Cannabinoid Based Drug Discovery and Development Market to Reach $1.8 billion, Globally, by 2034 at 3.3% CAGR: Allied Market Research

/EIN News/ -- Wilmington, Delaware, March 18, 2025 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Cannabinoid Based Drug Discovery and Development Market by Receptor Target (CB1 Receptor, CB2 Receptor), by End User (Pharmaceutical Companies, Research Institutes, Contract Research Organizations): Global Opportunity Analysis and Industry Forecast, 2025-2034". According to the report, the "cannabinoid based drug discovery and development market" was valued at $1.3 billion in 2024, and is estimated to reach $1.8 billion by 2034, growing at a CAGR of 3.3% from 2025 to 2034. 

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Prime determinants of growth 

The growth of the cannabinoid-based drug discovery and development market is driven by increasing research on the therapeutic potential of cannabinoids, rising demand for alternative treatments for chronic pain, and expanding regulatory approvals for medical cannabis. Advancements in drug formulation and delivery systems enhance bioavailability and efficacy, further fueling market expansion. Growing investments in biotechnology and pharmaceutical companies focused on cannabinoids, coupled with a rising prevalence of neurological and psychiatric disorders, also contribute to the market's rapid growth. 

Report coverage & details: 

Report Coverage	Details
Forecast Period	2025–2034
Base Year	2024
Market Size in 2024	$1.3 Billion
Market Size in 2034	$1.8 Billion
CAGR	3.3%
No. of Pages in Report	272
Segments covered	Drug Development Stage, Receptor Target, End User, and Region
Drivers	Rising Prevalence of Chronic Diseases    Increasing Research on Therapeutic Applications    Expanding Consumer Awareness
Opportunity	Advancement in Drug Formulation
Restraint	Risk of Abuse and Safety Concerns

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The CB1 segment to maintain its leadership status throughout the forecast period 

By receptor target, the CB1 segment held the largest market share in 2024, accounting for more than two-third of the cannabinoid based drug discovery and development market revenue, owing to its critical role in mediating the therapeutic effects of cannabinoids, particularly in neurological and psychiatric disorders. 

The pharmaceutical companies segment to maintain its leadership status throughout the forecast period 

By end user, the pharmaceutical companies segment accounted for the largest share in 2024, contributing around more than half of cannabinoid based drug discovery and development market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to their extensive research and development (R&D) capabilities, regulatory expertise, and established distribution networks. Pharmaceutical companies are investing heavily in clinical trials to explore the therapeutic potential of cannabinoids for conditions such as chronic pain, epilepsy, multiple sclerosis, and cancer-related symptoms. 

North America to maintain its dominance by 2035 

By Region, North America held the largest market share in terms of revenue in 2024, accounting for three-fifths of the cannabinoid based drug discovery and development market revenue and is expected to dominate the market during the forecast period. This is attributed to strong regulatory support, a well-established pharmaceutical industry, and increasing investments in cannabinoid research. The region has witnessed significant approvals of cannabinoid based therapeutics by the U.S. Food and Drug Administration (FDA), which have driven market growth. However, Asia-Pacific is expected to witness the fastest CAGR of 3.2% from 2025 to 2034. This is attributed to increasing research initiatives, evolving regulatory frameworks, and rising demand for alternative therapeutics. 

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Leading Market Players: - 

• Zyus Life Sciences 

• MAKScientific LLC 

• Inversago Pharma 

• Serina Therapeutics 

• Benuvia Operations, LLC 

• Neurotech International 

• IGC Pharma 

• Cardiol Therapeutics 

• Revive Therapeutics 

• Gynica 

• Argent BioPharma 

• Avicanna Inc 

• Artelo Biosciences 

• Botanix Pharmaceuticals 

• CNBX Pharmaceuticals Inc 

• Skye Bioscience 

• Sci Sparc 

• InMed Pharmaceuticals 

• Harmony Biosciences 

• Jazz Pharmaceutical Inc 

The report provides a detailed analysis of these key players in the cannabinoid based drug discovery and development market. These players have adopted strategies such as clinical trials, acquisition, collaboration, new product development, patent, and agreement to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario. 

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About Allied Market Research: 

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.  

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