Cannabis Pharmaceuticals Market To Reach USD 151.9 Billion By 2032
Revolutionisation in technology has fueled the cannabis pharmaceuticals market
Fort Collins, Colorado, Nov. 02, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the Cannabis Pharmaceuticals Market was valued at USD 1.3 Billion in 2022 and is expected to reach USD 151.9 Billion by 2032 at a CAGR of 60.9%.
Cannabis legalization worldwide has led to increased demand for cannabis and related products. In the USA, both recreational and medicinal cannabis use has risen due to legislative actions, ballot measures, and public opinion polls. Medical practitioners can now use cannabis products to treat various diseases, thanks to USFDA approvals. Epidiolex, approved by the USFDA in February 2023, treats seizures associated with Lennox-Gastaut syndrome and Dravet syndrome.
Cannabis is a widely abused drug globally, with a 2.5% annual prevalence rate. Due to its severe side effects, such as anxiety, panic attacks, arrhythmia, and mental health issues, cannabis is legally restricted. These limitations, coupled with the risk of overdose, have led many countries to hinder the growth of the cannabis pharmaceuticals market by avoiding its legalization.
Cannabis and its derivatives are increasingly used in medicine, thanks to legal approvals and USFDA support. This has led to a surge in demand and investment by educational and research institutions for developing cannabis-based pharmaceutical products. The National Center for Complementary and Integrative Health is currently studying the potential pain-relieving properties of minor cannabinoids and terpenes in cannabis.
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The global cannabis pharmaceuticals market has been segmented into product type, application, and region. The flower segment dominates the cannabis market due to its medicinal attributes. Cannabis flower is effective in treating pain, nausea, anxiety, and sleep disorders. It also contributes to the majority of recreational use.
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Cannabis Pharmaceuticals Market Report Highlights:
- The global cannabis pharmaceutical market growth is anticipated at a CAGR of 60.9% by 2032.
- The increasing use of cannabis in medicine and its legalization and decriminalization in several countries, along with rising consumer acceptance, is expected to boost the market.
- The legalization of cannabis for recreational and medical use has increased its demand, especially in North America, where several states have approved its use. The convenient purchase procedure has also contributed to the increase in demand.
- Some prominent players in the cannabis pharmaceuticals market report include are GW Pharmaceuticals, plc, Insys Therapeutics, Abbvie, Valeant Pharmaceuticals (Bausch Health Companies, Inc.), VIVO Cannabis Inc., Aurora Cannabis Inc., Cresco Labs, Curaleaf Holdings Inc.
Industry Trends and Insights:
- Jazz Pharmaceuticals will present 14 abstracts on sleep medicine at the World Sleep 2023 Congress in Brazil.
- Aurora Cannabis has expanded its hemp-derived CBD portfolio in Brazil, partnering with Herbarium to launch full-spectrum CBD oil for patients under medical guidance.
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Cannabis Pharmaceuticals Market Segmentation:
- By Product Type: Flowers, Concentrates, Edibles, Topicals and Tinctures
- By Application: Medical and Recreational
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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