Cannabis Pharmaceuticals Market: Overview
Cannabis-based products or the medical marijuana has orchestrated new avenues in the pharmaceuticals industry. Pharma companies, small and big, have plowed investments in cannabidiol (CBD), particularly. The inroad made by CBD and CBD-based products is unarguably daunting, riding on the wave of staggered legalization of marijuana. The game-changing potential that cannabis has made pharma companies nurse new aspirations by setting their sights in the cannabis pharmaceuticals market.
Unsurprisingly, some pharma companies for instance, Insys Therapeutics, put robust opposition to legalization of marijuana. The regulatory status on the CBD is markedly unclear and lack worldwide consensus, for instance, differs from state to state in the U.S., and from nation to nation. Nonetheless, over the years there is a clear surge in interest of pharma companies in medical marijuana, given the medical conditions where cannabis hold incredible potential. FDA-approved CBD-based drugs will stridently see an increase, expanding the horizon in the CBD market. One of the most recalcitrant diseases CBD-based products in cannabis pharmaceuticals market hold potential, as body of preclinical studies have reiterated, is Dravet syndrome and Lennox-Gastaut syndrome (LGS).
A new study on the cannabis pharmaceuticals market scrutinizes the investment potential of some of the aforementioned trends and the ways in which those will shape the growth dynamics during 2022 – 2030.
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Cannabis Pharmaceuticals Market: Key Trends
The shape of the cannabis pharmaceuticals market is expected to be molded by the changing dynamic of the regulatory landscape. A large part of negative public perception of cannabis products has been associated with the recreational use of TSH, a key psychoactive element of cannabis. However, as things have begun to change, the global medicinal industry will intensify its efforts in harnessing therapeutic benefits of cannabis. The cannabis pharmaceutical industry will see new vistas opening up from expanding array of studies that will provide scientific backing of CBD. This is particularly in relation to the safety and uncontested claims of safety. Further, as regulators will treat different categories of cannabis-based product differently and suitably, the risk benefit profile of cannabis pharmaceuticals will become clearer. The scientific rigor for evidence-based medicine will expand the potential of the market and pave way for research in purified cannabidiol.
Two areas where the industry nurses tall hopes in the cannabis pharmaceuticals market are in reducing opioid epidemic, and in managing some of the hard-to-treat conditions such as some cancers. Stakeholders also appreciate the potential of medical cannabis for aesthetic and medical dermatology.
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Cannabis Pharmaceuticals Market: Competitive Analysis and Key Developments
The cannabis pharmaceuticals market has seen numerous big shot companies testing new waters in medical marijuana, and making strategic moves to this end. Research units of a few top pharma companies have made moves toward commercializing cannabinoids for medical use. A recent example is research being made by Avicanna for Johnson & Johnson, and by Vapium for Grenco Science. Another company, notably a spin-off of Abbott Laboratories, AbbVie Inc. has upped its cannabis-related patents. These developments will undoubtedly strengthen the pipeline of cannabis-related drugs, unlocking new prospects in the cannabis pharmaceuticals market. In the course of time, more start-up companies will ramp up their efforts in patenting Cannabis-based tablets and products.
Another behemoth that is making giant stride in the cannabis pharmaceuticals market is Teva Pharmaceuticals. The company recently announced formally that it has entered into distribution deal with cannabis company Canndoc.
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Cannabis Pharmaceuticals Market: Regional Assessment
North America has seemed to garner incredible revenue potential among all key geographies in the cannabis pharmaceutical market over the past several years. The groundswell of interest in medical marijuana is circumscribed by favorable regulations in some quarters, notably in parts of the U.S. Intense discussion among industry stakeholders about the taxing and labelling of cannabis-based medicinal products will cement the potential of the regional market. They are keen on increasing the profitability of marijuana-based products. Another promising region is Europe, expanding on the back of rise in investments by pharma companies in CBD.
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