Cannabis Pharmaceuticals Market Expected To Fuel Industry Growth With USD 11.53 Billion By 2030

Author : Bella Kent | Published On : 19 Apr 2024

San Francisco, 19 April 2024: The Report Cannabis Pharmaceuticals Market Size, Share & Trends Analysis Report By Brand Type (Sativex, Epidiolex, Other Brands), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2024 - 2030

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.

Access Research Report of Cannabis Pharmaceuticals Market @ https://www.grandviewresearch.com/industry-analysis/cannabis-pharmaceuticals-market

Cannabis Pharmaceuticals Market Report Highlights

• By brand type, epidiolex segment held the largest revenue share of 98.5% in the global market in 2023. Growing approval of the drug for the treatment of severe forms of epilepsy, Dravet syndrome, Lennox Gastaut syndrome, and Tuberous Sclerosis Complex in various countries is supporting segment growth
• Europe accounted for the largest revenue share in 2023, owing to growing number of medical cannabis users, along with the presence of major manufacturers in the region
• Latin American markets are estimated to grow at the fastest rate during the forecast period. This can be attributed to growing legalization and favorable guidelines toward using cannabis pharmaceuticals in the region

Cannabis Pharmaceuticals Market Report Scope

List of Key Players of the Cannabis Pharmaceuticals Market

• Jazz Pharmaceuticals, Inc.
• AbbVie, Inc.
• Insys Therapeutics, Inc.
• Bausch Health Companies, Inc.

Access Press Release of Cannabis Pharmaceuticals Market @ https://www.grandviewresearch.com/press-release/global-cannabis-pharmaceuticals-market