Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Cannabis Pharmaceuticals market.
Trusted Business Insights presents an updated and Latest Study on Cannabis Pharmaceuticals Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Cannabis Pharmaceuticals market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Cannabis Pharmaceuticals Market
The global cannabis pharmaceuticals market size was valued at USD 56.9 million in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 65.7% from 2021 to 2027. The rapidly progressing transformation of cannabis from herbal preparations to prescription drugs is anticipated to boost the growth of the market. Furthermore, the growing use of cannabis-based pharmaceuticals for multiple indications including inflammation, chronic pain, epilepsy, sleep disorders, anorexia, schizophrenia, and symptoms of multiple sclerosis, is another major factor driving the growth of the market. Emergence of Cannabis 3.0 that essentially highlights the necessity of value-based outcomes rather than perception based outcomes. This concept revolves around a shift from the traditional approach of smoking whole cannabis flower/bud to the consumption of processed, quantified, and packaged products derived from cannabis.
Pharmaceutical products like Sativex, Epidiolex, Nabilone, Dronabinol, and others (in pipeline) will not only boost medical cannabis market but, as these drugs are developed and regulated through a stringent process, will also improve physician and patient perspective on quantifiable benefits of cannabis-based drugs. Furthermore, it will also help companies to conduct clinical studies to broaden the application areas.
The growing number of clinical trials for various health conditions, due to the therapeutic properties of cannabis especially Cannabidiol (CBD) is also influencing the growth of the market. For instance, in 2018, around 400 active and completed clinical trials were performed on the CBD. Out of this, GW Pharmaceuticals has registered around 40 clinical trials with FDA, followed by Sanofi with 38 active or completed as of June 2018.
The surge in the number of authorizing physicians providing medical cannabis to patients owing to an increase in clinical evidence, rise in the awareness, comfort with the process, and the growing number of patients looking for medical cannabis as a potential alternative to traditional drugs is likely to generate the demand worldwide. For instance, according to Health Canada, in 2019, around 13,359 physicians have provided a prescription of 2.1 grams of the average amount of cannabis for medicinal purposes per day to patients in Canada.
Moreover, several companies are focusing on the development of cannabis-based pharmaceutical formulation, which is supporting the growth of the market. For instance, in 2018, GW Pharmaceuticals introduced EPIDIOLEX- a CBD-based oral solution for treating seizures. The company is using plant-derived CBD for producing its prescription pharmaceutical formulation in the market.
Although Epidiolex does not contain psychoactive THC, its legalization across the globe is a problematic procedure owing to the presence of stringent regulations on cannabis-infused products. Along with regulatory hurdles, drug manufacturers are facing obstacles in terms of high operational costs and logistical efforts, which may hamper the growth of the market.
Brand Insights: Cannabis Pharmaceuticals Market
In 2019, Sativex lead the cannabis pharmaceuticals market with a revenue share of 83.0%. Growing approval of the drug for the treatment of spasticity caused due to multiple sclerosis in various countries is supporting the growth of this segment. Currently, 21 countries have approved Sativex for muscle spasticity. Moreover, the surge in the clinical trials of the drug for other medical conditions such as spinal cord injury spasticity, Post-Traumatic Stress Disorder (PTSD), and other neurological conditions is further expected to drive the market over the forecast period 2021-2027.
On the other hand, epidiolex is anticipated to be the fastest-growing segment over the forecast period. It is the first cannabis-infused drug approved by the FDA. In 2018, after years of research, the FDA approved Epidiolex for treating Lennox-Gastaut Syndrome (LGS) and Dravet syndrome as studies confirmed that CBD is effective in treating seizures, which is expected to drive the growth of this segment.
Regional Insights: Cannabis Pharmaceuticals Market
Europe lead the market in 2019, with a revenue share of 67.6%. Major factors driving the demand are growing number of medical marijuana users along with the presence of major manufacturers in the region. On the other hand, the Asia Pacific region is anticipated to witness fastest growth rate over the forecast period owing to the increasing legalization and auspicious guidelines towards the use of these pharmaceuticals in various Asia Pacific countries. Moreover, several Asia Pacific countries, such as the New Zealand, South Korea, and Japan, have modified their national controls to accommodate these drugs as a medicinal product. Furthermore, increasing awareness about the medical benefits of these, including its healing properties, is anticipated to drive the market for cannabis pharmaceuticals in the region.
Key Companies & Market Share Insights: Cannabis Pharmaceuticals Market
The medical cannabis market has made some remarkable accomplishments in the past few years with the launch of innovative products. The clinical trials and approval of some cannabis-infused products have opened up the market for cannabinoid-based pharmaceuticals. The market for cannabis pharmaceutical is still in the nascent phase with higher opportunities. The growing legalization of marijuana globally is encouraging more investment in the space, and for pharmaceutical companies to expend more resources on the development of cannabinoid-based pharmaceutical drugs.
GW Pharmaceuticals is a pioneer in the plant-derived cannabinoid-based pharmaceuticals, however, there are other market participants such as AbbVie Inc.; Valeant Pharmaceuticals; and Insys Therapeutics, Inc. are also producing synthetic cannabinoid drugs, and competing with the plant-derived pharmaceutical manufacturers. Moreover, big pharmaceutical companies have also turned their focus on the cannabis industry. These companies are now taking over intensively by sponsoring clinical trials, entering into partnerships with marijuana pharmaceuticals, and applying for cannabinoid-based clinical trials. Some of the prominent players in the cannabis pharmaceuticals market include:
Key companies Profiled: Cannabis Pharmaceuticals Market Report
This report forecasts revenue growth at global, regional, country level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global cannabis pharmaceuticals market report on the basis of brand and region:
Brand Outlook (Revenue, USD Million, 2016 – 2027)
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