Cannabis Pharmaceuticals Market Size, Share, Growth Analysis, By Brand(Epidiolex, Sativex) - Industry Forecast 2024-2031

Cannabis Pharmaceuticals Market size was valued at USD 1.5 billion in 2022 and is poised to grow from USD 2.43 billion in 2023 to USD 115.27 billion by 2031, growing at a CAGR of 62% in the forecast period (2024-2031).

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. 'Pharmaceutical Group (United Kingdom)', 'MedReleaf Australia (Australia)', 'Aurora Cannabis (Canada)', 'GW Pharmaceuticals (United Kingdom)', 'Clever Leaves (Colombia)', 'Cannabis Europa (United Kingdom)', 'Tilray (Canada)', 'Aphria Inc. (Canada)', 'Panaxia Pharmaceuticals (Israel)', 'Aphria Inc. (Canada)', 'Cresco Labs (USA)', 'Canopy Growth Corporation (Canada)', 'Cronos Group Inc. (Canada)', 'Green Thumb Industries Inc. (USA)', 'Charlotte's Web Holdings, Inc. (USA)', 'Harvest Health & Recreation Inc. (USA)', 'TerrAscend Corp. (Canada)', 'Trulieve Cannabis Corp. (USA)', 'Acreage Holdings, Inc. (USA)', 'Curaleaf Holdings, Inc. (USA)'

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 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.