Cannabis Pharmaceuticals Market 2024-2034: Focus on Sativex, Cesamet, Marinol, Epidiolex – ResearchAndMarkets.com
The global cannabis pharmaceuticals market, valued at USD 3.46 billion in 2023, is expected to experience remarkable growth, reaching USD 380.77 billion by 2034. This expansion is forecasted at a compound annual growth rate (CAGR) of 53.32% over the period from 2024 to 2034. The market’s growth is driven by several factors, including the rising prevalence of chronic diseases, evolving consumer preferences, expanding research efforts, increasing awareness of medical benefits, and the growing acceptance and legalization of cannabis products.
One of the key drivers of market growth is the growing body of scientific research highlighting the therapeutic potential of cannabis and its derivatives for treating a variety of medical conditions. These include chronic pain, multiple sclerosis, epilepsy, and nausea and vomiting induced by chemotherapy. As more patients and healthcare professionals become aware of these benefits, the demand for cannabis-based medications is steadily increasing. For example, in February 2024, GW Pharmaceuticals launched a new clinical trial to evaluate the effectiveness of a CBD-based treatment for autism spectrum disorder (ASD), underscoring the expanding scope of cannabis pharmaceuticals in treating diverse health conditions.
Regionally, North America is expected to dominate the cannabis pharmaceuticals market, holding the largest revenue share during the forecast period. The market in this region benefits from established regulatory frameworks that support both medical and recreational cannabis use, widespread consumer acceptance, and a robust infrastructure for cannabis cultivation, processing, and distribution. In contrast, the Asia Pacific region is predicted to experience the fastest growth, driven by a rapidly changing regulatory environment, increasing recognition of cannabis as a therapeutic agent, and heightened investments in research and development. A notable example of this is the partnership formed in February 2023 between Canadian companies Aurora Cannabis Inc. and MedReleaf Australia, which led to the launch of CraftPlant, a new medical cannabis brand in the region.
In terms of product segments, the Epidiolex segment led the global cannabis pharmaceuticals market in 2023 and is expected to grow at the highest CAGR over the forecast period. This is due to the unique therapeutic properties of Epidiolex, a CBD-based medication, as well as growing acceptance of CBD treatments for conditions such as epilepsy and anxiety. The increased focus on research supporting Epidiolex’s efficacy is contributing to this growth. For example, SOMAI Pharmaceuticals, a European producer of therapeutic cannabis products, received approval from the Portuguese Health Authority INFRAMED in September 2023 to manufacture, import, and export cannabis-based products from its Lisbon facility.
By distribution channel, the hospitals segment was the highest revenue-generating segment in 2023. This can be attributed to the increasing adoption of cannabis-based treatments for chronic pain management, neurological disorders, and palliative care. Many patients seeking alternative therapies are turning to cannabis medications. For example, Celadon Pharmaceuticals Plc registered its cannabis active pharmaceutical ingredient at its Midlands facility in the UK with the Medicines and Healthcare Products Regulatory Agency (MHRA) in January 2023, ensuring compliance with Good Manufacturing Practice (GMP) standards .Epidiolex’s efficacy is contributing to this growth. For example, SOMAI Pharmaceuticals, a European producer of therapeutic cannabis products, received approval from the Portuguese Health Authority INFRAMED in September 2023 to manufacture, import, and export cannabis-based products from its Lisbon facility.
Meanwhile, the online pharmacies segment is expected to see the fastest growth during the forecast period. The convenience of purchasing cannabis pharmaceuticals online, coupled with expanding internet access and evolving regulations permitting online sales of medical cannabis products, is driving this trend. The online pharmacies segment is anticipated to experience the fastest growth during the forecast period. Several factors contribute to this trend, including the increasing convenience of purchasing cannabis pharmaceuticals online. Consumers are increasingly seeking flexible and accessible options for acquiring medical products, and the ability to buy cannabis medications from the comfort of their homes meets this demand. This shift is supported by expanding internet access, which is enhancing online purchasing capabilities for a wider audience, particularly in regions with growing e-commerce infrastructure.
Additionally, evolving regulations are playing a significant role in facilitating online sales of medical cannabis products. As more countries and regions implement legal frameworks that support the sale and distribution of cannabis for medicinal purposes, the regulations surrounding online cannabis sales are becoming more standardized. These changes are helping to build consumer trust and confidence in the safety and legitimacy of purchasing medical cannabis through online platforms.
The market forecast spans a wide range of regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). These regions are further broken down into specific countries, including the United States, Canada, Germany, France, the United Kingdom, Spain, Italy, Brazil, Mexico, South Africa, and others. As cannabis-related legislation continues to evolve globally, varying levels of regulatory acceptance will likely influence market dynamics in each region.
The cannabis pharmaceuticals market is also characterized by significant competition, with major players actively contributing to market growth. These companies include GW Pharmaceuticals, Tilray Inc., Canopy Growth Corporation, Aurora Cannabis Inc., Cronos Group Inc., Aphria Inc., Charlotte’s Web Holdings Inc., Curaleaf Holdings Inc., Trulieve Cannabis Corp., HEXO Corp., Green Thumb Industries Inc., MediPharm Labs Corp., Valens Company Inc. (formerly Valens GroWorks Corp.), OrganiGram Holdings Inc., and CannTrust Holdings Inc. These companies are involved in various aspects of cannabis production, research, and distribution, offering a range of medical cannabis products to meet growing patient demand.
Overall, the global cannabis pharmaceuticals market is poised for exponential growth over the next decade, with innovations in product development, distribution channels, and regulatory frameworks playing a crucial role in shaping the industry’s future. The market will continue to evolve as new research and clinical trials unlock further therapeutic benefits of cannabis, contributing to its broader acceptance as a legitimate treatment option across a variety of medical conditions.
As the market expands, it will be crucial for stakeholders in the cannabis pharmaceutical space to adapt to the shifting landscape of regulations, consumer preferences, and scientific advancements. The increasing integration of cannabis-based medications into mainstream healthcare systems and the ongoing research into its therapeutic properties will drive the growth of this dynamic market in the coming years.
