JERSEY CITY, NJ, February 3, 2022 /PRNewswire/ — The newly released report titled “Global Cannabinoid Derived Pharmaceutical Market – By Trends, Industry Competition Analysis, Pipeline Analysis, COVID-19 Analysis, Revenue (US$ Millions) and Forecast Till 2030” features a detailed Industry analysis and an extensive clinical study/pipeline study on the market, studying its essential factors.
According to the latest InsightAce Analytic Pharmaceutical Market research report, the global size of the cannabinoid-derived pharmaceutical market has been estimated $636.8 million in 2021 and is expected to be achieved $11,243.2 million in 2030, register a promising CAGR of 37.7% from 2022 to 2030.
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Cannabinoids, or medical marijuana, are common medicinal compounds derived from the cannabis plant of the Cannabaceae family. Interest in the cannabis plant and its derivatives has increased significantly in recent years. Due to the pharmacological potential of cannabis, it has applications in the treatment of various diseases and conditions including diabetes, cancer, epilepsy, chronic pain, depression, glaucoma, arthritis, neurological disorders, and others. It is safer and has fewer serious side effects than other treatment options, and it can also combat unwanted side effects. Therefore, cannabis is legal for medical use in many countries with varying legal restrictions.
The increasing therapeutic applications of cannabinoids in human medicine, increasing use and acceptance of CBD in numerous countries, and increasing consumer preference for cannabis-derived products are expected to drive the cannabinoid-derived pharmaceutical industry during the forecast period. The market is further driven by increasing clinical research activity related to CBD, ongoing clinical trials of cannabis-derived medicines, growing awareness of the medicinal benefits of plant-derived cannabidiol products, and commercialization of cannabis-derived indications. However, manufacturing inefficiencies and legal restrictions on cannabinoid-derived products in various countries could hamper demand for CBD products in the years to come.
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Prominent players in the cannabinoid-derived pharmaceutical industry include:
Cara Therapeutics, Inc., Arena Pharmaceuticals, Cannabics Pharmaceuticals Inc., Echo Pharmaceuticals, GW Pharmaceuticals, InMed Pharmaceuticals, INSYS Therapeutics, Inc., LaraPharm, MGC Pharmaceuticals, Ltd., One World Cannabis, Orpheus Medica, Receptor Life Sciences, RespireRx Pharmaceuticals , Tetra Bio-Pharma, Cardiol Therapeutics, United Cannabis Corporation, Zynerba Pharmaceuticals, Alterola Biotech Inc., BOL Pharma and other prominent players.
New clinical trials on CBD to determine its effectiveness in various conditions offer pharmaceutical companies an opportunity to add another portfolio of treatments to their current pipelines.
Key Industry Developments from Leading Players:
- In Aug 2021GW Pharmaceuticals (part of Jazz Pharmaceuticals plc) has received UK Medicines and Healthcare Products Regulatory Agency (MHRA) approval for EPIDYOLEX (cannabidiol) for the treatment of seizures associated with tuberous sclerosis complex (TSC) in patients aged two years and older.
- In May 2021, Jazz Pharmaceuticals acquired GW Pharmaceuticals plc, a leader in the science, development and commercialization of cannabinoid-based prescription drugs.
- In December 2021, Pfizer entered the medical cannabis industry with a promising cannabinoid-based treatment for gut disorders. Pfizer acquired clinical-stage company Arena Pharmaceuticals for a total equity value of approximately $6.7 billion.
Cannabinoid-derived pharmaceutical market Regional Analysis:
North America is expected to lead the cannabinoid-derived drug market in the projected timeframe (2022 to 2030). The main drivers of the market expansion are the updated legalization of cannabis in North America for medical purposes and the increasing adoption of CBD-based products to treat various medical conditions in this region. Recent cannabis legislation allowing the use of cannabinoid products in more than 23 US states has increased manufacturers’ interest in innovating pharmaceutically-derived cannabis products to treat multiple clinical conditions.
Europe is expected to hold the highest market share in the forecast years, followed by the Asia Pacific. Increasing use of the cannabis plant and its derivative products and increasing awareness of the benefits of CBD products are driving market demand in this region. For example in October 2020STADA, the largest pharmaceutical company in Europe, partner of Medipharm. As part of this partnership, Medipharm supplies GMP-certified medical cannabis for STADA, market-oriented products in Germany and other European countries.
Additionally, factors such as increasing government funding of clinical research and legalization of cannabidiol products are estimated to contribute to the market growth Asia Pacific Region.
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The global cannabinoid-derived pharmaceutical market segments
The global cannabinoid-derived pharmaceutical market estimates (value in millions of US dollars) & forecasts and trend analysis, 2019 to 2030 based on product
- Other pipeline products
The global cannabinoid-derived pharmaceutical market estimates (value in millions of US dollars) & forecasts and trend analysis, 2019 to 2030 based on molecule type
- Cannabinoid receptor type 1 (CB1)
- Cannabinoid receptor type 2 (CB2)
The global cannabinoid-derived pharmaceutical market estimates (value in millions of US dollars) & forecasts and trend analysis, 2019 to 2030 based on sick note
- Alzheimer’s disease
- chronic pain
- multiple sclerosis
The global cannabinoid-derived pharmaceutical market estimates (value in millions of US dollars) & forecasts and trend analysis, 2019 to 2030 based on region
- North America
- Latin America
- Asia Pacific
- middle East & Africa
Market revenue of cannabinoid-derived medicines in North America (in million US$) by country, 2019-2030
Cannabinoid-derived pharmaceutical market revenue estimates in Europe (US$ million) by country, 2019-2030
- the rest of Europe
Estimates of cannabinoid-derived pharmaceutical market revenue in Asia-Pacific (US$ million) by country, 2019-2030
- South Korea
- Australia & New Zealand
Estimates of cannabinoid-derived pharmaceutical market revenue in Latin America (US$ million) by country, from 2019 to 2030
- the rest of Latin America
the middle East & Africa Cannabinoid-derived Pharmaceutical Market Estimates Revenue (Million USD) by Country, 2019 to 2030
- South Africa
- GCC countries
- The rest of middle East & Africa
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