GVR Report cover Cannabis Pharmaceuticals Market Size, Share & Trends Report

Cannabis Pharmaceuticals Market Size, Share & Trends Analysis Report By Brand Type (Sativex, Epidiolex, Other Brands), By Region (North America, Europe, Asia Pacific), And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-4-68038-473-4
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Market Size & Trends

The global cannabis pharmaceuticals market size was estimated at USD 1.69 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 32.6% from 2024 to 2030. There is a high demand for various CBD-infused products, such as beauty products, cannabis oil, beverages, gummies, capsules, etc. CBD can enter the human body through different means, including vaping, smoking, and through the skin. In the U.S., where cannabis is legal, CBD is utilized to produce personal care products and medical drugs. Legalizing cannabis-based products has opened up significant opportunities for various end-use industries to expand their product offerings.

UK cannabis pharmaceuticals Market size and growth rate, 2024 - 2030

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, UK, Croatia, Czech Republic, Cyprus, Columbia, Chile, Australia, Barbados, Denmark, Finland, Poland, and Portugal. Moreover, continuous political movements supporting cannabis legalization are driving market growth potential. For instance, in May 2021, the U.S. representative reintroduced 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 impact the growth of the pharmaceutical cannabis market positively.

An increasing number of cannabis physicians prescribing cannabis products owing to increasing consumer acceptance is estimated to drive market potential. For instance, number of healthcare 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 market growth. According to the Centers for Disease Control and Prevention (CDC), 48.2 million people in the U.S., or 18% of the American population, have consumed marijuana at least once in 2019.

Stakeholders in cannabis industry and research institutes are undertaking various research studies to prove various claims made on CBD products, which in turn is driving market growth. Moreover, innovative products are introduced to cater to growing consumer demand. For instance, in November 2021, Colorado State University opened a new research center for CBD. In November 2021, AMP Alternative Medical Products GmbH-a fully owned subsidiary of Greenrise Global Brands, Inc.-introduced Dronabinol into the German market. Additionally, companies are adopting various strategies to expand their market presence. In November 2021, Avicanna, a biopharmaceutical company, entered an IP and distribution agreement with an established pharmaceutical company in Argentina. Under this agreement, Avicanna will be providing a nonexclusive license of the company’s IP with respect to its proprietary 10% CBD pharmaceutical drug preparation.

Market Concentration & Characteristics

Market growth stage is high, and pace of the market growth is accelerating. Cannabis pharmaceuticals market is characterized by a high degree of innovations owing to innovation in drug delivery methods, such as capsules, transdermal patches, and oral sprays, to optimize patient experience and outcomes.

Cannabis pharmaceuticals market is also characterized by a medium level of merger and acquisition (M&A) activity by the leading players. Through M&A activity, these companies can expand their product portfolio, enter new territories, and strengthen their market position.

Cannabis Pharmaceuticals Market Concentration & Characteristics

The global cannabidiol industry is experiencing growth due to the increasing number of countries establishing a structured regulatory framework for the medical use of cannabis. Moreover, the widespread acceptance and growing awareness of cannabis for medical purposes in several countries are also contributing to market growth.

Growing legalization of cannabis and cannabis-based products for medical use is rapidly rising due to the various health benefits associated with cannabis. Thus, some market players are expanding their market presence in such areas due to legalization.

Brand Type Insights

By brand type, Epidiolex segment accounts to be the largest segment in terms of revenue share of 98.5% in 2023 and is expected to grow at the fastest CAGR over the forecast period. This is attributed to the high sales of Epidiolex. According to GW pharmaceutical's (Now known as Jazz Pharmaceuticals) annual report, Epidiolex sales increased by more than 70% in 2020 from 2019 despite COVID-19. This is due to strong demand for Epidiolex from the U.S. and Europe. Moreover, pricing and reimbursement approval in Finland, Germany, and Israel supports 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 segment growth.

