cannabis oil market
Cannabis oil market size to grow significantly from the medical application segment
Cannabis extracts are generally available
in either of the two forms --cannabis oil and tinctures which are often used to
treat a variety of conditions, including mental disorders, nausea, and cancer.
In terms of legality, the extraction method is very generous due to the
non-psychoactive properties of cannabidiol (CBD) oil compared to other products
such as buds and resins. Both the Cannabis extracts in the form of oil and
tinctures are expected to gain momentum and increased demand in the coming
years, as they can be safely consumed compared to other forms. Moreover, as the
social prejudice against smoking cannabis buds gradually decreases, it will
further foster the Cannabis Oil Market demand, for both medical and recreational purposes.
The increasing prevalence of cancer and the
rising need for treatment related to pain management is also a major factor
expected to drive the cannabis oil market outlook during the forecast period.
The World Health Organization (WHO) reports that cancer is the second most
leading cause of death across the globe.
In addition, the safer nature of cannabis oil makes it an important form
of medical marijuana. for instance, children are prescribed cannabis oil
instead of buds due to age restrictions and accurate dose calculations made
possible by the oil as compared to the smoking of buds.
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The medical application segment is expected
to witness the fastest CAGR over the forecast period. This is mainly due to the
increased medical usage of the product preferred for easy quantification of
dosage and better usability. A change in the perception of medical
professionals regarding safer product ingestion techniques such as oral dosage
in the form of beverage or chewing gum should drive product demand during the
forecast period, and thus accelerate the cannabis oil market growth.
The North America cannabis oil market
accounts for the highest market share pertaining to significant product usage
for pain management and the presence of a large geriatric population. moreover,
the legalization of medical marijuana in the region has tremendously increased
product demand. In 2018, medical marijuana was legalized in 30 U.S. states,
including Guam, Puerto Rico, and Colombia. Also, a large population of adults
in the United States supports the use of marijuana for medical purposes, such
as treating pain, inflammation, and cancer. Thus, factors such as the
legalization of cannabis for medical usage and increased public support will
further expand the North America cannabis oil market share in the years to
come.
Author Name : Report Hive Research
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