CANNABIS EXTRACT MARKET ANALYSIS

Cannabis Extract Market, By Active Ingredient (Tetrahydrocannabinol, Cannabidiol, Cannabigerol, and Cannabinol), By Product Type (Oil, Shatter, and Others), By Extract Type (Full spectrum, Broad Spectrum, and Isolates), By Indication (Muscle Disorder, Neurological Disorder, Pain Management, and Recreation use), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : May 2024
Code : CMI4927
Pages :192
Formats :
Excel and PDF
Industry : Pharmaceutical

Market Challenges: Stringent Government Regulations

Stringent government regulations have created significant barriers that are restraining the growth of the cannabis extract market. While there is increasing public acceptance and understanding of the medicinal properties of cannabis, many national and regional governments have been slow to reform policies around this industry. Dated regulations that lump cannabis in with illicit narcotics continue to govern in numerous jurisdictions. This creates extensive legal hurdles and compliance overhead for businesses seeking to research, develop, and commercialize safe cannabis extract products that could help patients.

Market Opportunities: Emergence of Cannabis-based Pharmaceuticals

The emergence of cannabis-based pharmaceuticals provides a great opportunity for the cannabis extract market to grow in the coming years. As researchers discover more potential medical uses of extracts from the cannabis plant, pharmaceutical companies have started developing FDA-approved drugs that harness the powerful compounds in cannabis, such as CBD and THC. As the medical uses of cannabis become more validated, pharmaceutical companies are likely to develop a wider range of cannabis-based prescription drugs in the future. This represents a multi-billion dollar opportunity for the cannabis extract industry to scale up production and provide purified or standardized cannabis extracts to big pharmaceutical firms. According to the World Health Organization, between 20% to 30% of the world's population suffer from chronic pain and this number is rising due to aging populations. As alternatives to dangerous opioids are sought for pain management, demand for cannabis extracts with pain-relieving properties like CBD is expected to grow significantly in the coming years.