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Key Market Size Shifts in the Cannabis Pharmaceuticals Market: A Historical Perspective and beyond
In recent times, the size of the cannabis pharmaceuticals market has seen a significant increase. The market, which is projected to rise from $6.03 billion in 2024 to $9.43 billion in 2025, will experience a compound annual growth rate (CAGR) of 56.4%.
The surge during the historic era can be linked to factors such as the escalating legalization of medical cannabis, increased knowledge of the therapeutic benefits of cannabinoids, growth in chronic and neurological conditions, favorable regulations, increased investment in the pharmaceutical sector, and a change in public opinion on cannabis use in healthcare.
The market size for cannabis pharmaceuticals is anticipated to surge exponentially in the coming years. It's projected to reach $55.53 billion in 2029, with a compound annual growth rate (CAGR) of 55.8%.
This development in the forecast period can be credited to factors like increasing approval from regulatory bodies, heightened awareness about the medical advantages of cannabis, the expanding use in managing pain and neurological disorders, an escalating incidence of chronic diseases, advancements in drug delivery systems, and the institution of supportive reimbursement policies. Key trends during the forecast period include progress in cannabinoid extraction techniques, the evolution of targeted drug delivery systems, the use of synthetic cannabinoid formulations, enhanced clinical trial procedures, and the inclusion of artificial intelligence in drug discovery.
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Key Drivers Behind the Expansion of the Cannabis Pharmaceuticals Market: Insights and Trends
The escalation of epilepsy incidence is projected to bolster the cannabis pharmaceuticals market in the future. Epilepsy is a neurological disorder identified by frequent, unprovoked seizures triggered by unusual electrical activity in the brain.
The climb in epilepsy instances is linked to enhanced diagnosis, improved awareness, uprated reporting and potential influences of environment, genetics, and lifestyle.
Cannabis medicines, with the utilization of cannabinoids like CBD, have displayed potential in handling epilepsy by reducing the rigidity and regularity of seizures in patients who show poor responses to conventional anti-epileptic drugs.
For instance, in April 2022, as per the European Brain Council, a non-profit organization based in Belgium, over 600 neurological diseases and nearly 300 psychiatric conditions affect millions globally including 65 million with epilepsy. Additionally, in July 2024, according to the Alzheimer Society of Canada, a health charity based in Canada, it was estimated that 771,939 Canadians will have dementia by January 1, 2025 and that figure is anticipated to escalate to nearly one million by 2030.
Consequently, the upsurge of epilepsy incidence is propelling the expansion of the cannabis pharmaceuticals market.
Which Segments in the Cannabis Pharmaceuticals Industry Are Seeing the Fastest Growth?
The cannabis pharmaceuticalsmarket covered in this report is segmented -
1) By Product Type: Cannabinoid-Based Pharmaceuticals; Cannabis Extracts; Synthetic Cannabinoids
2) By Formulation Type: Capsules And Tablets; Oils And Tinctures; Topical Solutions
3) By Therapeutic Application: Cancer; Neurological Disorders; Pain Management
4) By Distribution Channel: Hospital Pharmacies; Online Pharmacies; Retail Pharmacies
5) By End-User: Hospitals And Clinics; Rehabilitation Centers; Research Organizations
Subsegments:
1) By Cannabinoid-Based Pharmaceuticals: THC-Based Pharmaceuticals; CBD-Based Pharmaceuticals; Combination of THC and CBD Pharmaceuticals; Other Cannabinoid-Based Formulations
2) By Cannabis Extracts: Full-Spectrum Cannabis Extracts; Broad-Spectrum Cannabis Extracts; Isolate Cannabis Extracts (CBD Isolate)
3) By Synthetic Cannabinoids: Synthetic THC Analogues; Synthetic CBD Analogues; Synthetic Cannabinoid Receptor Agonists; Designer Synthetic Cannabinoids
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Which New Trends Will Create Growth Opportunities in the Cannabis Pharmaceuticals Market?
Leading firms in the medical cannabis market are prioritizing the development of novel products like sophisticated medical cannabis formulas that can treat various medical concerns and enhance patient results. Advanced medical cannabis formulations pertain to specifically engineered cannabis products crafted for medicinal use that includes accurate measurements of cannabinoids such as THC and CBD.
For example, Canexis Pharma AG, a pharmaceutical company hailing from Switzerland, was granted manufacturing and narcotics permits from Swissmedic for cannabis pharmaceuticals in April 2024. These authorizations allow the company to manufacture top-quality medicinal constituents extracted from CBD and THC.
This progression equips Canexis to cater to the escalating demand for medical cannabis in Switzerland, as well as internationally. With the acquisition of these permits, the company proves its adherence to rigorous regulatory ordinances, thereby boosting its credibility and capacity to participate in the swiftly evolving medical cannabis market.
Which Global Regions Are Powering Demand in the Cannabis Pharmaceuticals Market?
North America was the largest region in the cannabis pharmaceuticals market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the cannabis pharmaceuticals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How Key Players Are Driving Growth in the Cannabis Pharmaceuticals Market?
Major companies operating in the cannabis pharmaceuticals market are Curaleaf Holdings Inc., Aphria Inc., Green Thumb Industries Inc., Trulieve Cannabis Corp., Tilray Inc., Cresco Labs Inc., Columbia Care Inc., Acreage Holdings Inc., Canopy Growth Corporation, Aurora Cannabis Inc., MedMen Enterprises Inc., OrganiGram Holdings Inc., Cronos Group, Enveric Biosciences Inc., Auxly Cannabis Group Inc., Valens Company Inc., Charlotte's Web Holdings Inc., Medical Marijuana Inc., Aleafia Health Inc., Supreme Cannabis Company Inc., Avicanna Inc., Emerald Health Therapeutics Inc.
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