Cannabis is a psychoactive drug that is derived from the cannabis plant. They can be used for various disorders such as chronic pain, anxiety problems, sleep problems, cancer pain, depression, and neurological. This drug is widely available in various forms such as hashish, marijuana, and hash oil.
Recent research suggests that cannabis can be beneficial in the treatment of nausea and vomiting, especially when used in conjunction with chemotherapy, glaucoma, epilepsy, and asthma. The increasing legalization of medical cannabis, growing awareness regarding its medical benefits through conferences, symposia, seminars, etc., and its rising therapeutic applications are key factors driving the growth of the market.
COVID-19 Pandemic Impact on Cannabis Pharmaceuticals Market
The COVID-19 pandemic has impacted the cannabis pharmaceutical market resulted in a major change in consumer behavior. The majority of users from North America and the European region planned to increase their purchases of the drug. Since the lockdown prevented customers from entering physical stores, many cannabis businesses are relying heavily on e-commerce sites to make online purchases. Market players involved in devising strategies to stay prepared for future hurdles like the present pandemic.
Rise in Awareness Programs for Medical Cannabis through Workshops and Conferences
There has been a major shift in the medicinal uses of cannabis in the past few years. Various states in the U.S have worked to raise awareness for use of cannabis in the medicinal field. Several federal agencies have begun the process of regulating the use of medical cannabis by imposing regulatory mechanisms in place as part of these measures. Because of these major developments, medical practitioners and researchers have been able to organize activities to raise awareness about the plant’s medical applications.
Flowers Segment Emerged as the Highest Revenue-Generating Segment
In terms of product type, the cannabis pharmaceuticals industry is divided into flower, concentrates, and other product types. Among these, the flower segment had the largest market share, whereas the concentrates segment is projected to grow at the fastest pace over the forecast period. The resinous buds of cannabis flowers can be transformed into pharmaceutical-grade products by extracting active cannabinoids. The flowering tops can be used to make salves, poultices, elixirs, tinctures, and creams for both internal and external ailments.
Competitive Insights for Cannabis Pharmaceuticals Market
Market players have expanded their acquisitions to build a more reliable and novel product range. For instance, Aphira introduced the first CBD-based nutraceutical, the first option in the CBD-based cosmetics product for the German industry. Companies that venture into new segments of cannabis products are expected to increase their market share. For instance, Tilray has established a multinational pharmaceutical sales and delivery partnership with Sandoz AG.; the former will be able to scale the sales of their goods at a high rate and quicker by working with Sandoz AG.
Deep-dive Insights on Cannabis Pharmaceuticals Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/cannabis-pharmaceuticals-market/request-for-sample