Bio-Soluble Blanket Market Report: Trends, Forecast and Competitive Analysis to 2031

Cannabis-based Medicine Market Trends and Forecast

The future of the global cannabis-based medicine market looks promising with opportunities in the oral solution, tablets, and patches markets. The global cannabis-based medicine market is expected to grow with a CAGR of 19.4% from 2025 to 2031. The major drivers for this market are the increasing acceptance of cannabis-based treatments for various medical conditions and the growing research and legalization efforts boost demand for cannabis medicines.

• Lucintel forecasts that, within the type category, CBD based is expected to witness higher growth over the forecast period.
• Within the application category, oral solutions is expected to witness the highest growth.
• In terms of region, APAC is expected to witness the highest growth over the forecast period.

Gain valuable insights for your business decisions with our comprehensive 150+ page report. Sample figures with some insights are shown below.

Emerging Trends in the Cannabis-based Medicine Market

The global cannabis-based medicine market is witnessing several emerging trends, driven by advancements in research, evolving regulations, and growing consumer demand. These trends reflect a shift toward more acceptance of cannabis as a viable treatment option for various conditions. Below are five key trends shaping the future of the market.

• Growing Legalization and Regulation: As more countries legalize medical cannabis, the market is expanding rapidly. Legalization facilitates research and allows patients greater access to cannabis-based treatments. With clearer regulations in place, pharmaceutical companies can bring new products to market more efficiently, fostering greater innovation and improving the availability of cannabis-based medicines.
• Focus on CBD and THC for Medical Uses: Cannabidiol (CBD) and tetrahydrocannabinol (THC) are becoming the focal points of medical cannabis research due to their potential therapeutic benefits. CBD is widely used for pain relief, anxiety, and epilepsy treatment, while THC is effective in managing nausea and stimulating appetite in patients undergoing chemotherapy. This trend is fueling product development, with many pharmaceutical companies focusing on these compounds.
• Rise of Cannabis-Infused Therapeutics: There is an increasing interest in cannabis-infused products such as oils, tinctures, capsules, and topicals for medical use. These products offer patients a variety of options for consumption and are being increasingly used for conditions like chronic pain, insomnia, and stress. This trend highlights the growing acceptance of cannabis as an effective, alternative treatment method.
• Integration of Cannabis in Traditional Medicine Systems: Traditional medicine systems, especially in countries like India and China, are incorporating cannabis-based treatments to complement existing therapies. This integration is helping bridge the gap between modern medicine and alternative approaches, offering patients holistic and personalized treatment plans. Cannabis is being used in Ayurveda and Traditional Chinese Medicine, boosting its credibility in the global market.
• Increased Focus on Research and Clinical Trials: There has been a significant uptick in clinical trials and research initiatives focused on the medicinal benefits of cannabis. As more studies are conducted, evidence supporting the therapeutic efficacy of cannabis-based products is growing, which will likely result in more FDA approvals and wider adoption of these treatments globally.

The emerging trends in the cannabis-based medicine market are reshaping the landscape by encouraging legalization, increasing research, and expanding product offerings. As these trends continue to evolve, the market is expected to experience significant growth, with more patients gaining access to effective cannabis-based therapies tailored to their needs.

Recent Developments in the Cannabis-based Medicine Market

The global cannabis-based medicine market has seen several key developments that are accelerating its growth and acceptance. These developments span regulatory changes, product innovation, and clinical research advancements. Below are five key developments contributing to the ongoing transformation of the market.

• FDA Approvals of Cannabis-based Products: The U.S. Food and Drug Administration (FDA) has approved several cannabis-based medicines, such as Epidiolex for epilepsy. This approval has paved the way for further research and development, helping to legitimize cannabis as a treatment option and providing greater access to patients who need it.
• Legalization of Medical Cannabis in More Countries: Over the past few years, many countries, including Canada, Germany, and several U.S. states, have legalized medical cannabis. This has led to expanded markets for cannabis-based products, increased investment in the industry, and improved patient access to these treatments.
• Cannabis Cultivation and Distribution Advancements: Innovations in the cultivation and distribution of cannabis, including regulated cultivation methods and more efficient distribution networks, have helped stabilize the cannabis-based medicine market. These advancements ensure that products are of high quality and accessible to both patients and healthcare providers.
• Cannabis Research Funding and Collaborations: There has been a surge in funding for cannabis research from both private investors and government agencies. This has led to new partnerships between pharmaceutical companies and universities to explore the full potential of cannabis in treating a range of conditions, from chronic pain to mental health disorders.
• Rise in Consumer Demand for CBD Products: Consumer demand for CBD products is skyrocketing, with many people turning to CBD oils, capsules, and topicals for their perceived therapeutic benefits. This demand is driving product development and expanding the market, as more companies are offering a wider variety of cannabis-based health products.

