Cannabis Pharmaceuticals Market Size, Share & Trends Analysis Report By Brand Type (Sativex, Epidiolex), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Cannabis Pharmaceuticals market size was estimated at USD 1.2 billion in 2021 and is expected to surpass around USD 127.8 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 104.6% during the forecast period 2022 to 2030.

Key Takeaways:

• By Brand Type, the U.S. Cannabis Pharmaceuticals market was valued at USD 600.4 million in 2021 and expected to witness growth at a CAGR of 120.7% from 2022 to 2030.
• The Epidiolex brand type emerged as the leading application segment in 2021, with a revenue share of 97.9% in the market
• Europe dominated the market and accounted for the largest revenue share of 43.8% in 2021
• In Middle East and Africa, the market is projected to expand at the fastest CAGR during the forecast period

Wide-scale applications of cannabis in various medical applications are driving the market. For instance, cannabis is widely used for treating patients suffering from chronic conditions, such as Parkinson’s disease, cancer, arthritis, and Alzheimer’s disease, as well as neurologic problems such as depression, anxiety, and epilepsy. Moreover, there is a growing disease burden of chronic pain and pain management therapies. This, in turn, is increasing cannabis product consumption as it is effective in pain management.

There is increasing legalization and decriminalization of cannabis in various countries owing to its therapeutic effects. For instance, medical cannabis is legal in countries such as the U.S., Canada, the U.K., Croatia, Czech Republic, Cyprus, Columbia, Chile, Australia, Barbados, Denmark, Finland, Poland, and Portugal among others. Moreover, a continuous political movement supporting cannabis legalization is driving the market for cannabis pharmaceuticals. For instance, in May 2021, the U.S. representative reintroduced the MORE (Marijuana Opportunity, Reinvestment, and Expungement) Act in the U.S. House of Representatives. Furthermore, in December 2020, the MORE Act was previously passed in the House of Representatives, but it did not advance in the Senate.

The MORE Act, if passed, would drive the demand for cannabis products in the U.S. This in turn is estimated to positively impact the growth of the pharmaceutical cannabis market. An increasing number of cannabis physicians prescribing cannabis products owing to increasing consumer acceptance is estimated to drive market potential. For instance, the number of health care practitioners registered with federally licensed sellers in Canada in September 2019 was 6700 which increased to 7,781 in March 2021. Moreover, increasing consumer acceptance is supporting the growth of the market for cannabis pharmaceuticals. according to the Centers for Disease Control and Prevention, 48.2 million people in the U.S., or 18% of the American population have consumed marijuana at least once in 2019.

Report Scope of the Cannabis Pharmaceuticals Market

Brand Type Insights

The Epidiolex segment dominated the market for cannabis pharmaceuticals accounted for the largest revenue share in 2021 and is estimated to be the fastest-growing segment during the forecast period. This is attributed to the high sales of Epidiolex. According to GW Pharmaceuticals annual report, Epidiolex sales increased by more than 70% in 2020 from 2019 despite COVID-19. This is due to the strong demand for Epidiolex from the U.S. and Europe. Moreover, pricing and reimbursement approval in Finland, Germany, and Israel is supporting market growth. Epidiolex is used in the treatment of seizures associated with Dravet syndrome and Lennox-Gastaut syndrome. The rising number of approvals of Epidiolex is driving the segment growth.

The Sativex segment is estimated to witness a CAGR of 26.9% during the forecast period. Sativex is used to treat muscle spasticity due to multiple sclerosis. Increasing demand for Sativex for use in muscle spasticity in Canada, and European countries is driving the segment growth. Moreover, an increase in the number of clinical trials of the drug for other medical conditions such as posttraumatic stress disorder, spinal cord injury, other neurological conditions, cancer, and chronic pain is further expected to drive the market for cannabis pharmaceuticals over the forecast period. For instance, a clinical study sponsored by GW Pharmaceuticals, Inc. in collaboration with Otsuka Pharmaceutical Development and Commercialization, Inc. was completed in 2018. This study was aimed at analyzing the effects of Sativex for relieving pain in patients with advanced cancer. In addition, a randomized controlled trial published in the National Library of Medicine in 2019 analyzed the use of Sativex spray as an additional therapy for multiple sclerosis spasticity.

Regional Insights

Europe dominated the market for cannabis pharmaceuticals and accounted for the highest revenue share of 43.8% in 2021. This is attributed to increasing cannabis consumption, as well as raising awareness and positive attitude towards cannabis and its products. The presence of major manufacturers and various initiatives by key cannabis players in the region are supporting market growth. For instance, in August 2020, INFARMED I.P., a regulatory authority in Portugal, granted a license to Clever Leaves, a provider of legal cannabis, for the cultivation, import, and export of medical cannabis. In January 2017, Germany legalized medical marijuana. Thus, increasing the legalization of cannabis and its products for medical use is estimated to drive market growth potential.

However, in the Middle East and Africa, the cannabis pharmaceuticals market is anticipated to witness the fastest growth rate of 110.2% during the forecast period. The increasing legalization of cannabis, increase in awareness about its health benefits, and authorization for medical application of cannabis are the factors expected to propel the growth of the Middle East and Africa region over the forecast period. Additionally, cannabis cultivation in the African region is rapidly growing. Several countries such as Lesotho, South Africa, Malawi, Zambia, Rwanda, and Ghana among others have legalized medical cannabis cultivation. This in turn is estimated to drive the market in the region.

Some of the prominent players in the Cannabis Pharmaceuticals Market include:

• GW Pharmaceuticals, plc
• Insys Therapeutics
• Abbvie
• Valeant Pharmaceuticals (Bausch Health Companies, Inc.)

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Cannabis Pharmaceuticals market

• Brand Type
• Sativex
• Epidiolex

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Points Covered in Cannabis Pharmaceuticals Market Study:

• Growth of Cannabis Pharmaceuticals in 2022
• Market Estimates and Forecasts (2017-2030)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for Cannabis Pharmaceuticals and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  Cannabis Pharmaceuticals Consumption Analysis
•  Cannabis Pharmaceuticals Production Analysis
•  Cannabis Pharmaceuticals and Management