Global cannabis pharmaceuticals Market share and size, 2023

Furthermore, an increasing number of clinical trials is expected to raise the penetration of the drug over the forecast period. Similarly, in August 2022, Jazz Pharmaceuticals, in Europe, initiated a Phase 3 clinical trial to examine the safety and efficacy of Epidiolex or Epidyolex in children & adolescents with Epilepsy with Myoclonic-Atonic Seizures.

Regional Insights

In 2023, Europe accounted for the largest revenue share of 43.7% in the global market. This is attributed to increasing cannabis consumption, as well as rising awareness and positive attitudes towards cannabis and its products. The presence of major manufacturers and various initiatives by key cannabis players in the region support the market growth. For instance, in August 2020, INFORMED 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

cannabis pharmaceuticals Market Trends, by Region, 2024 - 2030

However, Middle East & Africa is anticipated to grow at the fastest CAGR during the forecast period. Increasing legalization of cannabis, increase in awareness about its health benefits, and authorization for medical application of cannabis is 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 pharmaceutical cannabis market in the region.

Key Companies & Market Share Insights

Some of the key players operating in the market include Jazz Pharmaceuticals, Inc., AbbVie, Inc., and Bausch Health Companies, Inc.

  • Jazz Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing, commercializing, and discovering novel therapeutics cannabinoid products. The company’s leading cannabinoid product is EPIDIOLEX, a liquid formulation for treating seizures.

  • AbbVie, Inc. has a presence in more than 70 countries and has R&D and manufacturing facilities in around 20 countries. In 2010, AbbVie, Inc. acquired Solvay Pharmaceuticals, adding Marinol to its portfolio.

Key Cannabis Pharmaceuticals Companies:

  • Jazz Pharmaceuticals, Inc.
  • AbbVie, Inc.
  • Insys Therapeutics, Inc.
  • Bausch Health Companies, Inc.

Recent Developments

  • In September 2023, SOMAÍ Pharmaceuticals, a European manufacturer of pharmaceutical cannabis products, received authorization from the Portuguese Health Authority INFRAMED to produce, import, and export for its facility in Lisbon, Portugal.

  • In February 2023, Aurora Cannabis Inc., the Canadian company that collaborated with MedReleaf Australia to launch CraftPlant, a new medical cannabis brand that includes three new products, Navana, HiVolt, and Greendae, for patients in the Australian market.

  • In May 2021, Jazz Pharmaceuticals completed its acquisition of GW Pharmaceuticals plc, which manufactures and markets cannabinoid-based prescription medicines.

Cannabis Pharmaceuticals Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 2.12 billion

Revenue forecast in 2030

USD 11.53 billion

Growth rate

CAGR of 32.6% from 2024 to 2030

Base year for estimation

2023

Historical data

2018 - 2022

Forecast period

2024 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2024 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Brand type, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; UK; Germany; Italy; France; Netherlands; Poland; Croatia; Czech Republic; Switzerland; Japan; South Korea; Australia; New Zealand; Brazil; Mexico; Argentina; Colombia; Uruguay; Chile; Peru; Israel

Key companies profiled

Jazz Pharmaceuticals, Insys Therapeutics, Abbvie, Valeant Pharmaceuticals (Bausch Health Companies, Inc.)

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Cannabis Pharmaceuticals Market Report Segmentation

This report forecasts revenue growth at global, regional, & country levels and provides an analysis of industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research, Inc. has segmented the cannabis pharmaceuticals market report based on brand type, and region:

Global cannabis pharmaceuticals Market Report Segmentation

  • Brand Type Outlook (Revenue, USD Million, 2018 - 2030)

    • Sativex

    • Epidiolex

    • Other Brands

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • Italy

      • France

      • Netherlands

      • Poland

      • Croatia

      • Czech Republic

      • Switzerland

    • Asia Pacific

      • Japan

      • South Korea

      • Australia

      • New Zealand

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Colombia

      • Uruguay

      • Chile

      • Peru

    • Middle East & Africa

      • Israel

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes data points, ranging from trend analyses to estimates and forecasts. See for yourself.

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now

Certified Icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.