The global cannabis pharmaceuticals market is poised for exponential growth, with projections indicating an increase from $3.46 billion in 2023 to $380.77 billion by 2034.
This remarkable expansion, driven by a compound annual growth rate (CAGR) of 53.32%, is attributed to rising rates of chronic diseases, growing consumer demand for alternative treatments, and an expanding body of research highlighting the medical benefits of cannabis-based pharmaceuticals. This is according to a new report conducted by Research and Markets.
An increasing number of studies demonstrate the efficacy of cannabis in treating conditions such as chronic pain, epilepsy, multiple sclerosis, and chemotherapy-induced nausea, notes the report. Awareness among healthcare providers and patients continues to rise, further fueling the adoption of cannabis-derived medications. For instance, GW Pharmaceuticals announced in early 2024 the initiation of clinical trials for a CBD-based medication targeting symptoms of autism spectrum disorder (ASD).
The market’s leading product segment, Epidiole, accounted for the highest revenue in 2023. Its continued dominance and projected growth are credited to its unique therapeutic properties and the increasing acceptance of CBD-based treatments. In a significant regulatory development, Portugal’s INFRAMED granted SOMAÍ Pharmaceuticals approval to manufacture, import, and export cannabis-based products in September 2023.
Hospitals represented the largest revenue-generating distribution channel for cannabis pharmaceuticals in 2023, reflecting growing use in pain management, palliative care, and neurological disorders. Meanwhile, the online pharmacies segment is expected to achieve the fastest growth rate during the forecast period, supported by regulatory advancements and the convenience of online purchasing.
Regionally, North America leads the market due to established regulatory frameworks and robust infrastructure for cannabis cultivation, production, and distribution. The Asia Pacific region, however, is anticipated to grow at the fastest rate, driven by evolving regulations, increased investment in research and development, and a growing recognition of medical cannabis’ therapeutic potential. Notably, Aurora Cannabis Inc. and MedReleaf Australia launched the CraftPlant brand in February 2023 to expand medical cannabis offerings in the region.
The top players in the market include:
- GW Pharmaceuticals
- Tilray Inc.
- Canopy Growth Corporation
- Aurora Cannabis Inc.
- Cronos Group Inc.
- Aphria Inc.
- Charlotte’s Web Holdings Inc.
- Curaleaf Holdings Inc.
- Trulieve Cannabis Corp.
- HEXO Corp.
- Green Thumb Industries Inc.
- MediPharm Labs Corp.
- Valens Company Inc. (formerly Valens GroWorks Corp.)
- OrganiGram Holdings Inc.
- CannTrust Holdings Inc.
For more information on this report, click here.
