Global Cannabinoid Therapeutics Market is projected to reach the value of $111.3 Billion by 2030

According to the report published by Virtue Market Research in  2023, the Global Cannabinoid Therapeutics Market was valued at $27.37 Billion, and is projected to reach a market size of $111.37 Billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 22.2%. 

Request Your Free Sample Report Now @ https://virtuemarketresearch.com/report/cannabinoid-therapeutics-market/request-sample

The Global Cannabinoid Therapeutics Market has been experiencing significant growth over the past few years, driven by several key factors. One long-term market driver is the increasing acceptance of cannabis-based products for medical purposes. With more research highlighting the potential benefits of cannabinoids in treating various medical conditions, there is a growing demand for cannabinoid therapeutics worldwide.

The COVID-19 pandemic has had a mixed impact on the market. On one hand, it has led to disruptions in the supply chain and manufacturing processes, affecting the availability of cannabinoid products. On the other hand, the pandemic has also increased the focus on health and wellness, leading to a higher demand for natural and alternative treatments like cannabinoid therapeutics.

In the short term, one of the key drivers of the market is the legalization of cannabis for medical and recreational use in several countries and states. This has opened up new markets and created opportunities for companies operating in the cannabinoid therapeutics sector. Additionally, the growing trend of using cannabinoids in skincare and beauty. 

Read More @ https://virtuemarketresearch.com/report/cannabinoid-therapeutics-market

Segmentation Analysis: 

The global Cannabinoid Therapeutics Market segmentation includes: 

By Brand: Sativex, Epidiolex. 

The Epidiolex segment led the market for cannabis pharmaceuticals in 2021, with the largest sales share and expected to be the fastest-growing segment. This is due to strong demand from the U.S. and Europe, along with pricing and reimbursement approvals in key markets. Epidiolex is used to treat seizures in Dravet syndrome and Lennox-Gastaut syndrome patients.

The Sativex segment is projected to grow at a CAGR of 26.9% during the forecast period. Sativex is used for muscle spasticity in multiple sclerosis patients. Increasing demand in Canada and Europe, along with clinical trials for other conditions like PTSD and cancer, are driving growth.

By Application:  Medical, Recreational, Edibles, Topicals, Industrial hemp, Others.

The largest segment in the Cannabinoid Therapeutics Market, based on application, is the medical segment. This segment includes the use of cannabinoids for alleviating pain and inflammation in chronic diseases like arthritis, fibromyalgia, and Crohn's disease. It also includes the use of cannabinoids to increase appetite in AIDS patients. The medical application of cannabinoids has seen significant growth, especially in cancer treatment, where cannabinoids have shown promising results.

The fastest-growing segment, however, is the recreational segment. This growth is driven by increasing acceptance and legalization of cannabis for recreational use in various regions. The recreational use of cannabinoids includes products like edibles and topicals, which are becoming increasingly popular among consumers. Additionally, the industrial hemp segment is also growing rapidly, driven by the increasing use of hemp-derived cannabinoids in various industries. 

Tailor this study to your specific requirements. Let us know what you need - https://virtuemarketresearch.com/report/cannabinoid-therapeutics-market/customization

Regional Analysis: 

 The largest market for cannabinoid therapeutics is Europe, which accounted for 43.8% of sales by 2021. This dominance is attributed to the region's increasing cannabis consumption, coupled with a more cautious and prospective attitude towards cannabis and its products. The presence of major cannabis manufacturers in Europe and various supportive initiatives have also contributed to market growth. For example, in August 2020, Portugal's regulatory authority granted licenses to Clever Leaves for cannabis cultivation and export, further supporting market growth. The legalization of medical marijuana in Germany in January 2017 has also fueled market growth in Europe.

The fastest-growing market for medical cannabis is expected to be the Middle East and Africa, with a forecasted growth rate of 110.2% during the forecast period. This growth is driven by the increased legalization of cannabis, growing awareness of its health benefits, and the approval of its medicinal use in the region. Additionally, the rapid growth of cannabis cultivation in Africa, with countries like Lesotho, South Africa, Malawi, Zambia, Rwanda, and Ghana legalizing the cultivation of medical cannabis, is expected to further drive the local market.

Searching for something specific? Our analysts can help you find it: https://virtuemarketresearch.com/report/cannabinoid-therapeutics-market/enquire

Latest Industry Developments: 

1. Diversification of Product Portfolio: Companies in the cannabinoid therapeutics market are increasingly diversifying their product portfolios to cater to a wider range of medical conditions and consumer preferences. This includes the development of new formulations, such as transdermal patches and sublingual tablets, as well as the expansion of product lines to include edibles and topicals. Recent collaborations and partnerships between companies have facilitated the sharing of resources and expertise, enabling faster development and commercialization of new products.

2. Focus on Research and Development: Another key strategy adopted by companies is a strong focus on research and development (R&D) to drive innovation in the market. This includes the development of novel cannabinoid compounds with enhanced therapeutic properties and fewer side effects. Recent collaborations between pharmaceutical companies and research institutions have led to significant advancements in cannabinoid research, leading to the discovery of new potential applications and formulations.

3. Expansion into New Markets: Companies are also expanding their presence into new markets, both geographically and in terms of application. This includes entering into partnerships with local distributors and healthcare providers to expand their reach and increase access to cannabinoid therapeutics. Recent developments in regulatory frameworks, such as the legalization of medical cannabis in new regions, have created opportunities for companies to enter and expand in these markets.