This is the second largest herbal drug market in the world. In the world of legal marijuana, it has replaced the former leader of the botanical drug market, the US. As of 2017, more than 28% of the global market for herbal drugs was estimated to be captured by the US. The US markets itself as the source of new medicines. What it really is, is the largest exporter of psychoactive drugs.
The past few years have seen an explosion of technological innovation in the cannabis industry. Marijuana growers, distillers, processors, and retailers have all taken note of the changing landscape and have responded accordingly. The cannabis industry is not only growing in scope, but also in social acceptance. The U.S. is the only developed nation that has outlawed the plant, but that is likely to change following the election of Barack Obama as president.
In light of the continuing legalization of cannabis in more states, and the growing popularity of this plant, the global cannabis market is expected to reach USD 56.3 billion by 2025. It has been estimated that the global legal cannabis market will reach USD 148.5 billion by 2027 and surpass the USD 216.3 billion mark by 2028.. Read more about what are some other medicines that were developed or derived from a botanical source? and let us know what you think.
The market for plant-based medicines and therapies is rapidly expanding.
According to Grand View Research, revenues in this burgeoning sector of the pharmaceutical industry were $131.5 billion in 2019.
According to GVR’s research, the industry will expand at a compound annual growth rate of 7% in the next years, and businesses like Cannabotech are leading the way by launching a broad variety of cannabis-based goods, including cannabidiol (CBD) products.
Identifying botanical pharmaceuticals
Before we get into more statistics and data about this promising market, it’s important to note that any serious research on this segment of the industry should only include botanical and plant-based drugs that have been approved by top medical regulators, as hundreds, if not thousands, of products on the market lack the research to prove that they are effective at delivering what they promise.
Meanwhile, looking at the drug’s components is the best method to characterize botanical medicinal goods. A botanical medication is one that is mainly made up of plant components. Even though these vegetable compounds may be produced via a chemical process, the basic component should not be altered genetically or chemically, otherwise they would not be called a botanical medicine.
Botanical medicines are mainly linked with nutritional supplements in many nations throughout the globe, not as viable therapies for various diseases. Homeopaths, on the other hand, have been utilizing plant-based medicines to treat a variety of illnesses for many years.
Meanwhile, the popularity of cannabis-based medicines for treating illnesses like Alzheimer’s and even cancer has reignited public interest in the possibilities of botanical pharmaceuticals.
Botanical and plant-based medicines provide a number of advantages.
Despite the fact that botanical medicines are not the most popular, they have many advantages for patients, which we describe in the following section:
Less side effects: Because botanical medicines include naturally produced actives, the chances of the body reacting negatively to them are much lower than the chances of experiencing a side effect from a chemical drug.
Cheaper costs: Botanical medicines have a lower manufacturing cost than their chemical counterparts since the components may frequently be produced at home or in a small greenhouse.
Stronger immune system: Botanical medicines, in many instances, help the body fight the symptoms of a disease rather than providing a cure. As a consequence, most botanical medicines fortify the immune system, allowing it to react more effectively in the future.
What is the impact of medicinal marijuana on the botanical medication market?
In the United States, the most common use of marijuana-based therapies is pain relief. Patients given cannabis are often in excruciating pain as a consequence of surgery, migraines, or trauma-related lesions.
Meanwhile, marijuana has been recommended as a relaxant for severe instances of Parkinson’s disease, fibromyalgia, and even for patients who have just returned from war zones as a means to lessen the intensity of post-traumatic stress disorder symptoms.
According to a study done by Medscape in 2018, the majority of doctors in the United States – about 67 percent of those polled – believe that the use of marijuana for medicinal reasons should be allowed.
Because of the increasing support from all segments of society, the market for medical-use cannabis is projected to rise to $16.5 billion by the end of 2021, with estimates indicating a 23 percent compound annual growth rate.
Furthermore, according to research from Industry Research Biz, the market for cannabidiol (CBD), a well-known component derived from cannabis, is projected to expand at a pace of 33.5 percent per year from 2021 to 2026, with sales likely to reach $4.2 billion.
In terms of how Americans perceive marijuana and CBD usage, a Gallup survey conducted in 2019 showed that 12% of US citizens consider themselves active marijuana users, with millennials (42%) leading the way, followed by Generation X (23%) and Baby Boomers (12%). (18 percent ).
In a similar vein, according to a YouGov poll done in 2018, people in the United Kingdom have a favorable view of cannabis and its medicinal applications. Doctors should be allowed to prescribe the drug for medicinal reasons, according to 75% of respondents.
When it comes to cannabis consumption, however, the majority of users choose flower and cartridges, with a lesser proportion opting for edibles and concentrates — whether for medicinal or recreational purposes.
Based on the figures above, marijuana seems to account for at least 12.5 percent of the botanical drug industry at the present, with a trend showing that this figure may reach 30 percent to 40 percent in the following five years.
Cannabis is becoming the undisputed leader of the botanical drug market. According to recent projections by market research firm Euromonitor International, legal cannabis sales around the world are set to reach $75 billion by the end of the forecast period.. Read more about is it legal to grow cbd in uk and let us know what you think.
This article broadly covered the following related topics:
- what are some other medicines that were developed or derived from a botanical source?
- growing medical marijuanas uk
- changes to cannabis laws uk
- is it legal to grow cbd in uk