• Magazine
    • Past Issues
    • Subscribe
    • Change Mailing Address
    • Surveys
    • Guidelines for Authors
    • Editorial Calendar
    • Editorial Deadlines
  • Practice
    • Business Tips
    • Chiropractic Schools
    • Clinical & Technique
    • eBooks
    • eCourses
    • Infographics
    • Quizzes
    • Wellness & Nutrition
    • Personal Growth
    • Podcast
  • Resource Centers
  • Products & Services
    • Buyer’s Guide
    • Products Directory
    • Submit a Product
    • Vendor Login
  • Datebook
    • Become an Events Poster
    • Post an Event
    • View Events
  • Jobs
    • Jobs
    • Post a Job
  • Advertise
    • Advertising Information
    • Media Kit
    • Contact Us
    • Upload Advertising

Your Online Chiropractic Community

Chiropractic Economics Your Online Chiropractic Community
Subscribe
  • Home
  • Current Issue
  • News
  • Webinars
  • Chiropractic Research
  • Students
  • Coronavirus (COVID-19)

CBD market analysis: 50% growth by 2024

Christina DeBusk October 30, 2019

A CBD market analysis reveals opportunities for chiropractors, who say, “The clinical results I have experienced and seen with my patients have been encouraging and powerful.”

A CBD market analysis reveals opportunities for chiropractors, who say, “The clinical results I have experienced and seen with my patients have been encouraging and powerful.”

Total CBD sales today are roughly $1.9 billion per year according to BDS Analytics in a CBD market analysis. However, this number is expected to increase to $20 billion by the year 2024, representing a staggering 49% compound annual growth rate (CAGR).

As a comparison, Becker’s Hospital CFO Report indicates that the entire U.S. health care revenue cycle management market is only anticipated to have a 12.89% CAGR. CBD product growth is almost four times that.

BDS goes on to say that approximately two out of three consumers (66%) who currently use hemp-derived CBD products are also in full support of cannabis legalization. In fact, more and more states are already moving in this direction, with USA Today reporting that Illinois is almost there, making it the 11th state to weigh in on this topic, and New York and New Jersey may be next.

More CBD research, FDA approvals

Perhaps one of the biggest CBD-related events that has occurred in the recent past is when the U.S. Food and Drug Administration (FDA) approved the first-ever drug containing CBD. It was June 25, 2018, the drug was Epidiolex, and it was approved for patients with one of two hard-to-treat and rare forms of epilepsy: Lennox-Gastaut Syndrome and Davet Syndrome. Though, according to the FDA itself, this is just the beginning.

In a recent FDA consumer update, the agency states that it “is working to learn more about the safety of CBD and CBD products.” Additionally, a few of the areas it is striving to gain more knowledge in include:

  • The effects that CBD has on the human body, both short and long term;
  • The risks that CBD use poses for specific populations, such as children, the elderly, and pregnant women;
  • CBD safety for pets; and
  • The impact of combining multiple products that each contain CBD.

As these answers are being sought, the FDA is working to create a regulatory process that considers these things and more. This is going to take a while, due in part to the length of time necessary to conduct solid scientific studies, but the agency’s desire to support consumer safety suggests that more research will be conducted on CBD in the years ahead, likely resulting in more FDA drug and product approvals.

CBD and chiropractic

Speaking of research, studies are “being expanded into the power of the innate endocannabinoid system, fueled by CBD to improve homeostasis in the human body,” says Mark Lindholm, DC, of Natural Health Family Chiropractic in Elkhart, Ind., and author of A Doctor’s Perspective on CBD Oil: Science, Success Stories, and Changed Lives. Lindholm adds, “The clinical results I have experienced and seen with my patients have been encouraging and powerful.”

Lindholm further states that the much-anticipated growth of CBD products will open a financial opportunity that is “attractive to most chiropractors” in his CBD market analysis. He goes on to predict that, “within three years, it won’t be a matter of if your patients will be using CBD, but can you provide them with a high-quality product that is safe, clinically effective, third-party tested, researched and won’t cause them to flunk a drug test?”

The FDA is already shutting down fly-by-night companies, taking a firm stance against those that are filing false or misleading claims. In its consumer update the FDA states that it has “warned companies selling CBD products they claim are intended to prevent, diagnose, treat, or cure serious diseases such as cancer, Alzheimer’s disease, psychiatric disorders and diabetes.”

Yet, once CBD is better understood, better researched, and proven effective in the treatment of certain health conditions, it is a supplement that is perfect for chiropractic professionals says Lindholm.

“CBD is in our wheelhouse,” he says, “as many of the biggest benefits patients see from the use of these products are things chiropractors already focus on with their patients. The applications for using both oral and topical forms of CBD in a chiropractic clinic are enormous.”

Related Posts

  • Explaining CBD vs hemp oil for pain to patientsExplaining CBD vs hemp oil for pain to patients
  • 4 factors to consider before purchasing hemp seed oil supplements4 factors to consider before purchasing hemp seed oil supplements
  • What’s the best way to take CBD and hemp oil?What’s the best way to take CBD and hemp oil?
  • Dr Meletis: CBD and how to improve joint health in patientsDr Meletis: CBD and how to improve joint health in patients
  • Understanding the entourage effect of CBDUnderstanding the entourage effect of CBD
  • CBD success stories: opioid reduction, sleep, anti-inflammatoryCBD success stories: opioid reduction, sleep, anti-inflammatory

Filed Under: Hemp Oil, Resource Center

Current Issue

Follow Us

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • YouTube logoYouTube logoYouTube

820 A1A N Highway W18,

Ponte Vedra Beach, FL 32082

Phone 904.285.6020

Fax 904.395.9118

CONTACT US »

Privacy Policy & Terms of Service

Copyright © 2021, All Rights Reserved

SUBSCRIBE TO THE MAGAZINE

Get Chiropractic Economics magazine
delivered to your home or office. Just
fill out our form to request your FREE
subscription for 20 issues a year,
including two annual Buyers Guides.

SUBSCRIBE NOW »

Latest Chiropractic News

  • MediHerb® introduces Ashwagandha Forte for patient sleep, stress, immunity support
  • HealthLight expands to include blue light therapy for chiropractors
  • Chiropractic student scholarships awarded by National Board of Chiropractic Examiners