Botanical and Plant Derived Drugs Market - Size, Share, Outlook, and Analysis, 2018-2026
The global botanical and plant derived drugs market is projected to witness significant growth over the forecast period, owing to legalization of medical cannabis. Medical cannabis was legalized in the Czech Republic, in 2013, Argentina and Chile in 2015, and in 2016, marijuana legalization in America reached a tipping point, as the medical marijuana became legal in some of the states.
Hence, many manufacturers are focused on research and development on medical cannabis to launch new drugs. For instance, one of the drug by GW Pharmaceuticals, Epidiolex consists of cannabidivarin (CBDV) is in developmental process, which will be used in clinical trials for treatment resistant epilepsy, supported by NSW and Queensland government in 2016.
Furthermore, increasing number of chronic disease supports the growth of botanical and plant derived drugs, as lung cancer accounts for the leading cause of death in the Eastern, Southern and Southeastern Asia. The region holds for 56% of the world’s population and contributes to 44% of the total cancer cases worldwide according to the statistics mentioned in the Cancer Atlas.
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For instance, one of the drug by GW Pharmaceuticals, Epidiolex drug consists of cannabidivarin (CBDV) is in developmental process, which will be used in clinical trials for treatment resistant epilepsy, supported by NSW and Queensland government in 2016. Moreover, Insys Therapeutics, an America-based company have Subsys drug in their product portfolio, which is prescribed for the treatment of advanced pain associated with cancer. The subsys is a synthetic version of cannabidiol (CBD) and has accounted for almost 100% of the company’s 2014 year-to-date revenue.
Increasing applications of botanical and plant derived drugs are receiving regulatory approvals with respect to cancer patients - as a cure and as a supplement to current treatments, which provides a great opportunity for conducting clinical trials. For instance, in June 2017, Medlab Clinical received approval to begin human trials of two different cannabis based medicines – NanaBis and NanaBidial. NanaBis is packaged as a mouth spray and will be clinically tested in advanced stage for cancer patients with intractable pain. NanaBidial comprises cannabidiol derived from marijuana and is indicated for chemotherapy induced nausea and vomiting, with a secondary endpoint in patients suffering seizures
Key players operating in the market include Bayer Healthcare, GlaxoSmithKline, Pfizer, Inc. Sanofi, Actelion Pharmaceuticals, Aimil Pharmaceuticals, Allergan, AstraZeneca, Boehringer Ingelheim, and GW Pharmaceuticals.
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