Global Cannabis Pharmaceuticals Market: Overview
The use of cannabis in medicine is been for 6,000 years, but currently, there is a huge debate regarding its role in healthcare. Cannabidiol (CBD) and tetrahydrocannabinol (THC) are the two major medicinally active phytocannabinoids found in cannabis plants. CBD is considered to be the healing component whereas THC is the psychoactive ingredient. These two cannabinoids are derived from cannabis species called marijuana and hemp. CBD and THC are proven to treat several health conditions like arthritis, migraine, epilepsy, and multiple sclerosis. Owing to the health benefits of cannabis, there is the use of cannabis in the pharmaceutical industry which may revolutionize the healthcare sector.
Global Cannabis Pharmaceuticals Market: Growth Factors
Growth in research & development on cannabis for its medicinal use and increase in legalization of the use of cannabis for medicinal purposes are the key factors driving the growth of the global cannabis pharmaceutical market. In addition to this, there are around 400 completed and active clinical trials for CBD across the world. Thus, the rising number of clinical trials and the adoption of cannabis for treatment owing to its less side-effect are also contributing to the growth of the market. Moreover, rising collaborations, mergers, and acquisitions among the big pharmaceuticals are boosting the growth of the global cannabis pharmaceuticals market. For instance, Novartis and Tilray entered into a strategic alliance to develop and distribute medical cannabis across the world under legal jurisdictions. In addition to this, Aurora Cannabis acquired Farmacias Magistrales, a Mexico-based pharmaceutical supplier enabling Aurora to supply THC containing medical cannabis to millions of people. Furthermore, with the rising evidence-based benefits, big pharmaceuticals are hugely investing to use cannabis for maximum therapeutic purposes. This will create an opportunity for the global cannabis pharmaceuticals market during the forecast years. However, lack of expertise to precisely guide the patients regarding CBD/THC synergies, dose, as well as risk factors may hamper the growth of the market.
The covid-19 pandemic has led to a global crisis by adversely affecting all the business sectors including agriculture, healthcare, tourism, IT, education, and many more. The pharmaceutical sector has a multifaceted impact on its manufacturing production, supply as well as distribution units. Most of the countries declared a state of alarm to control the spread of the disease. This enforced most of the pharmaceuticals to halt their operations. There also arises a shortage of raw materials due to disruption in the supply chain and lack of labor due to strict lockdown and social distancing regulations. The cannabis cultivation farm's business also slowed down. Thus, the growth of the global cannabis pharmaceuticals market was been severely hampered amid the covid-19 pandemic. On the other hand, with relaxation in rules & restrictions, research is holding pace for the potential use of cannabis to treat or prevent covid-19 which will support the growth of the global cannabis pharmaceuticals market post-covid-19 era.
Global Cannabis Pharmaceuticals Market: Segmentation
The global cannabis pharmaceutical market is bifurcated into brand and region. Based on the brand, the market is classified into Sativex and Epidiolex. Among these, Epidiolex is estimated to grow with a high CAGR during the forecast period. It is the first drug approved by the FDA for the treatment of Dravet syndrome and Lennox-Gastaut Syndrome.
Global Cannabis Pharmaceuticals Market: Regional Analysis
Europe dominated the market and is anticipated to maintain its dominance during the forecast period. This is attributed due to the presence of major key players and the rising number of consumers in this region. Moreover, the amendment of narcotics laws in Germany in 2017 which exempted CBD and hemp from the list of dangerous substances is driving the growth of the global cannabis pharmaceuticals market in Europe. Asia Pacific is estimated to grow at the fastest rate due to increasing legalization, ease in regulations, and increasing adoption of cannabis as a treatment option.
Global Cannabis Pharmaceuticals Market: Competitive Players
Some of the prominent players operating in the global cannabis pharmaceuticals market are GW Pharmaceuticals, Valeant Pharmaceuticals, AbbVie Inc., and Insys Therapeutics, Inc.
Global Cannabis Pharmaceuticals Market: Regional Segment Analysis
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