Cannabis Pharmaceuticals Market Size, Share & Trends Analysis Report By Brand Type (Sativex, Epidiolex), By Region (North America, Europe, Asia Pacific, Latin America, MEA), And Segment Forecasts, 2023 - 2030

Cannabis Pharmaceuticals Market Size, Share & Trends Analysis Report By Brand Type (Sativex, Epidiolex), By Region (North America, Europe, Asia Pacific, Latin America, MEA), And Segment Forecasts, 2023 - 2030

Cannabis Pharmaceuticals Market Growth & Trends

The global cannabis pharmaceuticals market size is expected to reach USD 102.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 62.5% from 2023 to 2030. Rapid growth in applications of cannabis for various indications including pain, inflammation, sleep disorders, anorexia, epilepsy, schizophrenia, and multiple sclerosis is estimated to driving cannabis pharmaceuticals 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 the market growth. Regulatory acceptance of cannabis products such as Sativex and Epidiolex are improving patient and physician perspective on cannabis as these drugs are developed and regulated by stringent process.

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, quarter of the patients consuming medical cannabis did not show nausea and vomiting. Such research studies are estimated to increase demand for cannabis in the pharmaceutical industry.

There is a rise in number of physicians prescribing cannabis to its patients due to increasing clinical evidence, growing awareness, and 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 opioid, 33% with prescription anxiety drugs, and 22% with prescription sleep drug. Thus, increasing cannabis consumption will drive the pharmaceutical cannabis market globally.

Regulatory approval of cannabis is a major parameter supporting market growth. 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

• Epidiolex brand type emerged as the leading segment in 2022, with a revenue share of 97.5% in the global market, where as other brands segment is expected to witness fastest CAGR during the forecast period
• Amongst all the regions, Europe accounted for the largest revenue share of 43.9% in 2022, whereas Middle East and Africa is projected to expand at the fastest CAGR during the forecast period
• Jazz Pharmaceuticals (formerly, GW Pharmaceuticals, Inc.), is the leading player in the market. The company holds a majority share of the market and is expected to maintain its dominance in the next 3-4 years. However, with the launch of cannabis pharmaceuticals by other players, the share is expected to reduce over the forecast period.

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