Cannabis Pharmaceuticals Market Size, Share, Growth Analysis, By Brand(Epidiolex, Sativex), By Region - Industry Forecast 2024-2031

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.