SAN FRANCISCO, June 2, 2020 /PRNewswire/ -- The global cannabis pharmaceuticals market size is projected to reach USD 5.8 billion by 2027, expanding at a CAGR of 76.8% over the forecast period, according to a new report by Grand View Research, Inc. Rise in the number of clinical trials for these drugs due to its therapeutic properties, growing awareness of the medical benefits of plant-derived cannabidiol products are some of the factors driving the demand over the forecast period. However, the presence of stringent regulations on cannabidiol-infused products in various countries is restricting demand for these products.
Key suggestions from the report:
In 2019, Sativex is estimated to dominate the market with a revenue share of 83.0%, due to the growing number of countries legalization of plant-derived pharma products for medical purpose
In terms of revenue, U.S. was the largest country level market. U.S.FDA's approval of Epidiolox and high adoption of this drug are few factors for the country's large share.
Some of the major players operating in this cannabis pharmaceuticals market are GW Pharmaceuticals, AbbVie Inc., Valeant Pharmaceuticals, and Insys Therapeutics, Inc.
In 2019, Sativex is the leading brand in the global market with a revenue share of 83.0%. The surge in clinical trials for numerous medical conditions and the growing number of countries legalizing cannabis for medical purposes are the major factors responsible for its large share. On the other hand, Epidiolex is anticipated to be the fastest-growing brand over the forecast period. Growing research for plant-based cannabinoids for other rare conditions is expected to drive the growth of this segment over the forecast period.
The European region is expected to dominate the market in 2019, owing to growing medical marijuana users in the region coupled with the rising awareness about cannabidiol infused products. On the other hand, the Asia Pacific region is expected to grow at the fastest rate over the forecast period owing to growing legalization and favorable guidelines towards the use of cannabidiol infused pharma products in the region.
Grand View Research has segmented the global cannabis pharmaceuticals market based on brand and region:
Brand Outlook (Revenue, USD Million, 2016 - 2027)
Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
List of Key Players in the Cannabis Pharmaceuticals Market
Cannabidiol Market– The demand for cannabidiol (CBD) for medical and wellness purposes is high due to its healing properties, which is the key factor driving the growth of the market.
Cannabis Cultivation Market– Legalization of cannabis for medical & recreational purposes in North America & Europe and growing demand for marijuana-based products among patients are some of the key factors driving growth.
Lymphoma Treatment Market– Growing uptake of premium-priced products such as immune checkpoint inhibitors, Keytruda, and Opdivo is driving the market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.