The global medical cannabis market will show huge growth in the near future. A new report from Global Data has shown that $50 million in sales was generated from the marketing of approved medical cannabis products. The value of this market is expected to grow and reach $3.5 billion by 2025. The sales were generated across the United States, five European countries, Canada, Israel, and Australia.
Medical cannabis sales are booming around the world. According to the British management consultancy Global Data, the global medical cannabis market is expected to grow by more than 80% annually until 2025.
The growth of medical cannabis sales
According to Global Data, medical cannabis products that are approved or already on the market amounted to at least $50 million (€45 million) in the United States, France, Germany, Italy, Spain, Great Britain, Canada, Israel and Australia in 2018.
By 2025, the management consultancy company is expecting an average growth in the global medical cannabis market of 81.3% to almost $3.2 billion (€3 billion) per year.
Products that are still on clinical trials
According to Global Data, 11 products are currently in the late phase of clinical trials, including Zygel (cannabidiol) and Lenabasum from Zynerba Pharma and Corbus Pharma.
The medical cannabis market launch in the United States and the European Union is planned for 2021. The U.S. FDA has therefore classified both products as orphan drugs with accelerated approval.
Magdalene Crabbe, an analyst at Global Data, is expecting these products to generate sales of $417 million (€379 million) and $771 million (€700 million) by 2025.
Children are the main potential patients for the medical cannabis market
Crabb is explaining the high sales expectations of these pipeline candidates by the fact that both can be used to treat various diseases from different therapeutic areas, such as genetic disorders as well as autoimmune diseases.
Many of the potential patients of the medical cannabis market are children who have a poor quality of life and an urgent need for effective drugs.
Epidiolex is the only approved product on the market
The approved product Epidiolex® (oral solution for the treatment of seizures associated with two rare and severe forms of epilepsy, Lennox-Gastaut syndrome and Dravet syndrome, in patients two years of age and older along with the active ingredient cannabidiol from GW Pharma), had already amounted sales of $4.7 million (€4.27 million) in 2018 and is expected to achieve annual sales of $1.9 billion (€2 billion) by 2025 according to the forecast.
However, Crabbe is still seeing market obstacles for cannabis preparations in the high therapy costs, the poor data situation and “confusing or non-existent guidelines.”
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Hemp.im, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PHARMAZEUTISCHE ZEITUNG, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Hemp.im assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Hemp.im is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.