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

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.