Cannabis pharmaceuticals market valued at $5.7 billion by 2027

Cannabis+pharmaceuticals+market+valued+at+%245.7+billion+by+2027

Bethan Rose Jenkins, Cannabis News Writer/Editorial

Cannabis pharmaceuticals constitute an ever-growing segment of the global market that, according to analysts at Polaris Market Research, will be worth $5.72 billion by 2027. 

Their predictions suggest that the worldwide market will inflate at a compound annual growth rate (CAGR) of 75.7 percent between the years 2020 and 2027.

In 2019, Europe accounted for the largest share of the global cannabis pharmaceuticals market, at which point it had generated a valuation of $67.3 million. Based on new insights, the market is expected to undergo significant growth as it matures. 

Some of the primary catalysts for growth, say analysts, are favorable legislative changes, research and development (R&D) investments, and ever-changing policies among developed economies. 

The R&D aspect pertains to technological advancements in the development of accurately-dosed cannabis-infused drugs; specifically, products with innovative delivery methods and blockchain technology, which can be relied on to maintain strain purity.

Global cannabis pharmaceuticals market report: Segment overview

British drugs company GW Pharmaceuticals got a mention in Polaris’ global cannabis pharmaceuticals market report. The world-renowned drugs manufacturer’s product Sativex a cannabis-based treatment developed to ease the symptoms of muscle spasticity constituted the vast majority of market share in 2019.

Moreover, by 2027, a vast portion of market share will be gobbled up by the hospitals pharmacies segment, say Polaris analysts. This, they believe, is being driven by more physicians recommending cannabis-based medicines from in-house pharmacy stores.

Global cannabis pharmaceuticals market report: Regional insights

Polaris analysts acknowledged that the bulk of revenue share came from North America’s regional market, where the cannabis industry is on-track to top USD$104.9 billion by 2027.

The latest predictions suggest that the North American region will rack up the most revenue between 2020 and 2027. This prospective growth has been attributed to an ever-growing consumer demographic and the emergence of pioneering manufacturers.

List of major cannabis industry players in the global cannabis pharmaceuticals market

According to Polaris Market Research’s report, the following industry players will take the global pharmaceuticals segment by storm during the forecast period:

  • Avicanna
  • Cannabics Pharmaceuticals
  • Corbus Pharmaceuticals
  • GW Pharmaceuticals
  • Insys Therapeutics, Inc.
  • Solvay Pharmaceuticals
  • Teva Pharmaceutical
  • Valeant Pharmaceuticals

Who is Polaris Market Research?

This global market research and consulting company boasts expertise in providing in-depth business research and market intelligence to clientele associated with various enterprises. Examples of the industries that are served by Polaris Market Research include chemicals, healthcare, technology and semiconductors.

Analysts, consultants and SMEs make up the company, which actively explores trends and updates for high growth markets, technologies and business-centric applications.

Learn more by visiting the official website at: www.polarismarketresearch.com.