Global Cannabis Pharmaceuticals Market Size, Share, Growth Analysis, By Brand(Epidiolex, Sativex) - 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 extensive use of cannabis across various medical domains serves as a significant driver for market expansion. Cannabis-based products are increasingly recognized for their efficacy in managing a spectrum of illnesses, including chronic conditions like arthritis, cancer, Parkinson's, and Alzheimer's disease, as well as neurological disorders such as depression, epilepsy, and anxiety. These compounds play a crucial role in alleviating patient pain, contributing to the growing demand for cannabis-based medications in pain management. The legalization of cannabis for therapeutic purposes in numerous countries, including the US, UK, Canada, and others, reflects a global shift towards acceptance of its therapeutic properties, propelling market growth. Legislative initiatives such as the MORE Act in the US further signify governmental support for cannabis legalization, igniting similar movements worldwide. As governments and consumers increasingly embrace cannabis, healthcare professionals are integrating cannabis therapies into their prescriptions, further fueling market expansion. This evolving trend towards global acceptance and medical integration positions the cannabis market for sustained growth in the foreseeable future.

Top-down and bottom-up approaches were used to estimate and validate the size of the Cannabis Pharmaceuticals Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

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.

Drivers of the Cannabis Pharmaceuticals Market

A significant catalyst for growth in the cannabis pharmaceutical market is the increasing trend of legalizing medical cannabis in various regions, bolstering the market's potential as more areas embrace its medicinal use. Moreover, the rising acceptance of medical cannabis among patients seeking treatment for conditions like epilepsy, cancer, and chronic pain reflects a positive shift in perceptions, driving continued market expansion. Additionally, the prevalence of chronic diseases treatable with cannabis-based pharmaceuticals, such as multiple sclerosis, depression, and anxiety disorders, contributes to market growth.

Restraints in the Cannabis Pharmaceuticals Market

Challenges persist, including regulatory variations across regions and the need for more robust clinical evidence to establish efficacy and safety. Furthermore, lingering misconceptions and social stigma surrounding cannabis use may deter some healthcare providers and patients from considering cannabis-based treatments, potentially impeding adoption rates.

Market Trends of the Cannabis Pharmaceuticals Market

key market trends such as the diversification of product formats, pharmaceutical partnerships, and advancements in extraction technologies are poised to drive further innovation and growth in the cannabis pharmaceutical sector.