USD 1.5 billion
Cannabis Pharmaceuticals Market Size, Share, Growth Analysis, By Brand(Epidiolex, Sativex), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2243 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
35
|Figures:
74
Cannabis Pharmaceuticals Market Insights
Global Cannabis Pharmaceuticals Market size was valued at USD 1.5 billion in 2022 and is poised to grow from USD 2.43 billion in 2023 to USD 115.27 billion by 2031, growing at a CAGR of 62% in the forecast period (2024-2031).
The widespread utilization of cannabis across various medical applications is a significant catalyst for market growth. Cannabis products can be applied to manage a number of illnesses. Some chronic conditions that cannabis can be applied in are arthritis and cancer, along with Parkinson’s and Alzheimer’s disease. Cannabis can also be used to manage neurological disorders such as depression, epilepsy, and anxiety.
These ingredients help reduce patient pain. The continued intake of these products has grown due to its requirement in easing chronic pain and its importance in pain management medications. These factors have boosted the growth of the market in recent years.
Several countries all around the world have decriminalized cannabis, making its usage legal in therapy products. These nations include Cyprus, Finland, Chile, Canada, Croatia, Colombia, the US and UK, Denmark, Poland, Czech Republic, and Portugal, among others. The trend of opening up the legality of cannabis products due to its therapeutic properties has helped market growth immensely.
This trend can be shown in one perfect example. In May 2021, the MORE (Marijuana Opportunity, Reinvestment, and Expungement) Act was reinstated in the U.S. House of Representatives. This highlights the region’s support for legalization of cannabis in therapy. This spark will light the fire in other regions as well, offering a growth opportunity for the global market.
Governments and consumers around the world are starting to accept cannabis. This global acceptance has also resulted in health professionals prescribing therapies that include these products. This in turn opens up the market for a potentially extended period of expansion. This trend is gaining popularity and will help the market maintain its steady growth.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
epidiolex
Fastest Growth
sativex
Growth Rate
62% CAGR
Global Cannabis Pharmaceuticals Market ($ Bn)
Country Share for North America Region (%)
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Cannabis Pharmaceuticals Market Segmental Analysis
The global cannabis pharmaceuticals market is segmented into epidiolex and sativex on the basis of brand. If the market is divided based on region, we end up with the following segments: North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Analysis By Brand
In terms of brand classification, the segment that comes out on top as the leading revenue generator is Epidiolex, which holds a substantial share of 97.5% as of 2022. The sales of this market segment have boomed exponentially in recent years thus crediting its current position in the market. Furthermore, significant support for the expansion of this market segment has been generated due to the approval of pricing and reimbursement in countries like Israel, Finland, and Germany. he increasing number of approvals for its use as a vital medication in the treatment of seizures associated with Lennox-Gastaut syndrome and Dravet syndrome, have continued to propel the expansion of this segment.
On the other hand, the “other” brands segment is predicted to develop into the most lucrative market, displaying rapid growth throughout the forecast period at a noteworthy rate of 76.1%. The dynamics of the market will be greatly transformed due to these forthcoming product launch. For example, SciSparc announced the beginning of their recruitment drive, in January 2022, for the first patient in a Phase-IIa clinical trial that targets the medicinal purposes of the cannabis-related compound SCI-110. Usually, Phase-II studies utilize an average of 2 to 5 years for completion before the product can be launched into the market. As a result of these developments, these impending product launches are ready to contribute heavily to market expansion.
Global Cannabis Pharmaceuticals Market By Brand
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Cannabis Pharmaceuticals Market Regional Insights
North America, led by countries like the United States and Canada, has been one of the most prominent regions in the global cannabis pharmaceutical market. In recent years, North America has seen a boom in both medical and recreational cannabis legalization, further stimulating market growth. Driven by the increasing acceptance of cannabis as a treatment option and the availability of multiple cannabis-derived pharmaceuticals, the United States, in particular, has seen a tremendous development in the use of cannabis for medicinal purposes. Moreover, North America's rich ecosystem of research and development and the presence of major cannabis pharmaceutical companies greatly contribute to retaining its position in the market.
On the other hand, the Asia-Pacific region has presented the cannabis pharmaceutical market with opportunities and challenges alike. Though there is a growing awareness of the potential medical benefits of cannabis products, several countries in the region have continued to maintain strict regulations against these products. Nevertheless, an increasing acceptance of alternative medicine and the changing perception of cannabis globally, is gradually influencing the market in this region. Additionally, some Asian countries, such as Israel and Australia, have come a long way in cannabis research and have legalized medical cannabis use, which seems to be a good sign for regional market growth. In the long term, the expanding healthcare infrastructure and large population of the Apac region holds a promising ideal for the development of the cannabis pharmaceutical market.
Global Cannabis Pharmaceuticals Market By Region
- Largest
- Fastest
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Cannabis Pharmaceuticals Market Dynamics
Drivers
Legalization and Regulatory Changes
- A prominent driver in the cannabis pharmaceutical market is the growing rate of legalization of medical cannabis in various countries and states. As more areas accept and permit the use of cannabis for medicinal purposes, it strengthens the market's potential.
