The global cannabis pharmaceuticals market accounted for USD 3.46 billion in 2023 and is expected to reach at USD 380.77 billion by 2034 with a CAGR of 53.32% during the forecast period 2024-2034. The market will grow as a result of factors such as rising rates of chronic diseases, shifting consumer preferences, expanding research and development efforts, growing awareness of medical benefits, and increasing legalization and regulatory acceptance.
An increasing amount of scientific research is demonstrating the medical benefits of cannabis and its derivatives for treating a variety of illnesses, including multiple sclerosis, chronic pain, epilepsy, and nausea and vomiting brought on by chemotherapy. The acceptance and demand for cannabis medications are rising as more patients and healthcare professionals become aware of these medicinal benefits. For instance, GW Pharma stated in February 2024 that it was starting a new clinical trial to assess the efficacy of a CBD-based medicine for the treatment of autism spectrum disorder (ASD) symptoms.
By product, the Epidiole segment accounted for the highest revenue-grossing segment in the global cannabis pharmaceuticals market in 2023 and is predicted to grow at the fastest CAGR during the forecast period owing to the unique therapeutic properties of Epidiole, increasing acceptance of CBD-based treatments for various medical conditions, and expanding research supporting its efficacy. For instance, the Portuguese Health Authority INFRAMED granted SOMAÍ Pharmaceuticals, a European producer of therapeutic cannabis products, permission to manufacture, import, and export for its Lisbon, Portugal plant in September 2023.
By distribution channel, the hospitals segment accounted for the highest revenue-grossing segment in the global cannabis pharmaceuticals market in 2023 owing to the increased adoption of cannabis-based treatments for pain management, neurological disorders, and palliative care among patients seeking alternative therapies. For instance, in January 2023, Celadon Pharmaceuticals Plc announced that it had officially registered its cannabis active pharmaceutical ingredient at its Midlands facility in the UK with the Medicines and Healthcare Products Regulatory Agency (MRHA), in compliance with Good Manufacturing Practice (GMP) guidelines. Additionally, the online pharmacies segment is predicted to grow at the fastest CAGR during the forecast period owing to the convenience of purchasing cannabis pharmaceuticals online, expanding internet penetration, and evolving regulations allowing online sales of medical cannabis products.
North American region is anticipated to have the highest revenue share during the forecast period owing to the established regulatory frameworks for medical and recreational cannabis, widespread consumer acceptance, and robust infrastructure supporting cannabis cultivation, processing, and distribution. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rapidly evolving regulatory landscape, increasing recognition of medical cannabis therapeutic potential, and growing investment in research and development initiatives. For instance, in February 2023, Canadian companies Aurora Cannabis Inc. and MedReleaf Australia collaborated to launch CraftPlant, a new medical cannabis brand.
This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.
An increasing amount of scientific research is demonstrating the medical benefits of cannabis and its derivatives for treating a variety of illnesses, including multiple sclerosis, chronic pain, epilepsy, and nausea and vomiting brought on by chemotherapy. The acceptance and demand for cannabis medications are rising as more patients and healthcare professionals become aware of these medicinal benefits. For instance, GW Pharma stated in February 2024 that it was starting a new clinical trial to assess the efficacy of a CBD-based medicine for the treatment of autism spectrum disorder (ASD) symptoms.
By product, the Epidiole segment accounted for the highest revenue-grossing segment in the global cannabis pharmaceuticals market in 2023 and is predicted to grow at the fastest CAGR during the forecast period owing to the unique therapeutic properties of Epidiole, increasing acceptance of CBD-based treatments for various medical conditions, and expanding research supporting its efficacy. For instance, the Portuguese Health Authority INFRAMED granted SOMAÍ Pharmaceuticals, a European producer of therapeutic cannabis products, permission to manufacture, import, and export for its Lisbon, Portugal plant in September 2023.
By distribution channel, the hospitals segment accounted for the highest revenue-grossing segment in the global cannabis pharmaceuticals market in 2023 owing to the increased adoption of cannabis-based treatments for pain management, neurological disorders, and palliative care among patients seeking alternative therapies. For instance, in January 2023, Celadon Pharmaceuticals Plc announced that it had officially registered its cannabis active pharmaceutical ingredient at its Midlands facility in the UK with the Medicines and Healthcare Products Regulatory Agency (MRHA), in compliance with Good Manufacturing Practice (GMP) guidelines. Additionally, the online pharmacies segment is predicted to grow at the fastest CAGR during the forecast period owing to the convenience of purchasing cannabis pharmaceuticals online, expanding internet penetration, and evolving regulations allowing online sales of medical cannabis products.
North American region is anticipated to have the highest revenue share during the forecast period owing to the established regulatory frameworks for medical and recreational cannabis, widespread consumer acceptance, and robust infrastructure supporting cannabis cultivation, processing, and distribution. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rapidly evolving regulatory landscape, increasing recognition of medical cannabis therapeutic potential, and growing investment in research and development initiatives. For instance, in February 2023, Canadian companies Aurora Cannabis Inc. and MedReleaf Australia collaborated to launch CraftPlant, a new medical cannabis brand.
This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Product, and Distribution Channel
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of the Top 10+ Major Market Players
- 20% Free Customization Available to Meet Your Exact Requirement
Segmentation: Cannabis Pharmaceuticals Market Report 2023 - 2034
Cannabis Pharmaceuticals Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Sativex
- Cesamet
- Marinol
- Epidiole
Cannabis Pharmaceuticals Market Analysis & Forecast by Distribution Channel 2023 - 2034 (Revenue USD Bn)
- Online Pharmacies
- Hospitals
- Others
Cannabis Pharmaceuticals Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Cannabis Pharmaceuticals Market: Product Estimates & Trend Analysis
8. Cannabis Pharmaceuticals Market: Distribution Channel Estimates & Trend Analysis
9. Regional Market Analysis
10. North America Cannabis Pharmaceuticals Market
11. Europe Global Cannabis Pharmaceuticals Market
12. Asia Pacific Global Cannabis Pharmaceuticals Market
13. Latin America Global Cannabis Pharmaceuticals Market
14. MEA Global Cannabis Pharmaceuticals Market
15. Competitor Analysis
16. Company Profiles
Companies Mentioned
- GW Pharmaceuticals
- Tilray Inc.
- Canopy Growth Corporation
- Aurora Cannabis Inc.
- Cronos Group Inc.
- Aphria Inc.
- Charlotte's Web Holdings Inc.
- Curaleaf Holdings Inc.
- Trulieve Cannabis Corp.
- HEXO Corp.
- Green Thumb Industries Inc.
- MediPharm Labs Corp.
- Valens Company Inc. (formerly Valens GroWorks Corp.)
- OrganiGram Holdings Inc.
- CannTrust Holdings Inc.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | October 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 3.46 Billion |
| Forecasted Market Value ( USD | $ 380.77 Billion |
| Compound Annual Growth Rate | 53.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
