Cannabis Pharmaceuticals market expected growth rate of 76.8% from 2020 to 2027

The global cannabis pharmaceuticals market size was valued at USD 67.0 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 76.8% from 2020 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 drive 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.

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 drive 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.

Source

Cannabis Pharmaceuticals Market Size, Share & Trends Analysis Report By Brand (Epidiolex, Sativex), By Region (North America, Europe, Asia Pacific, Latin America & MEA), And Segment Forecasts, 2020 – 2027

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