Cannabinoid Therapeutics Market Size (2023 – 2030)

The Global Cannabinoid Therapeutics Market was valued at USD 27.37 billion and is projected to reach a market size of USD 111.37 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 22.2%. 

Industry Overview:

Cannabis, which is used to treat various conditions and illnesses, comes from either a marijuana plant or a chemical. It is similar to marijuana used for recreational purposes, but it is also used for medicinal purposes.

 Cannabis drug market :

 Marijuana plants contain about 100 chemicals, also known as cannabinoids. The effects of marijuana and cannabis vary from person to person. The chemicals used primarily in the medical field are cannabidiol (CBD) and Delta9-tetrahydrocannabinol (THC). THC also creates a sensation when a person smokes or consumes marijuana.

  Medical marijuana is used to treat a variety of illnesses, including:

•       Alzheimer's disease
•       Multiple sclerosis
•       Decreased appetite
•       nausea
•       cancer
•       Eating disorders such as loss of appetite
•       Epilepsy
•       Glaucoma
•       Crohn's disease
•       Muscle cramps
•       pain
•       Cachexia

 There is different evidence linking cannabis to different effects in the therapeutic field. B. Ability to reduce chronic pain, vomiting, and nausea caused by spasticity and chemotherapy. Cannabinoids affect memory, appetite, pain, and exercise.

Due to its therapeutic effect, cannabis is being legalized and non-criminalized in various countries. For example, medicated cannabis is legal in countries such as the United States, Canada, the United Kingdom, Croatia, the Czech Republic, Cyprus, Colombia, Chile, Australia, Barbados, Denmark, Finland, Poland, and Portugal. In addition, ongoing political movements in support of the legalization of cannabis are driving the cannabis drug market.

For example, in May 2021, US representatives reintroduced the MORE (Marijuana Opportunity, Reinvestment, and Elimination) Act in the US House of Representatives. In addition, in December 2020, the MORE Act previously passed the House of Representatives but was unable to move forward in the Senate. If the MORE Act is passed,  the demand for cannabis products in the United States will increase. This, in turn, is estimated to have a positive impact on the growth of the pharmaceutical cannabis market.

It is estimated that increasing consumer acceptance will increase the number of cannabis doctors prescribing cannabis products, increasing market potential. For example, the number of healthcare workers registered with Canadian licensed vendors increased from 6,700 in September 2019  to 7,781 in March 2021. In addition, increasing consumer recruitment is supporting the growth of the cannabis medical market. According to the Centers for Disease Control and Prevention, 48.2 million people in the United States, or 18% of the US population, used marijuana at least once in 2019.

COVID-19 impact on Cannabinoid Therapeutics Market

The COVID 19 pandemic and its associated norms of social distance and blockade have affected all industries around the world. While the COVID 19 pandemic negatively impacted sales in various product categories, the leading cannabis drug brand Epidiolex achieved positive sales growth. This is due to high customer satisfaction and high replenishment rates due to increased payer coverage. Legal cannabis sales increased dramatically during the 2020 COVID-19 pandemic.

For example, according to Leafly, a leading cannabis website, Americans bought $ 10.7 billion worth of cannabis and its products in 2019 which increased to $ 18.3 billion in 2020. The Governor of various states in the United States has declared cannabis a necessity. In addition, many retailers and pharmacies have begun offering cannabis products through online sales channels. Therefore, it is estimated that increased consumption of cannabis products will have a positive impact on market growth.

Pharmaceutical and biotechnology companies are working with governments around the world to control the outbreak of COVID 19, from supporting vaccine development to planning drug supply chain challenges. Currently, there are about 115 vaccine candidates and 155 molecules in the R & D pipeline.

 In addition, commonly used medicines such as hydroxychloroquine have dramatically increased the demand for the treatment of COVID19. Such high demand for these drugs has provided tremendous opportunities for COVID-19 pharmaceutical companies, as many developed countries are short of these drugs. Demand for COVID19 vaccines and therapeutics is expected to lead to significant growth in the pharmaceutical and biotechnology industries in the future. Due to these factors, COVID 19 is expected to have a significant impact on the cannabis medical market. 

MARKET DRIVERS:

Increases in the legalization of Medicinal Cannabis in Economics and Growing usage of Cannabis In Pharmaceutical Items Is Driving the Growth of the Market:

There has been an increase in the legalization Of Medicinal Cannabis in Economics which is driving this market. Countries like America, Germany Etc are making great progress n this section of medicines. These big economies will make this market even bigger. The medicine market for this is very large in these countries which makes it an even more driven market. There has been a growing usage of Cannabis-based Pharmaceuticals for Various indications such as inflammation Chronic pain, and Sleep disorders. Other than that there are many cases related to the pharmaceutical firms which make drugs and medicines using this cannabis which makes its market more driven in the world.

Growing Awareness about the Benefits of Cannabis:

Cannabis has been used In many medical purposes which is why it has been the best in the market.  Cannabis has shown some extraordinary benefits which are driving its need. Many patients who are suffering from diseases like Depression, Anxiety, and other medical conditions have shown changes and better health after using this as a medicine. Nowadays about 60% of the people , once in their life suffers from Anxiety and Depression but they don’t have any treatment for that. these cannabis might work good on them since these cannabis relaxes the mind and help one In fighting with the thoughts.

MARKET RESTRAINTS:

High Price Associated with Medical Cannabis and Adverse Effects On Health Sometimes is Rstraining the Growth of the Market:

Some people found that cannabis is basically very High priced which is why this has been one of the important aspects which has to be kept In mind while doing anything. While purchasing any medicine everyone checks the price and also compares it with the other brand with the same purpose solving which makes it an even bigger concern. Usually, the medicines which are made using these are highly-priced which makes it difficult to afford for some people.

