According to FutureWise analysis the market for cannabis pharmaceuticals in 2023 is US$ 0.57 billion, and is expected to reach US$ 41.36 billion by 2031 at a CAGR of 70.80%.
The pharmaceutical industry has been reshaped by cannabis-based products or medical marijuana. Pharma companies, big and small, have been investing in cannabidiol in particular. It is undisputed that CBD and CBD-based products have made a huge impact on the market, riding on the wave of marijuana legalization. Pharma companies have set their sights in the cannabis pharmaceutical market because of cannabis' game-changing potential. Unsurprisingly, some pharma companies, for example Insys Therapeutics, oppose marijuana legalization. Regulatory dynamics are expected to shape the shape of the cannabis pharmaceuticals market. In large part, negative public perception of cannabis products is due to recreational consumption of TSH, a key psychoactive component of cannabis.
Since the global medicinal industry has begun to realize that cannabis has therapeutic benefits, it will increase its efforts to harness those benefits. As more and more studies are completed that provide scientific backing for CBD, the cannabis pharmaceutical industry will begin to see new opportunities. This is especially true in regard to the safety aspect and uncontested claims of safety. The risk benefit profile of cannabis pharmaceuticals will be clearer as regulators treat different cannabis-based product categories differently and appropriately. As evidence-based medicine becomes more rigorous, the market for purified cannabidiol will expand. It is similar to marijuana for recreational use but it also has medical benefits.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Cannabis Pharmaceuticals Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Cannabis Pharmaceuticals Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.