PUBLISHER: Grand View Research | PRODUCT CODE: 1433604
PUBLISHER: Grand View Research | PRODUCT CODE: 1433604
The global cannabis pharmaceutical market size is expected to reach USD 11.53 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 32.6% from 2024 to 2030.The rise in applications of cannabis for various indications, including sleep disorders, pain, inflammation, epilepsy, anorexia, multiple sclerosis, and schizophrenia, is driving the market growth. Demand for processed, quantified, and packaged cannabis products for medical purposes is significantly increasing. Moreover, consumer and regulatory acceptance of cannabis products is increasing, positively impacting the market growth. For instance, regulatory approval of cannabis-based products such as Epidiolex and Sativex is improving the perspectives of both patients and physicians regarding the use of cannabis.
An increasing number of research and development activities and product approvals are anticipated to drive market growth over the forecast period. For instance, in August 2021, GW Pharmaceutical received approval for using EPIDYOLEX to treat tuberous sclerosis complex seizures from the UK Medicines and Healthcare Products Regulatory Agency (MHRA). Such approvals are estimated to increase demand for cannabis in the pharmaceutical industry.
The rising number of clinical trials signifying the positive effects of utilizing cannabis pharmaceuticals for treating various medical conditions, such as multiple sclerosis, epilepsy, chronic pain, and cancer, is a major factor boosting market growth. Positive results provided by clinical trials help to change the perspective of patients & healthcare professionals toward cannabis and pharmaceutical drugs developed using cannabis. For instance, as per the data provided by ClinicalTrials.gov, as of 2022, there are around 722 studies for Sativex that are active, either recruiting, not recruiting, or enrolling by invitation.