Cannabis Pharmaceuticals Market Size

Cannabis Pharmaceuticals Market Insights

Global Cannabis Pharmaceuticals Market size was valued at USD 2.5 billion in 2023 and is poised to grow from USD 3.93 billion in 2024 to USD 145.72 billion by 2032, growing at a CAGR of 57.1% during the forecast period (2025-2032).

The widespread utilization of cannabis across various medical applications is a significant catalyst for market growth. Cannabis products can be applied to manage a number of illnesses. Some chronic conditions that cannabis can be applied in are arthritis and cancer, along with Parkinson’s and Alzheimer’s disease. Cannabis can also be used to manage neurological disorders such as depression, epilepsy, and anxiety.

These ingredients help reduce patient pain. The continued intake of these products has grown due to its requirement in easing chronic pain and its importance in pain management medications. These factors have boosted the growth of the market in recent years.

Several countries all around the world have decriminalized cannabis, making its usage legal in therapy products. These nations include Cyprus, Finland, Chile, Canada, Croatia, Colombia, the US and UK, Denmark, Poland, Czech Republic, and Portugal, among others. The trend of opening up the legality of cannabis products due to its therapeutic properties has helped market growth immensely.

This trend can be shown in one perfect example. In May 2021, the MORE (Marijuana Opportunity, Reinvestment, and Expungement) Act was reinstated in the U.S. House of Representatives. This highlights the region’s support for legalization of cannabis in therapy. This spark will light the fire in other regions as well, offering a growth opportunity for the global market.

Governments and consumers around the world are starting to accept cannabis. This global acceptance has also resulted in health professionals prescribing therapies that include these products. This in turn opens up the market for a potentially extended period of expansion. This trend is gaining popularity and will help the market maintain its steady growth.

FAQs

Several companies in the market are captured in fierce competition as they strive to expand the range of medical conditions that can be treated with cannabis-derived compounds by putting in significant investments in research and development to discover new cannabinoid-based pharmaceuticals. These efforts include the conduction of clinical trials to research and establish the safety and efficacy of cannabis products. In order to speed up market penetration and product development, these companies are employing strategic collaborations. Companies were bringing in a diverse range of offerings to their existing product portfolios by developing various forms of cannabis-based medicines, including transdermal patches, inhalers, oral medications, and more, thus allowing them to cater to a wider range of patient needs and preferences. 'Jazz Pharmaceuticals plc (Ireland) ', 'Insys Therapeutics, Inc. (USA) ', 'Corbus Pharmaceuticals Holdings, Inc. (USA) ', 'Botanix Pharmaceuticals Ltd (Australia) ', 'GW Pharmaceuticals (UK) ', 'Canopy Growth Corporation (Canada) ', 'Tilray Brands, Inc. (USA) ', 'Aurora Cannabis Inc. (Canada) ', 'Almac Group (UK) ', 'Catalent, Inc. (USA) ', 'Cara Therapeutics, Inc. (USA) ', 'Axim Biotechnologies, Inc. (USA) ', 'Emerald Health Therapeutics, Inc. (Canada) ', 'MediPharm Labs Corp. (Canada) ', 'Creso Pharma Limited (Australia) ', 'ECS Botanics (Australia) ', 'Neurotech International (Australia) ', 'Emyria Limited (Australia)'

A prominent driver in the cannabis pharmaceutical market is the growing rate of legalization of medical cannabis in various countries and states. As more areas accept and permit the use of cannabis for medicinal purposes, it strengthens the market's potential.

Diverse Product Formats: Consumer choice and accessibility of cannabis products is increasing with the introduction of an expanding range of product formats, including edibles, oils, and capsules.

North America, led by countries like the United States and Canada, has been one of the most prominent regions in the global cannabis pharmaceutical market. In recent years, North America has seen a boom in both medical and recreational cannabis legalization, further stimulating market growth. Driven by the increasing acceptance of cannabis as a treatment option and the availability of multiple cannabis-derived pharmaceuticals, the United States, in particular, has seen a tremendous development in the use of cannabis for medicinal purposes. Moreover, North America's rich ecosystem of research and development and the presence of major cannabis pharmaceutical companies greatly contribute to retaining its position in the market.