The cannabis pharmaceutical sector is growing at an impressive rate, thanks in large part to the spread of medical cannabis reform around the globe. Many medical cannabis programs around the world limit legal medical cannabis patient options to pharmaceuticals only.
According to a recent market analysis by Research and Markets, “the global market for cannabis pharmaceuticals was estimated at US$5.2 billion in 2024 and is projected to reach US$72.7 billion by 2030, growing at a CAGR of 55.1% from 2024 to 2030.”
“Regulatory approvals for cannabis-based drugs in North America and Europe have legitimized the sector, encouraging pharmaceutical companies to develop new formulations.” Research and Markets stated in a press release. “The opioid crisis has also contributed to the demand for non-addictive pain management solutions, positioning cannabis as a viable alternative.”
“Additionally, advancements in drug delivery systems and precision dosing are improving the efficacy of cannabis-based medications, further accelerating market growth. As global healthcare systems continue to recognize the benefits of medical cannabis, the pharmaceutical cannabis sector is poised for significant expansion.” the market analysis also stated.
A previous analysis by Research and Markets from roughly a year ago projected that the cannabis pharmaceutical sector’s global market value would reach $102.4 billion by 2030, so the more recent analysis is a downgraded estimate.
According to a recent study conducted by researchers from Ukraine and France, and published by the U.S. National Institute of Health, 57 countries had adopted medical cannabis legalization measures as of the publication of the study.
Japan also adopted a national medical cannabis legalization measure since the study was conducted, and it is worth noting that what constitutes medical cannabis legalization is not as straightforward as some people may think.
Medical cannabis programs vary around the world, from comprehensive medical cannabis models like what is found in Canada, to far more limited programs in conservative regions of the world where governments have only approved a limited number of qualifying conditions and patients can only use hemp-derived cannabidiol products. If someone is counting the latter as constituting medical cannabis legalization, then over 100 countries have legalized cannabis for medical use.