Number of pages: 100 | Report Format: PDF | Published date: 28 September, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global cannabis drugs market was pegged at US$ 31 billion in 2021 and is expected to witness a CAGR of 59% during the forecast period.
Cannabis or marijuana is a psychoactive drug that is obtained from the Cannabis plant. Cannabis as a drug is used for recreational and entheogenic purposes and in many traditional medicines for many centuries. Since it has many side effects like an altered state of mind, impaired memory, and impaired motor movements, it was banned by many countries to avoid overdose. But over the years, extensive research is in progress to legalize cannabinoids for medical purposes. Many countries have approved certain brands for medical and recreational use in cases like epileptic syndromes, Alzheimer’s, chronic neurologic pain management, depression, chemotherapy-induced nausea, vomiting, etc. these drugs are even used in cosmetics. Food and Drug Association has approved around four cannabis brands for medical usage namely, epidiolex, marinol, syndros, and cesamet.
Chronic pain and pain management therapies are becoming more common diseases. As a result, more people are using cannabis products since they are successful at managing pain. Due to cannabis' therapeutic properties, legalization and decriminalization policies are being expanded in several nations. The market for cannabis medications is also being driven by a persistent political push in favor of cannabis legalization. It is predicted that the rising consumer acceptability of cannabis will lead to an increase in the number of medical practitioners prescribing cannabis products. The market for cannabis medications is also expanding owing to rising public acceptability.
However, it is still prohibited in countries in the Asia Pacific and the Middle East because it has only been approved for medical use in a small number of nations, including the United States, Australia, and South Korea. This legal environment in these regions hinders market growth. Additionally, the side effects associated with the use of cannabinoids are one of the market challenges.
The global cannabis drugs market has been analyzed from three perspectives: -brand, application, and region.
Cannabis Drugs Market by Brand
The global cannabis drugs market has been divided into four approved brands namely, epidiolex, marinol, syndros, and cesamet. The Epidiolex segment, which dominated the market for cannabis pharmaceuticals and is anticipated to grow at the highest rate throughout the projected period, accounted for the biggest revenue share. This is attributed to the high sale of Epidiolex because it 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.
Cannabis Drugs Market by Application
Based on application, the global cannabis drugs market has been divided into, epilepsy, chemotherapy-induced nausea and vomiting, fibromyalgia, and multiple sclerosis. The epilepsy segment dominates the cannabis drugs market because of its extensive usage newly approved epidiolex, for epileptic syndromes such as Dravet syndrome and Lennox-Gastaut syndrome. Application in other disease areas is still under trial and yet to be approved for full-fledged usage. Though drug nabinol with a brand name marinol and syndros are used for chemotherapy-induced nausea and vomiting management.
Cannabis Drugs Market by Region
The global cannabis drugs market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World, based on region. With the largest revenue share, Europe dominated the market for cannabis drugs. This is a result of population consuming more cannabis, becoming more aware of it, and developing favorable attitudes about it and its products. The presence of significant producers in the area and numerous endeavors by significant cannabis companies are fostering industry expansion. It is predicted that the legalization of cannabis and related products for medical purposes will spur market expansion.
The cannabis pharmaceuticals industry is predicted to expand at the fastest rate in the Middle East and Africa, as well as in South Korea and Australia. The Middle East is predicted to expand because of reasons like growing cannabis legalization, greater public awareness of its health advantages, and approval for its use in medicine. Also, Australia is witnessing a rapid growth in cannabis drugs market because of the approvals for medical applications.
Some of the prominent players operating in the market are: -