According to new market research by Growth Reports, the market for cannabis is expected to grow at a CAGR of 59% from 2021 to reach US$3.42 billion by 2030, according to the new market research published by Growth Reports, a part of GRG Health, a global healthcare knowledge service company.
The report titled, Cannabis Drugs Market by Brand, by Application, Global Outlook Forecast 2022 -- 2030 states that this is due to regulatory relaxation and increased medical applications. The report said that the increase in marijuana approvals by regulatory bodies for medicinal use, the rising availability of cannabis in online pharmacies, and the number of physicians prescribing cannabis for medical and recreational purposes are driving the global cannabis drug market. The report stated that the global cannabis drugs market has been analyzed from three different perspectives - brand, application, and region. The Epidiolex brand segment, which dominated the market for cannabis medications, is predicted to increase at the fastest rate over the forecast period. Epidiolex has a large sales volume due to its great demand in both Europe and the United States. The pricing and reimbursement policies of Finland, Germany, and Israel are helping to expand the market. With Epidiolex, seizures brought on by Lennox-Gastaut syndrome and Dravet syndrome can be controlled. A prescription is always required to purchase the drug, even though Marinol was approved by the U.S. FDA years ago. According to FinanzNachrichten.de, the global cannabis drugs market has been divided into Epilepsy, Chemotherapy-Induced Nausea and Vomiting, Fibromyalgia, and Multiple Sclerosis, based on application.
The epilepsy segment leads the market for cannabis-based medications due to the widespread use of Epidiolex, which is used to treat epileptic syndromes such as Dravet syndrome and Lennox-Gastaut syndrome. The global cannabis drug market has been segmented into
The report stated that there is increasing demand in the region due to the approval of brands like epidiolex, Marinol for medical use in the treatment of epileptic syndrome, and other conditions like chronic pain management, Alzheimer's, etc.
Epidiolex is witnessing high sales in the U.S., but Canada still hasn't included this drug in its national drug list. North America is 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 approved these drugs for medicinal as well as recreational purposes. The report stated that prominent players operating in the global cannabis drug market are GW Pharmaceuticals, Solvay S.A, Corbus, Pharmaceuticals, Therapix Biosciences, Canbex Therapeutics, and others. Image by Pixabay Edited by Benzinga