The key developments in the cannabis-based medicine market are accelerating its expansion and increasing its legitimacy in the healthcare space. With more regulatory support, innovation, and funding, the market is poised for continued growth, offering a broader range of treatment options for patients worldwide.

Strategic Growth Opportunities in the Cannabis-based Medicine Market

The cannabis-based medicine market presents a variety of strategic growth opportunities across multiple applications, fueled by technological advancements, evolving consumer demand, and favorable regulations. As the industry matures, these opportunities are opening new pathways for companies to expand and diversify their product offerings. Below are five key growth opportunities.

• Pain Management: Cannabis-based medicines are increasingly being used to manage chronic pain, particularly in conditions like arthritis and neuropathic pain. As more research supports the efficacy of cannabinoids in pain relief, the demand for these treatments is expected to grow, providing a significant opportunity for pharmaceutical companies.
• Mental Health Treatment: With rising mental health concerns globally, cannabis-based products such as CBD are being explored for their potential to treat anxiety, depression, and PTSD. As clinical evidence supporting their effectiveness increases, the market for cannabis-based mental health treatments is set to expand rapidly.
• Cancer Treatment Support: Cannabis has shown promise in alleviating symptoms associated with cancer treatments, such as nausea and loss of appetite. This application is opening up growth opportunities, especially in regions where cancer prevalence is high and more patients are seeking alternative or complementary therapies.
• Pediatric Medicine: Cannabis-based treatments, particularly CBD, have shown potential in treating conditions like epilepsy in children. The approval of cannabis-based medicines for pediatric use is a significant growth opportunity, especially in markets like the U.S. and Europe, where there is increasing acceptance of these therapies.
• Topical and Cosmetic Products: The growing popularity of CBD-infused skincare products offers a unique growth opportunity in the wellness and cosmetics market. As consumers seek natural alternatives for skin health and beauty, cannabis-based topical treatments are expanding beyond traditional medicinal uses to broader consumer markets.

The cannabis-based medicine market is experiencing rapid growth with numerous strategic opportunities, from pain management and mental health treatment to cancer care and skincare. These opportunities are driving innovation, expanding market access, and allowing companies to tap into new consumer segments, ultimately reshaping the global healthcare landscape.

Cannabis-based Medicine Market Driver and Challenges

The cannabis-based medicine market is influenced by various drivers and challenges, including advancements in scientific research, shifting regulatory landscapes, and economic factors. While these drivers create significant growth potential, challenges related to regulation, public perception, and market competition remain. Below are the key drivers and challenges impacting the market.

The factors responsible for driving the cannabis-based medicine market include:

1. Increased Legalization of Medical Cannabis: Legalization in more countries has provided a strong foundation for market growth. This has led to more investment in cannabis research and allowed patients greater access to cannabis-based treatments, driving up market demand.

2. Growing Consumer Awareness and Demand: As more people learn about the therapeutic benefits of cannabis, consumer demand for cannabis-based products is rising. This trend is particularly noticeable in wellness products, with consumers seeking natural alternatives for pain, stress, and sleep disorders.

3. Scientific Research Advancements: Research into the medicinal properties of cannabis continues to advance, leading to new discoveries and increased FDA approvals. As scientific evidence supporting the efficacy of cannabis-based treatments grows, more medical professionals are prescribing these products.

4. Increased Focus on Alternative Medicine: Many patients are seeking alternatives to traditional pharmaceutical treatments. Cannabis-based products, particularly CBD, are gaining popularity as a natural remedy for various health issues, contributing to the market's expansion.

5. Expansion of Distribution Channels: The development of more efficient distribution networks, including online retail platforms, is making cannabis-based medicines more accessible. This expansion is particularly important in regions where traditional pharmacies may have limited access to these products.

Challenges in the cannabis-based medicine market are:

1. Regulatory Hurdles and Uncertainty: The complex and evolving regulatory environment poses a challenge for cannabis-based medicines. Disparate regulations across regions can slow product approval processes and complicate the marketing of these products.

2. Public Stigma and Misconceptions: Despite increasing awareness, cannabis still faces a degree of stigma, which can hinder widespread acceptance. Misconceptions about cannabis use, particularly in medicinal contexts, remain a barrier to growth.

