Cannabis Pharmaceutical Market Highlights

• Global cannabis pharmaceutical market revenue is poised to garner USD 211.7 billion by 2032 with a CAGR of 58.3% from 2024 to 2032
• Europe cannabis pharmaceutical market value occupied around USD 1.4 billion in 2023
• North America cannabis pharmaceutical market growth will record a CAGR of more than 60% from 2024 to 2032
• Based on product, the epidiolex sub-segment expected to generated 48% market share in 2023
• Based on distribution channel, the hospital pharmacy sub-segment anticipated to shows notable growth in 2023
• Expansion of therapeutic applications, including oncology and mental health is the cannabis pharmaceutical market trend that fuels the industry demand

The market is being driven by the growing use of cannabis-based medications for a variety of indications, including chronic pain, epilepsy, inflammation, sleep disorders, schizophrenia, anorexia, and multiple sclerosis symptoms. Sativex (GW Pharmaceuticals (Jazz Pharmaceuticals)), Epidiolex, Dronabinol/Marinol (Unimed Pharmaceuticals), Nabilone/Cesamet (Valeant Pharmaceuticals International), CT-3 (ajulemic acid) (Indevus Pharmaceuticals), Cannabinor (formerly PRS-211,375) (Pharmos), HU 308 (Pharmos), HU 331 (Cayman Chemical), Rimonabant/Acomplia (Sanofi-Aventis), and Tarana are some of the pharmaceutical drugs based on cannabis.

Global Cannabis Pharmaceutical Market Dynamics

Market Drivers

• Increasing acceptance of cannabis for medical use
• Growing prevalence of chronic diseases and conditions
• Advances in cannabis cultivation and processing technologies

Market Restraints

• Regulatory and legal hurdles in various regions
• High costs associated with research and development
• Limited awareness and stigma surrounding cannabis use

Market Opportunities

• Expansion into new geographic markets with evolving regulations
• Development of new cannabis-based pharmaceuticals and treatments
• Growing interest in personalized medicine and targeted therapies

Cannabis Pharmaceutical Market Report Coverage

Cannabis Pharmaceutical Market Insights

The rise in chronic diseases, like cancer and arthritis, is leading more people to look for cannabis-based treatments. For instance, according to the United Health Foundation's 2023 America's Health Rankings Annual Report, the prevalence of eight chronic health disorders in the United States has reached unparalleled proportions. These treatments are becoming popular because they can help with pain, inflammation, and side effects from other medicines. With better access to cannabis products and new treatments being developed, the demand for cannabis medicines is growing quickly.

Strict rules and legal issues make it hard to grow the medical cannabis market. Many places have laws that complicate researching and selling cannabis-based medicines. In the U.S., cannabis is seen as a dangerous drug, making it tough to get approval. In Europe, each country has its own rules, which makes selling products across the region difficult. In Asia, traditional views and strict drug laws also slow down growth. These legal challenges slow down new ideas, increase costs, and make it harder for companies to launch new cannabis treatments.

Personalized medicine and customized treatments for each person is helping the cannabis drug market grow. Cannabis can be adjusted to meet individual health needs and target specific illness causes. As scientists learn more about cannabis, drug companies are excited to create new treatments. This approach could lead to better options and fewer side effects.

Cannabis Pharmaceutical Market Segmentation

The worldwide market for cannabis pharmaceutical is split based on product, distribution channel, and geography.

Cannabis Pharmaceuticals Market By Product

• Epidiolex
• Marinol
• Cesamet
• Sativex

According to cannabis pharmaceutical industry analysis, epidiolex is a top cannabis medicine because it was the first to receive FDA approval for severe epilepsy. Doctors trust it due to its CBD content and effectiveness in managing seizures. Its proven results have made it very popular and set a standard for other cannabis-based drugs. This success has also paved the way for more research and potential new treatments in the field.

Cannabis Pharmaceuticals Market By Distribution Channel

• Hospital Pharmacy
• Online Pharmacy
• Retail Pharmacy

According to the cannabis pharmaceutical market forecast, hospital pharmacies are expected to dominate the market because they ensure safe and controlled distribution of cannabis-based medicines. They follow strict regulations and have the expertise to manage patient needs, including those with chronic conditions. Hospital pharmacists also conduct research to improve cannabis treatments. Overall, hospital pharmacies are well-positioned to lead in providing cannabis medicines due to their focus on patient safety and care.

Cannabis Pharmaceutical Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Cannabis Pharmaceutical Market Regional Analysis

For several reasons, Europe leads the cannabis pharmaceutical market because many countries have approved the use of medical cannabis. The region has a strong healthcare system and a high demand for new treatment options. There are also many ongoing research projects and clinical trials, which help develop cannabis-based medicines. Additionally, several major companies and partnerships are based in Europe, supporting its position in the market.

North America's cannabis pharmaceutical sector is expanding rapidly as more states and nations legalize medical cannabis. Cannabis is becoming increasingly popular as research shows it can help treat a variety of health concerns. More patients with chronic conditions are turning to cannabis-based medications, and regulatory and investment support is accelerating the medical cannabis market's growth.

Cannabis Pharmaceutical Market Players

Some of the top cannabis pharmaceutical companies offered in our report include Teva Pharmaceuticals, AbbVie Inc., Bausch Health, Cronos Group Inc., Benuvia Operations, LLC, Panaxia Pharmaceuticals, Canopy Growth Corporation, Avicanna, Inc, GW Pharmaceuticals (Jazz Pharmaceuticals), CNBX Pharmaceuticals, Zynerba Pharmaceuticals, Inc., Pfizer, and Corbus Pharmaceuticals.