Cannabinoid Therapeutics Market To Grow At A Healthy CAGR of 104.2% from 2022 to 2027

Cannabinoid Therapeutics Market Analysis (2023 - 2030)

The global Cannabinoid Therapeutics Market size is at USD 1.1 billion in 2021. This market is witnessing a healthy CAGR of 104.2% from 2022 to 2027.

The market is being driven by the use of cannabis in numerous medical applications. For instance, cannabis is frequently used to treat people with neurological diseases including depression, anxiety, and epilepsy as well as chronic illnesses like Parkinson's disease, cancer, arthritis, and Alzheimer's disease. In addition, the prevalence of chronic pain and pain management treatments is rising. As a result, more people are using cannabis products since they are successful at managing pain.

Cannabinoids are organic chemical substances that are not only present in the widely known plant Cannabis sativa but also in the brain networks of humans. They function as molecules that block incoming pain signals and relieve long-lasting suffering in the brain and spinal cord. They are valuable for pain treatment because of their unique quality.

In addition to being used for recreational purposes, cannabinoids are frequently used in the medical field. They serve as a painkiller and mood stabilizers in this situation, and because they are natural, patients generally tolerate this medication well. As a result, a few problems they are used for include chronic pain of any kind, chemo-related side effects such as vomiting and nausea, anorexia, weight loss, IBS, spasticity, epilepsy, and many psychiatric disorders.

The main factors influencing the growth of the cannabis pharmaceuticals market are the rising number of clinical trials for cannabis-based medications, the drug's increasing importance in the medical field due to its properties, and rising consumer awareness of cannabidiol products because of their health benefits. The development of cannabis-based medications, which are utilized for a variety of conditions including chronic pain, inflammation, sleep disturbances, epilepsy, schizophrenia, anorexia, and symptoms of multiple sclerosis, is another factor boosting the market for these products. On the other hand, many nations have rigorous laws and rules governing cannabidiol goods, which is restricting the availability of cannabis products and its market.

Due to the anticipated shift in consumer preferences for derivative cannabis product formats and the use of cannabinoids in therapeutic applications, the market for cannabinoid extracts and isolates is predicted to increase significantly in the upcoming years. Growing knowledge of cannabidiol's restorative qualities and medicinal advantages is another factor driving the industry (CBD). Additionally, cannabidiol (CBD) is frequently utilized in many medical procedures, including the treatment of anxiety and depression, the reduction of stress, the prevention of diabetes, the easing of pain, the treatment of cancer symptoms, and the treatment of acne. Due to the increased use of CBD-based products for treating a variety of medical problems, the market is anticipated to present profitable prospects throughout the forecast period.

Key Market Insights:

• The Epidiolex segment dominated the market for cannabis medications in 2021 and is anticipated to increase at the fastest rate throughout the forecast period. This is explained by Epidiolex's strong sales. GW Pharmaceuticals' annual report states that despite COVID-19, Epidiolex sales climbed by more than 70% in 2021 compared to 2020. This is because Epidiolex is in high demand in both the United States and Europe. Furthermore, the market expansion is being aided by pricing and reimbursement approval in Finland, Germany, and Israel. Dravet syndrome and Lennox-Gastaut syndrome-related seizures are managed with epidiolex. The increase in the segment is being driven by the increasing number of Epidiolex approvals.
• During the projection period, the Sativex segment is anticipated to experience a CAGR of 26.9 percent. Multiple sclerosis-related muscular spasticities are treated with Sativex. The segment is expanding as a result of rising demand for Sativex in Canada and Europe for the treatment of muscle spasticity. The market for cannabis pharmaceuticals is also anticipated to be driven by an increase in the number of clinical trials of the substance for other medical diseases, such as posttraumatic stress disorder, spinal cord injury, other neurological illnesses, cancer, and chronic pain. GW Pharmaceuticals, Inc. and Otsuka Pharmaceutical Development and Commercialization, Inc., for instance, completed clinical research together in 2018.
• Due to widespread usage and a high rate of FDA approval in North America, the market for cannabis therapy is anticipated to expand at the quickest rate over the forecast period. It is also anticipated that the region's technological advancements in marijuana therapy will accelerate the market's expansion.
• Since of rising availability and demand for cannabinoids produced from cannabis, it is projected that the market for cannabinoid therapy in Europe would expand at a rapid rate over the forecast period. The legal issues surrounding the use of cannabis and the low level of awareness about cannabinoid therapy are expected to cause the Asia-Pacific cannabinoid therapy market to expand at a respectable rate during the period of forecast.

Market Segmentation:

By Brand:

• Sativex
• Epidiolex

By Application:

• Medical
• Recreational
• Edibles
• Topicals
• Industrial hemp
• Others

By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Rest Of the World

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