Cannabis Pharmaceuticals Market Size, Share, Trends And Forecast 2030


 

The global cannabis pharmaceuticals market size is expected to reach USD 127.1 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 104.2% from 2022 to 2028. Rapid growth in applications of cannabis for various indications including pain, inflammation, sleep disorders, anorexia, epilepsy, schizophrenia, and multiple sclerosis is estimated to drive market growth. There is a shift from cannabis herbal preparations to prescription drugs. Demand for processed, quantified, and packaged cannabis products is significantly increasing. Moreover, consumer, as well as regulatory acceptance of cannabis products, is increasing which in turn is positively impacting market growth.

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Regulatory acceptance of cannabis products such as Sativex and Epidiolex are improving patient and physician perspectives on cannabis as these drugs are developed and regulated by the stringent process.

The increasing number of research and development activities and clinical trials for studying the therapeutic benefits of cannabis will drive the market growth during the forecast period. For instance, in September 2020, Tilray Inc. announced that its cannabis products are showing promising results in reducing vomiting and nausea in patients undergoing chemotherapy for cancer. According to the study, a quarter of the patients consuming medical cannabis did not show nausea and vomiting. Such research studies are estimated to increase the demand for cannabis in the pharmaceutical industry.

There is a rise in a number of physicians prescribing cannabis to their patients due to increasing clinical evidence, growing awareness, and an increasing number of patients looking for cannabis as a medical alternative. For instance, according to a survey published in 2019, 22% of the consumers were looking for replacing prescription or OTC drugs with CBD. Moreover, 30% took CBD in addition to the prescribed drug. Forty-seven percent replaced an OTC drug with CBD, 36% with prescription opioids, 33% with prescription anxiety drugs, and 22% with prescription sleep drugs. Thus, increasing cannabis consumption will drive the pharmaceutical cannabis market globally.

Regulatory approval of cannabis is a major parameter supporting market growth. Governments and regulatory authorities are taking initiatives to legalize the use of cannabis for medical purposes. For instance, In August 2020, a regulatory authority in Portugal, INFARMED I.P., granted license to Clever Leaves for cultivation and import export of medical cannabis. For instance, in November 2018, GW Pharmaceuticals, plc launched EPIDIOLEX (CBD) oral solution for treating seizures associated with Lennox-Gastaut syndrome and Dravet syndrome. EPIDIOLEX was approved by the FDA in June 2018. It is the first prescription pharmaceutical formulation plant-derived CBD and an antiepileptic drug.

Cannabis Pharmaceuticals Market Report Highlights

The Epidiolex brand type emerged as the leading application segment in 2021, with a revenue share of 96.9% in the market

Europe dominated the market and accounted for the largest revenue share of 43.8% in 2021

In Middle East and Africa, the market is projected to expand at the fastest CAGR during the forecast period

Key Companies & Market Share Insights

Key players operating in the market for cannabis pharmaceuticals are adopting various strategies such as mergers and acquisitions and product development to expand product portfolio and geographic presence. For instance, in February 2021, Jazz Pharmaceuticals PLC announced its plans to acquire GW Pharmaceuticals. Upon completion of the acquisition, Jazz Pharmaceutical would have an enhanced neuroscience product portfolio with an increased global commercial footprint. Some of the prominent players in the cannabis pharmaceuticals market include:

·        GW Pharmaceuticals, plc

·        Insys Therapeutics

·        Abbvie

·        Valeant Pharmaceuticals (Bausch Health Companies, Inc.)

Browse Full Report: https://www.grandviewresearch.com/industry-analysis/cannabis-pharmaceuticals-market

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