Cannabis Pharmaceuticals Industry Overview

The global cannabis pharmaceuticals market size was estimated at USD 3.4 billion in 2023 and is anticipated to grow at a CAGR of 53.3% from 2024 to 2030. Increased awareness regarding medicinal drugs derived from cannabidiol (CBD) and a shift towards using cannabis for prescription medications are expected to fuel market expansion. Moreover, the growing adoption of pharmaceutical products containing cannabis for addressing various medical disorders such as chronic pain, sleep disorders, anorexia, inflammation, schizophrenia, multiple sclerosis, and epilepsy, stands out as a key driver propelling market growth.

Gather more insights about the market drivers, restrains and growth of the Cannabis Pharmaceuticals Market

The rising number of clinical trials signifying the positive effects of utilizing cannabis pharmaceuticals for treating various medical conditions, such as multiple sclerosis, epilepsy, chronic pain, and cancer, is a major factor boosting market growth. According to the Royal Australian College of General Practitioners (RACGP) study published in October 2021, over 55,00,000 Australians suffering from chronic pain currently use cannabis as a medication. In addition, over 125,000 approvals were issued as of July 2021 under SAS-B, out of which over 60% were approved to treat chronic pain. Positive results provided by clinical trials help change the perspective of patients & healthcare professionals toward cannabis and pharmaceutical drugs developed using cannabis. For instance, as per the data provided by ClinicalTrials.gov, as of 2023, there are around 847 active studies for Sativex, either recruiting, not recruiting, or enrolling by invitation. In addition, around 401 clinical trials are active for Epidiolex under the same criteria.

Furthermore, the increasing number of clinical research and trials for numerous health conditions, owing to the therapeutic properties of cannabis, majorly cannabidiol, is further influencing market growth positively. In addition, several key players & emerging companies in the cannabis pharmaceuticals space are concentrating on the development of pharmaceutical formulations based on cannabis and its derivatives, such as THC & CBD. This is anticipated to drive the market growth in the coming years. For instance, in February 2023 Aurora Cannabis Inc. collaborated with MedReleaf Australia to introduce a medical cannabis brand called CraftPlant for patients in Australia. This brand encompasses three new products-Greendale, Navana, and HiVolt-which doctors can prescribe. All three products are derived from cultivars and have a high THC content along with significant levels of terpenes.

The legalization of medical cannabis is gaining momentum in various countries, including the U.S., Canada, UK, Croatia, Czech Republic, Cyprus, Colombia, Chile, Australia, Barbados, Denmark, Finland, Poland, and Portugal. The continuous political support for cannabis legalization is fueling market growth potential. For instance, in April 2023, the Governor of Delaware allowed companion bills to pass into law. In May 2023, the Governor of Minnesota approved a comprehensive cannabis legislation that legalized the recreational use of cannabis in the state. Moreover, Kentucky’s General Assembly passed a law legalizing medical cannabis for residents of Kentucky, effective from January 1, 2025, which made Kentucky’s the 40th state to enact such legislation.

Browse through Grand View Research's  Pharmaceuticals Industry Research Reports.

• The global cannabidiol market size was valued at USD 7.71 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 15.8% from 2024 to 2030. 
• The global medical marijuana market size was valued at USD 13.8 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 21.80% from 2023 to 2030.

Cannabis Pharmaceuticals Market Segmentation

Grand View Research has segmented the global cannabis pharmaceuticals market based on brand type, and region:

Cannabis Pharmaceuticals Brand Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Sativex
• Epidiolex
• Other Brands

Cannabis Pharmaceuticals Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
  1. U.S.
  2. Canada
• Europe
  1. Germany
  2. UK
  3. Italy
  4. Netherlands
  5. Croatia
  6. Poland
  7. Czech Republic
  8. Switzerland
  9. Spain
• Asia Pacific
  1. Japan
  2. New Zealand
  3. Australia
  4. Thailand
• Latin America
  1. Brazil
  2. Mexico
  3. Uruguay
  4. Colombia
  5. Argentina
  6. Chile
  7. Peru
• Middle East and Africa (MEA)
  1. South Africa
  2. Israel

Key Companies profiled:

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

Key Cannabis Pharmaceuticals Company Insights

Companies are turning to expansion in their product portfolios as well as expansion through mergers and acquisitions of small players in the industry. For instance, June 2023 marked a partnership between Avicanna Inc., a cannabinoid-based pharmaceutical company, and the Canadian Consortium for the Investigation of Cannabinoids to develop an educational course accessible to the medical community across Canada.

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 August 2023, Avicanna Inc. completed the acquisition of the Medical Cannabis by Shoppers operation from Shoppers Drug Mart, subsequently introducing a new medical cannabis care platform called MyMedi.ca.
• In February 2023, Aurora Cannabis Inc., a Canadian company, partnered with MedReleaf Australia to introduce CraftPlant, a new medical cannabis brand. This launch introduced three innovative products, Navana, HiVolt, and Greendae, to serve the Australian patient community.

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