Growing Acceptance of Medical Cannabis
- The patient demand for cannabis as a legitimate medical treatment for multiple conditions, like epilepsy, cancer, and chronic pain has grown due to the changing perceptions and increasing acceptance of these products. This trend depicts a good sign for continued market growth.
Rising Chronic Diseases
- The incidence and number of chronic diseases and conditions that can be treated or managed with pharmaceuticals that use cannabis is growing. These diseases and conditions include multiple sclerosis, depression, and anxiety disorders.
Restraints
Regulatory Challenges
- Though many regions have seen and incorporated the growing trend of increasing legalization, there are still some variations in laws and regulations from one region to another and regulatory hurdles to be dealt with. These challenges can inhibit market growth and product development.
Lack of Clinical Evidence
- Though the existence of anecdotal evidence of cannabis' efficacy has been proved, further rigorous clinical studies have to be conducted to establish the effectiveness and safety of cannabis pharmaceuticals. The current lack of comprehensive data can be a challenging market restraint.
Stigma and Misconceptions
- Some healthcare providers and patients can still be deterred due to lingering misconceptions and social stigma about the use of cannabis as a recreational drug, thus barring them from considering cannabis-based treatments which can stunt adoption rates.
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Cannabis Pharmaceuticals Market Competitive Landscape
Several companies in the market are captured in fierce competition as they strive to expand the range of medical conditions that can be treated with cannabis-derived compounds by putting in significant investments in research and development to discover new cannabinoid-based pharmaceuticals. These efforts include the conduction of clinical trials to research and establish the safety and efficacy of cannabis products. In order to speed up market penetration and product development, these companies are employing strategic collaborations. Companies were bringing in a diverse range of offerings to their existing product portfolios by developing various forms of cannabis-based medicines, including transdermal patches, inhalers, oral medications, and more, thus allowing them to cater to a wider range of patient needs and preferences.
Top Player’s Company Profiles
- Pharmaceutical Group (United Kingdom)
- MedReleaf Australia (Australia)
- Aurora Cannabis (Canada)
- GW Pharmaceuticals (United Kingdom)
- Clever Leaves (Colombia)
- Cannabis Europa (United Kingdom)
- Tilray (Canada)
- Aphria Inc. (Canada)
- Panaxia Pharmaceuticals (Israel)
- Aphria Inc. (Canada)
- Cresco Labs (USA)
- Canopy Growth Corporation (Canada)
- Cronos Group Inc. (Canada)
- Green Thumb Industries Inc. (USA)
- Charlotte's Web Holdings, Inc. (USA)
- Harvest Health & Recreation Inc. (USA)
- TerrAscend Corp. (Canada)
- Trulieve Cannabis Corp. (USA)
- Acreage Holdings, Inc. (USA)
- Curaleaf Holdings, Inc. (USA)
Recent Developments
- In March 2023, the Epidiolex oral solution, which is a cannabidiol (CBD)-based drug of GW Pharma, a world leader in the science, development, and commercialization of cannabinoid prescription medicines, was approved by the European Medicines Agency (EMA) for the treatment of seizures that come along with Dravet syndrome and Lennox-Gastaut syndrome (LGS) in patients of 2 years of age and older.
- In February 2023, The cannabidiol (CBD) oral spray, called InsysRx Sativex, manufactured by Tilray, an American pharmaceutical, cannabis-lifestyle and consumer packaged goods company, was approved by the U.S. Food and Drug Administration (FDA) for the treatment of spasticity that is seen in patients with multiple sclerosis (MS).
- In January 2023, The cannabidiol (CBD) nasal spray, called CannEpil, manufactured by Creso Pharma (now Melodiol), an Australia-based cannabis company, was approved by the Therapeutic Goods Administration (TGA) of Australia for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS) and Dravet syndrome in patients 2 years of age and older.
Cannabis Pharmaceuticals Key Market Trends
- Diverse Product Formats: Consumer choice and accessibility of cannabis products is increasing with the introduction of an expanding range of product formats, including edibles, oils, and capsules.
- Pharmaceutical Partnerships: There is a rising scope of the development of novel pharmaceutical-grade products resulting from collaborations and partnerships between cannabis producers and pharmaceutical companies, which is becoming more common.
- Advanced Extraction Technologies: The enhancement of consistency and quality in cannabis extracts used in pharmaceuticals is being fueled by innovations in extraction and purification technologies.
Cannabis Pharmaceuticals Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Pretreatment Coatings Market analysis, the global cannabis pharmaceuticals market has experienced remarkable growth and transformation over the past few years. The increasing acceptance of medical cannabis as a legitimate treatment option for various medical conditions, coupled with evolving regulatory frameworks in numerous countries, has propelled the market forward. Key players like GW Pharmaceuticals and Tilray have played pivotal roles in advancing research and development efforts, resulting in the approval of groundbreaking cannabis-based medications.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.5 billion |
| Market size value in 2031 | USD 115.27 billion |
| Growth Rate | 62% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cannabis Pharmaceuticals Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cannabis Pharmaceuticals Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cannabis Pharmaceuticals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cannabis Pharmaceuticals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cannabis Pharmaceuticals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cannabis Pharmaceuticals Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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