DUBLIN–(BUSINESS WIRE)–The “Cannabis Pharmaceuticals Market Size, Share and Trend Analysis Report by Brand Type (Sativex, Epidiolex), by Region (North America, Europe, Asia-Pacific , Latin America, Middle East & Africa) and Segment Forecast, 2022-2028 Report” has been added to from ResearchAndMarkets.com offer.
The global cannabis pharmaceuticals market size is expected to reach USD 127.1 billion by 2028. The market is expected to grow at a CAGR of 104.2% from 2022 to 2028.
Insys Therapeutics, Inc.
Rapid growth in cannabis applications for various indications including pain, inflammation, sleep disorders, anorexia, epilepsy, schizophrenia, and multiple sclerosis is expected to drive the market growth. There is a shift from cannabis herbal preparations to prescription drugs. The demand for processed, quantified and packaged cannabis products is increasing dramatically. Additionally, the acceptance of cannabis products by consumers and regulatory authorities is increasing, which has a positive impact on the growth of the market.
Regulatory acceptance of cannabis products such as Sativex and Epidiolex improves patient and physician perspectives on cannabis, as these drugs are developed and regulated through a rigorous process.
The growing number of research and development activities and clinical trials to study the therapeutic benefits of cannabis will drive the market growth over the forecast period. For example, in September 2020, Tilray Inc. announced that its cannabis products showed promising results in reducing vomiting and nausea in patients undergoing cancer chemotherapy. According to the study, a quarter of patients using medical cannabis did not experience nausea and vomiting. Such research studies are believed to increase the demand for cannabis in the pharmaceutical industry.
There is an increase in the number of physicians prescribing cannabis to their patients due to increasing clinical evidence, growing awareness, and growing number of patients seeking cannabis as a medical alternative. For example, according to a survey published in 2019, 22% of consumers were looking to replace prescription or over-the-counter drugs with CBD. Additionally, 30% were taking CBD in addition to the prescribed medication. Forty-seven percent replaced an over-the-counter medication with CBD, 36% with prescription opioids, 33% with prescription anti-anxiety drugs, and 22% with prescription sleeping pills. Thus, the increase in cannabis consumption will drive the global pharmaceutical cannabis market.
Cannabis regulatory approval is a major parameter supporting market growth. Governments and regulatory authorities are taking initiatives to legalize the use of cannabis for medical purposes. For example, in August 2020, a regulatory authority in Portugal, INFARMED IP, granted a license to Clever Leaves for the cultivation and import-export of medical cannabis. For example, in November 2018, GW Pharmaceuticals, plc launched EPIDIOLEX (CBD) oral solution for the treatment of seizures associated with Lennox-Gastaut syndrome and Dravet syndrome. EPIDIOLEX was approved by the FDA in June 2018. It is the first prescription pharmaceutical formulation of plant-derived CBD and an antiepileptic drug.
Cannabis Pharmaceuticals Market Report Highlights
The brand type Epidiolex has become the leading application segment in 2021, with a 96.9% revenue share in the market
Europe led the market and accounted for the largest revenue share of 43.8% in 2021
In the Middle East & Africa market is expected to grow at the fastest CAGR over the forecast period
Main topics covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Global Cannabis Pharmaceuticals Market Variables, Trends and Scope
3.1 Market Segmentation
3.2 Market Dynamics
3.2.1 Market Driver Analysis
3.2.2 Market Restraint Analysis
3.3 Mapping penetration and growth prospects
3.4 Global Cannabis Pharmaceuticals Regulatory Scenario
3.5 Cannabis Pharmaceuticals – PESTEL Analysis
3.6 Cannabis Pharmaceuticals – Porter’s Analysis
3.7 Opportunity Analysis (2016 – 2019 – 2027)
3.8 Product Pipeline Analysis, by Stage
3.9 Key agreements and strategic alliances
3.10 Introduction of Synthetic Cannabis Pharmaceuticals
Chapter 4 Global Cannabis Pharmaceuticals Market: Brand Type Estimates and Trend Analysis
4.1 Definitions and scope
4.2 Market: Brand Type Market Share Analysis, 2020 & 2028
4.3.1 Market estimates and forecast, 2016-2028 (USD Million)
4.4.1 Market estimates and forecast, 2016-2028 (USD Million)
Chapter 5 Global Cannabis Pharmaceuticals Market: Regional Estimates and Trend Analysis, by Brand Type, Deployment Model and End User
Chapter 6 Global Cannabis Pharmaceuticals Market: Competitive Analysis
6.1 Company Market Position Analysis
6.2 List of Key Emerging Players and Market Differentiators
6.3 Company categorization
6.4 Brand Share Analysis, 2018-2020
Chapter 7 Competitive Landscape
For more information about this report, visit https://www.researchandmarkets.com/r/9ygo4x