What Transformation Has the Cannabis Pharmaceuticals Market Undergone?
The cannabis pharmaceuticals market has seen considerable growth due to a variety of factors.
• The market size for pharmaceutical cannabis has seen an explosive growth in the last few years. It is projected to expand from $6.03 billion in 2024 to a substantial $9.45 billion in 2025, reflecting a compound annual growth rate (CAGR) of 56.66%.
This significant growth during the historic period is a result of factors such as the increased legalization of medicinal cannabis, heightened awareness of the therapeutic benefits of cannabinoids, a rise in instances of chronic and neurological disorders, favourable regulatory structures, growing investments in the pharmaceutical sector, and a shift in public opinion towards the utilization of cannabis in the healthcare sector.
How Will The Cannabis Pharmaceuticals Market Size Evolve In The Foreseeable Future?
The cannabis pharmaceuticals market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for substantial expansion in the cannabis pharmaceuticals market size in the coming years. A rise to $56.37 billion is projected by 2029, equating to a compound annual growth rate (CAGR) of 56.29%.
This anticipated growth within the forecast period is largely due to factors such as more regulatory approvals, heightened understanding of the medical advantages of cannabis, wider use in pain management and neurological disorders, increasing cases of chronic diseases, advancements in drug delivery system innovation, and the implementation of beneficial reimbursement policies. Noteworthy tendencies during the forecast period include progression in cannabinoid extraction methods, the creation of targeted drug delivery systems, utilization of synthetic cannabinoid formulas, enhancements in clinical trial procedures, and the incorporation of artificial intelligence in the discovery of drugs.
What Are The Core Factors Supporting Growth In Cannabis Pharmaceuticals Market?
The escalation in the occurrence of epilepsy is anticipated to push the growth of the cannabis pharmaceuticals market. Epilepsy is a neurological disorder marked by frequent, spontaneous seizures instigated by unusual electrical activity in the human brain. The increasing incidents of epilepsy are accredited to improved diagnosis, higher awareness, better reporting techniques, and plausible influences like environmental, genetic, and lifestyle factors. Cannabis pharmaceuticals demonstrate promise in managing epilepsy. They leverage cannabinoids such as CBD to diminish the frequency and intensity of seizures in patients unresponsive to standard anti-epileptic medicines. For instance, the Belgium-based non-profit organization, European Brain Council, reported in April 2022 that over 600 neurological diseases and nearly 300 psychiatric conditions afflict millions worldwide, including 65 million with epilepsy. Furthermore, as per the Alzheimer Society of Canada, a health charity based in Canada, approximately 771,939 Canadians are predicted to suffer from dementia on January 1, 2025, and this number is projected to climb close to one million by 2030. Thus, the growing prevalence of epilepsy is propelling the expansion of the cannabis pharmaceuticals market.
What Are The Core Segments Of The Globa Cannabis Pharmaceuticals Market?
The cannabis pharmaceuticals market covered in this report is segmented –
1) By Product Type: Cannabinoid-Based Pharmaceuticals, Cannabis Extracts, Synthetic Cannabinoids
2) By Formulation Type: Capsules And Tablets, Oils And Tinctures, Topical Solutions
3) By Therapeutic Application: Cancer, Neurological Disorders, Pain Management
4) By Distribution Channel: Hospital Pharmacies, Online Pharmacies, Retail Pharmacies
5) By End-User: Hospitals And Clinics, Rehabilitation Centers, Research Organizations
Subsegments:
1) By Cannabinoid-Based Pharmaceuticals: THC-Based Pharmaceuticals, CBD-Based Pharmaceuticals, Combination of THC and CBD Pharmaceuticals, Other Cannabinoid-Based Formulations
2) By Cannabis Extracts: Full-Spectrum Cannabis Extracts, Broad-Spectrum Cannabis Extracts, Isolate Cannabis Extracts (CBD Isolate)
3) By Synthetic Cannabinoids: Synthetic THC Analogues, Synthetic CBD Analogues, Synthetic Cannabinoid Receptor Agonists, Designer Synthetic Cannabinoids
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Which Emerging Trends Are Reshaping The Cannabis Pharmaceuticals Market Size?
The focus of leading firms in the cannabis pharmaceuticals market is honing in on the creation and development of groundbreaking products such as sophisticated medical cannabis compounds, with the aim to improve treatment of various health conditions and to enhance patient health outcomes. Sophisticated medical cannabis compounds are specially made cannabis-based products that are modified for medicinal use. They integrate measured doses of cannabinoids including THC and CBD. For instance, Canexis Pharma AG, a pharmaceutical company based in Switzerland, in April 2024, acquired manufacturing and narcotics licenses from Swissmedic for cannabis pharmaceuticals. These licenses provide the company the legitimacy to produce top-tier medicinal elements that are derived from CBD and THC. Such progress enables Canexis to keep up with the escalating demand for medical cannabis in Switzerland and around the world. By securing these licenses, the company shows that it adheres to rigid regulatory standards. This increases its believability and capacity to make significant contributions in the fast-paced evolution of the medical cannabis market.
Who Are the Key Players in the Cannabis Pharmaceuticals Market?
Major companies operating in the cannabis pharmaceuticals market are include:
• Curaleaf Holdings Inc.
• Aphria Inc.
• Green Thumb Industries Inc.
• Trulieve Cannabis Corp.
• Tilray Inc.
• Cresco Labs Inc.
• Columbia Care Inc.
• Acreage Holdings Inc.
• Canopy Growth Corporation
• Aurora Cannabis Inc.
• MedMen Enterprises Inc.
• OrganiGram Holdings Inc.
• Cronos Group
• Enveric Biosciences Inc.
• Auxly Cannabis Group Inc.
• Valens Company Inc.
• Charlotte's Web Holdings Inc.
• Medical Marijuana Inc.
• Aleafia Health Inc.
• Supreme Cannabis Company Inc.
• Avicanna Inc.
• Emerald Health Therapeutics Inc.
What are the Regional Insights into the Cannabis Pharmaceuticals Market?
North America was the largest region in the cannabis pharmaceuticals market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cannabis pharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
