The healthcare market will expand in the years to come, especially with cannabinoid medicine. Cannabinoid medicines help relieve pain in other applications, such as anxiety, depression, sleep, and nausea. However, the use of cannabinoid drugs is controversial and a controversial subject in many countries. Several cannabinoid pharmaceutical companies are making it big in the healthcare market, however. These companies are mainly focusing on the use of cannabinoid medicines in the treatment of cancer, inhalation, and pain. Many research and development centers are working on cannabis-based drugs. This is leading to a lot of disruption in the industry.
Inhalation Segment
The many cannabis companies in the global market, GW Pharmaceuticals, Inc., and Otsuka Pharmaceutical Development and Commercialization Inc., arguably deserve the crown as the most successful. However, the pharmaceutical industry is dominated by a handful of large and small players, each with its strengths and weaknesses. Factors like the rising regulatory burden and the increasing competition from generic and biotech firms largely shape the competitive landscape. As a result, the pharmaceutical sector is undergoing a paradigm shift. While the industry remained relatively uncharted territory in the past, it has emerged as a significant player in the pharmaceutical space. Several companies have launched novel products in the last few years to keep pace with the competition. For example, Epidiolex, a cannabinoid-infused medication, is approved for several rare and intractable seizure disorders, such as Dravet syndrome. Its benefits include a short treatment time, low cost, and high efficacy.
Pain Management Application
The cannabinoid pharmaceutical industry is a burgeoning albeit slow-moving sector. This segment is mainly driven by the increasing prevalence of chronic pain, which translates into a massive market size. It is expected to expand exponentially over the next decade, which will be a boon to pharma companies and patients alike. One of the most important reasons for this growth is the ability to develop novel cannabinoids with therapeutic properties that can be applied in various medicinal applications. Some of the most exciting developments in the field are the growing availability of cannabinoids for treating asthma and multiple sclerosis. Medical marijuana is also getting an official regulatory stamp of approval in the U.S., with several states approving medical cannabis for patients with epilepsy. With an increase in awareness of the benefits of medical cannabis, a plethora of new players is vying for market share.
COVID-19 Disruption
The market for cannabis pharmaceuticals is increasing owing to several factors, including wide-scale applications, health and wellness trends, and growing demand for pain management treatments. These cannabinoid-based drug products are approved for treating various chronic diseases. They are also used in treatment-resistant epilepsy and multiple sclerosis. Cannabinoid pharmaceutical companies are advancing their research and development activities to produce better and safer cannabinoid-based drugs.
In the United States, marijuana has been legalized for medicinal use. However, there is a lack of robust evidence to support its use. Several states have implemented medical marijuana laws to help reduce opioid-related healthcare costs and hospitalization rates. Similarly, in Europe, the COVID-19 pandemic has increased the prescription of medical marijuana. This is a crucial factor driving the growth of the cannabis pharmaceutical industry.
R&D Centers Segment
Cannabinoid pharmaceutical companies are an essential component of the healthcare industry. This industry has a vast scope of growth due to its high potential to relieve pain and other health-related issues. These companies are involved in many research and revenue-generation activities. The medical cannabis market is also expanding at a breakneck pace. Medical marijuana is replacing opioids for pain management applications.
By 2026, the market will be worth more than $13,882.5 Million. Its growth will be driven by the increasing number of patients suffering from chronic pain. In addition, it is also anticipated that cannabinoids have a higher potential for relieving pain than opioids. Moreover, it is also being used in asthma treatments.
However, the medical cannabis market is facing short-term negative growth and long-term challenges, which are expected to lead to reduced product demand from critical end-users. Additionally, it is also being subjected to disruptions in the supply chain.