There are many cases that have been seen when patients taking cannabis or medicines made from this cannabis often have many side effects which makes it even more difficult to use. Many people are already afraid to use these products but once they use them some of them become addicted to it which makes a restraint in the market.

CANNABINOID THERAPEUTICS MARKET REPORT COVERAGE:

This research report on the Cannabinoid Therapeutics Market has been segmented and sub-segmented based on type, application, delivery mode, end-user, and region.

Cannabinoid Therapeutics Market - By Brand

• Sativex

• Epidiolex

The Epidiolex phase ruled the marketplace for hashish prescription drugs accounted for the most important sales proportion in 2021 and is envisioned to be the fastest-developing phase at some point of the forecast period. This is attributed to the excessive income of Epidiolex. According to GW prescription drugs annual report, Epidiolex income elevated by extra than 70% in 2020 from 2019 no matter COVID-19. This is because of the sturdy call for Epidiolex from the U.S. and Europe. Moreover, pricing and compensation approval in Finland, Germany, and Israel is assisting marketplace growth. Epidiolex is used withinside the remedy of seizures related to Dravet syndrome and Lennox-Gastaut syndrome. The growing variety of approvals of Epidiolex is riding the phase growth.

The Sativex phase is envisioned to witness a CAGR of 26.9% at some point in the forecast period. Sativex is used to deal with muscle spasticity because of more than one sclerosis. Increasing call for Sativex to be used in muscle spasticity in Canada, and European international locations are riding the phase growth. Moreover, a growth withinside the variety of medical trials of the drug for different scientific situations consisting of posttraumatic pressure disorder, spinal twine injury, different neurological situations, cancer, and persistent ache is similarly anticipated to power the marketplace for hashish prescription drugs over the forecast period. For instance, a medical take a look at subsidized through GW Pharmaceuticals, Inc. in collaboration with Otsuka Pharmaceutical Development and Commercialization, Inc. changed into finished in 2018. This takes a look at changes geared toward studying the consequences of Sativex for alleviating ache in sufferers with superior cancer. In addition, a randomized managed trial posted withinside the National Library of Medicine in 2019 analyzed using Sativex spray as a further remedy for more than one sclerosis spasticity.

Cannabinoid Therapeutics Market - By Application

• Medical

• Recreational

• Edibles

• Topicals

• Industrial hemp

• Others

Based on application, Some of the current uses of cannabinoids include: Alleviating pain and inflammation, especially chronic forms, from diseases such as arthritis, fibromyalgia, endometriosis, glaucoma, neuropathy, and Crohn's disease. Increasing appetite to prevent the extreme weight loss of AIDS. There is an increase in the application of cannabinoids which is very useful in many cases. Due to various applications in various markets, there is growth which is seen in the market. The market has been seeing a healthy CAGR in the application.  Cancer is the biggest achievement which has been cured in many cases using these medicines which is great news.

Cannabinoid Therapeutics Market - By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Rest Of the World

Geographically Europe dominated the market of cannabis drugs and controls the maximum occupancy of sales of 43.8% by 2021. This is due to an increase in cannabis consumption, as well as an increase in caution and prospective attitude towards cannabis and its products. The existence of major cannabis main manufacturers in this area and various initiatives support market growth. For example, August, August 2020, 2020, IP is a Portugal regulatory authority, that appreciated licenses for clever leaves, a cloverleaf for cultivation, export, and a cloverleaf for export. . Medical marijuana legalization in Germany in January 2017. Therefore, the increasing legalization of cannabis and its products for medical purposes is presumed to drive market growth potential.

However, in the Middle East and Africa, the medical cannabis market is expected to register the fastest growth rate of 110.2% during the forecast period. Increased legalization of cannabis, increased awareness of its health benefits, and approval of medicinal use of cannabis are factors that are expected to drive growth in the  Middle East and Africa region over the projected period. In addition, cannabis cultivation is growing rapidly in Africa. Several countries, including Lesotho, South Africa, Malawi, Zambia, Rwanda, and Ghana, have legalized the cultivation of medical cannabis. It, in turn, needs to drive the local market.

Cannabinoid Therapeutics Market Share by company

Companies like:

1. GW Pharmaceuticals
2. Insys therapeutics Abbvie
3. Valeant Pharmaceuticals

Pharmaceutical companies, research institutes, and beauty care are the major consumers in the cannabis medical market. Various researchers have been researching cannabis chemicals to discover new drugs. Pharmaceutical companies have been hit by the influx of medical marijuana prescriptions. Various pharmaceutical companies are incorporating cannabis into their portfolios and strategies.

 Cannabis is also used in the fields of beauty and wellness and is growing rapidly. In particular,  CBD oil is getting a lot of attention among people. Key players in the cannabis drug market are adopting a variety of strategies, including mergers, acquisitions, and product development, to expand their product portfolio and geographic footprint. For example,

in February 2021, Jazz Pharmaceuticals PLC announced plans to acquire GW Pharmaceuticals. Upon completion of the acquisition, Jazz Pharmaceutical will expand its neuroscience product portfolio, expanding its global commercial footprint. Some of the prominent players in the cannabis drug market are. These companies are making a great number of increases in this market which is very great news.

NOTABLE HAPPENINGS IN THE CANNABINOID THERAPEUTICS MARKET IN THE RECENT PAST:

• Product Launch - In Jan 2019, Canopy Growth announced its beverage portfolio with the launch of the first CBD-infused beverage line Quatreau.
• Collaboration - In March 2019, STADAt Arzneimittal AG, collaborated with Canadian Firm MEdipharm Labs, for the launch of two flower products and six more products to follow.
• Product Launch - In April 2019, Aphira launched CBD based cosmetics line for the German Market and CBD-based nutraceuticals.