The global Topical Cannabis Pharmaceuticals Market, which are pharmaceuticals derived from cannabis, was valued at USD 6.84 billion in 2022 and is expected to grow to USD 1,356.78 billion by 2032 with a CAGR of 80% during the forecast period. The increasing legalization of medical marijuana, rising demand for cannabis-based pharmaceuticals due to their therapeutic benefits, and growing public awareness about the advantages of medical marijuana are driving revenue growth in the market.
Germany, the United States, Canada, and other countries have legalized medical marijuana, and this trend is expected to continue, leading to high demand for Topical Cannabis Pharmaceuticals and revenue growth.
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The growth of the cannabis market is being driven by its therapeutic benefits, which include the ability to alleviate pain and inflammation, anxiety, and convulsions. This has led to a rise in the use of cannabis for medical purposes and the development of new and innovative products, which are expected to further increase market expansion.
Key players in the Topical Cannabis Pharmaceuticals Market –
- GW Pharmaceuticals PLC
- Insys Therapeutics, Inc.
- Tilray, Inc.
- Cannabis Science, Inc.
- ABcann Medicinals, Inc.
- Medical Marijuana, Inc.
- Emerald Health Therapeutics, Inc.
- Cannabis Sativa, Inc.
- Cara Therapeutics, Inc.
- Avicanna Inc.
These companies are adopting various strategies such as mergers and acquisitions, partnerships, and the introduction of new products to strengthen their position in the market.
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The market is segmented into three product types: oral, topical, and inhalation. The oral segment accounted for the largest revenue share in 2022, while the topical segment is expected to register significantly rapid revenue growth during the forecast period. The inhalation segment is also expected to register steady fast revenue growth.
Based on therapeutic application, the market is segmented into chronic pain, cancer, multiple sclerosis, and others. The chronic pain segment accounted for the largest revenue share in 2022, while the cancer segment is expected to register significant rapid revenue growth during the forecast period. The multiple sclerosis segment is also expected to register steady fast revenue growth.
Regionally, North America is expected to account for the largest revenue share during the forecast period due to the legalization of cannabis in Canada and a number of U.S. states, the increasing need for cannabis-based medicines, and favorable government initiatives. The market in Europe is expected to register the fastest revenue CAGR during the forecast period due to rising incidence of chronic diseases, an ageing population, and growing public awareness of the potential advantages of cannabis-based medicines. The market in Asia Pacific is expected to account for a significantly large revenue share during the forecast period, driven by favorable government initiatives, rising awareness of the potential advantages of cannabis-based medicines, and rising prevalence of chronic diseases such as cancer.
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