3. Supply Chain and Production Issues: The cultivation, production, and distribution of cannabis-based medicines can be fraught with logistical challenges. Limited supply, especially for high-quality cannabis, can create shortages and increase costs, impacting market growth.

While the cannabis-based medicine market is driven by increasing legalization, consumer demand, and scientific research, it faces challenges related to regulatory uncertainty, public stigma, and production limitations. Addressing these challenges while leveraging the market drivers will be essential for sustaining long-term growth and expansion.

List of Cannabis-based Medicine Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies cannabis-based medicine companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the cannabis-based medicine companies profiled in this report include-

• GW Pharmaceuticals
• INSYS Therapeutics
• Aequus Pharmaceuticals
• Axim Biotechnologies
• Revive Therapeutics

Cannabis-based Medicine Market by Segment

The study includes a forecast for the global cannabis-based medicine market by type, application, and region.

Cannabis-based Medicine Market by Type [Value from 2019 to 2031]:

• CBD Based
• THC Based
• Others

Cannabis-based Medicine Market by Application [Value from 2019 to 2031]:

• Oral Solution
• Tablets
• Patches
• Others

Cannabis-based Medicine Market by Region [Value from 2019 to 2031]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

Country Wise Outlook for the Cannabis-based Medicine Market

The global cannabis-based medicine market has experienced significant growth in recent years, driven by increasing recognition of the therapeutic potential of cannabis compounds, particularly cannabinoids like CBD and THC. As countries like the United States, China, Germany, India, and Japan make strides in research, regulation, and public acceptance, the market is evolving rapidly. These developments are contributing to an expanding portfolio of cannabis-based products for medical use, offering new treatment options for a variety of conditions.

• United States: In the United States, the cannabis-based medicine market has flourished with the increasing legalization of medical marijuana across various states. In 2023, several states passed new legislation expanding access to cannabis for medical purposes. The FDA has also approved CBD-based medications like Epidiolex for treating epilepsy. With a growing focus on research and clinical trials, the U.S. market continues to lead globally, offering innovative treatments for pain management, anxiety, and other conditions.
• China: China has taken cautious steps toward incorporating cannabis-based medicine into its healthcare system, with regulations evolving slowly. The country has recently expanded its research into CBD products, particularly in relation to pain management and inflammation. However, cannabis-derived medical products are still tightly regulated, and the use of marijuana remains largely restricted. China’s research and development in this area are progressing, but widespread access to cannabis-based medicines remains limited.
• Germany: Germany is one of the European leaders in the adoption of cannabis-based medicine, with medical cannabis legalized in 2017. The country has seen rapid growth in the market, with doctors prescribing cannabis products for conditions such as chronic pain, multiple sclerosis, and cancer-related symptoms. Germany's robust regulatory framework supports the cultivation and sale of cannabis for medical use, contributing to an expanding patient base and increasing interest in further cannabis research.
• India: In India, the use of cannabis for medical purposes remains in the early stages. The government has begun to explore the potential for cannabis-based treatments, with increasing research into CBD for managing pain, anxiety, and epilepsy. However, cannabis products are still largely restricted, and many patients seek CBD products through informal channels. India’s growing interest in alternative therapies presents potential for future expansion in the cannabis-based medicine sector.
• Japan: Japan has a very conservative stance on cannabis use, with strict regulations limiting the cultivation and use of cannabis. However, in recent years, there has been growing interest in CBD products, especially for managing anxiety and stress. Japan has started to ease restrictions on CBD oil, and clinical trials are being conducted to explore its potential medical benefits. While the market is still in its infancy, Japan’s approach is evolving slowly, allowing for cautious growth in cannabis-based medicines.

Features of the Global Cannabis-based Medicine Market

Market Size Estimates: Cannabis-based medicine market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2019 to 2024) and forecast (2025 to 2031) by various segments and regions.

Segmentation Analysis: Cannabis-based medicine market size by type, application, and region in terms of value ($B).

Regional Analysis: Cannabis-based medicine market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different type, application, and regions for the cannabis-based medicine market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the cannabis-based medicine market.

Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

This report answers following 11 key questions:

Q.1. What are some of the most promising, high-growth opportunities for the cannabis-based medicine market by type (CBD based, THC based, and others), application (oral solution, tablets, patches, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2. Which segments will grow at a faster pace and why?

Q.3. Which region will grow at a faster pace and why?

Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?

Q.5. What are the business risks and competitive threats in this market?

Q.6. What are the emerging trends in this market and the reasons behind them?

Q.7. What are some of the changing demands of customers in the market?

Q.8. What are the new developments in the market? Which companies are leading these developments?

Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?

Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?

Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?

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