According to new market research published by Growth+Reports, a part of GRG Health, a global healthcare knowledge service company, the cannabis drugs market is expected to grow at a CAGR of 59% from 2021 to reach US$ 2013.42 billion by 2030.
This is "owing to regulatory relaxation and increased medical applications," stated the report titled, "Cannabis Drugs Market by Brand, by Application, Global Outlook & Forecast 2022-2030."
Growth Drivers
"The increased marijuana approvals by regulatory bodies for medicinal use, the rising availability of cannabis drugs in online pharmacies, and the number of physicians prescribing cannabis for medical and recreational purposes are driving the global cannabis drugs market," stated the report. Moreover, the report indicated that "the global cannabis drugs market has been analyzed from three different perspectives - brand, application, and region."
Excerpts from the report: The global cannabis drugs market has been divided into four approved brands namely: Epidiolex, Marinol, Syndros, and Cesamet.
"The largest revenue share was accounted for by the Epidiolex brand segment, which dominated the market for cannabis medications and is predicted to increase at the fastest rate over the forecasted period."
"Due to its great demand in both Europe and the United States, Epidiolex has a large sales volume. The pricing and reimbursement policies of Finland, Germany, and Israel are also helping to expand the market. With Epidiolex, seizures brought on by Lennox-Gastaut syndrome and Dravet syndrome can be controlled (...) Although Marinol had been approved by the U.S. FDA years back, a prescription is always required to purchase this drug."
Excerpts from 'By Application'
Based on application, "the global cannabis drugs market has been divided into Epilepsy, Chemotherapy-Induced Nausea and Vomiting, Fibromyalgia, and Multiple Sclerosis," reported FinanzNachrichten.de.
Due to the widespread use of the recently licensed Epidiolex, which is used to treat epileptic syndromes including Dravet syndrome and Lennox-Gastaut syndrome, "the epilepsy segment leads the market for cannabis-based medications."
Excerpts from 'By Region Segmentation'
The global cannabis drugs market has been segmented into:
- North America
- Europe
- Asia Pacific
- Rest of the World
"Due to the U.S Food and Drug Administration's recent approval of brands like epidiolex, Marinol for medicinal usage in the treatment of epileptic syndrome, and other conditions like chronic pain management, Alzheimer's, etc, there is an increased demand in the region," the report continued.
In addition, "Epidiolex is witnessing high sales in the U.S. but Canada still hasn't included this drug in its national drug list. Therefore, North America ranks second in the global cannabis drug market. Europe is dominating the market whereas in regions like the Asia Pacific only a few countries like South Korea, Australia, and Japan have these drugs approved for medicinal as well as recreational purposes."
The report stated that "prominent players operating in the global cannabis drugs market are: GW Pharmaceuticals, Valeant Pharmaceuticals International, Solvay S.A, Corbus, Pharmaceuticals, Therapix Biosciences, Canbex Therapeutics, among others."
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