Cannabidiol (CBD) has been gaining popularity not only in the wellness, beauty, and fitness industries but also in the pharmaceutical industry. This is linked to the potential benefits of CBD for various conditions. Wondering what the future of CBD looks like in the pharmaceutical industry? Read on below.
According to Frost & Sullivan, the global market for cannabidiol is projected to hit $4.09 billion by 2030. This is a significant expansion considering the $1.80 billion global market in 2021. The compound annual growth rate reaches 9.5%, and the wide acceptance of CBD as an ingredient in personal care products, food and beverages, and supplements urge companies’ participation in the CBD market.
Moreover, progress in CBD legalization and research could result in greater demand for CBD products, including CBD tinctures, CBD gummies, CBD topicals, and more.
Some consumers may not like the earthy and bitter taste of CBD products. That is why several manufacturers are incorporating different organic flavors of fruits like apples and strawberries into CBD items. Adding these flavors helps improve the overall taste of CBD, thus encouraging more consumption.
According to Investing News Network, synthetic CBD may help pharmaceutical companies develop CBD-based drugs and sell them at reduced prices with less regulatory burden. In June 2018, the U.S. Food and Drug Administration (FDA) approved the use of Epidiolex. This is a CBD-based oral solution that may be used to manage rare types of epilepsy, namely Lennox-Gastaut syndrome and Dravet syndrome.
Moreover, in October of the same year, the Drug Enforcement Agency eliminated Epidiolex from their list of controlled substances. This is a good sign for both the cannabis and pharmaceutical industry. Now, multiple pharmaceutical companies are performing research and developing CBD therapeutics that may be helpful for various conditions. These include anxiety, depression, skin conditions, and seizures. CBD legality differs per state, so developing medical products that can be commercialized can still be challenging, however.
While available studies regarding the use and potential therapeutic benefits of CBD are promising, more research is necessary to explore its effects and possible interactions with other medicines.
Furthermore, according to Fortune Business Insights, the common misconception about CBD producing psychoactive or mind-altering effects restricts its market performance. Thus, the public should be continuously educated and reminded of the importance of choosing the best CBD products according to their needs.
The future of CBD in the pharmaceutical industry indeed looks promising. There are challenges in terms of regulatory status and budget, but the CBD market is growing. Moreover, rigorous research is imperative to further explore the efficacy of CBD.
Disclaimer
The products on this site are not for use by or sale to persons under the age of 21. Furthermore, they should be used only as directed on the label, and should not be used if you are pregnant or nursing. Always consult with a physician before use if you have a serious medical condition or use prescription medications. In general, a doctor’s advice should be sought before using this and any supplemental dietary product. Finally, all the statements on this site have not been evaluated by the FDA, nor are they intended to diagnose, treat, cure or prevent any disease.
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