According to the latest research by InsightAce Analytic, the global Cannabinoid Derived Pharmaceutical market is valued at US$ 884.3 Million in 2021, and it is expected to grow with a CAGR of 18.9% during a forecast period of 2022-2030. Cannabinoids are naturally occurring compounds derived from the Cannabis sativa plant. In recent years, Cannabinoids/medical marijuana have witnessed increased attention due to its growing therapeutic applications in human medicine. Cannabinoid’s active components are potentially effective in treating a variety of conditions, including chronic pain, cancer pain, depression, anxiety disorders, sleep disturbances, and neurological disorders. The recent upsurge in the use and acceptance of CBD can be principally attributed to the onset of cannabis legalization across the United States. Most recently, the passage of the 2018 Farm Bill, which legalized the cultivation of hemp – cannabis with less than 0.3 percent THC by weight.
The demand for cannabinoid extracts and isolates is expected to grow exponentially in the coming years, on account of the anticipated shift in consumer preferences for derivative cannabis product formats, and the applications for cannabinoids in pharmaceutical applications. The market is also driven by growing awareness about the therapeutic benefits paired with healing properties associated with cannabidiol (CBD). Moreover, cannabidiol (CBD) is widely used in several medical applications such as treatment of anxiety and depression, stress relief, diabetes prevention, mitigation of pain, alleviation of cancer symptoms, and acne reduction. The market is expected to show lucrative opportunities over the forecast period owing to the augmented adoption of CBD-based products for treating various medical conditions.
The global Cannabinoid Derived Pharmaceutical market is segmented on the basis of product, application, and region. Based on the products, the market is divided into Cannabinoid Receptor Type 1 (CB1), Cannabinoid Receptor Type 2 (CB2), and Others. On the basis of application type, the market is segmented into Alzheimer’s Disease, Autism, Cancer, Chronic Pain, Epilepsy, Migraine, Multiple Sclerosis, Schizophrenia, and Others. Based on region, the market is studied across North America, Asia-Pacific, Europe, and LAMEA. Among that, Europe held the largest share of the market, followed by America and Asia Pacific. On the other hand, North America is expected to dominate the market during the analysis of the forecast period.
The key players of this market include Cara Therapeutics, Inc., Arena Pharmaceuticals, Cannabics Pharmaceuticals Inc., Echo Pharmaceuticals, GW Pharmaceuticals, InMed Pharmaceuticals, INSYS Therapeutics, Inc., LaraPharm, MGC Pharmaceuticals, Ltd., One World Cannabis, Orpheus Medica, Receptor Life Sciences, RespireRx Pharmaceuticals, Tetra Bio-Pharma, Cardiol Therapeutics, United cannabis Corporation, Zynerba Pharmaceuticals, and List of Other Prominent Players.