others. “Hence, even though conventional medicine exists for the treatment of such illnesses, concerns surrounding its side effects are largely paving the way for CBD products in the market.”
The chronic pain segment size is expected to reach $36.5 billion by 2027, according to the report. “A considerable demand has been observed from cannabidiol products in the recent years for pain treatment,” the report notes. “This is largely due to the better results offered by cannabidiol products as well as its advantages over opioids. CBD is studied to have negligible trace of toxic compounds and minimal cases of side effects have been observed.”