by Research and Development Activities to Pave Way for New Growth Opportunities
Synthetic cannabinoid was primarily conceptualized as a critical pharmacological tool to evaluate the endocannabinoid system. Gradually, synthetic cannabinoids gained immense popularity across the pharmacotherapies space, particularly in developed regions of the world, including North America and Europe. The demand for synthetic cannabinoids as an atypical drug for pain management, neurological disorder management, etc. has witnessed a considerable spike over the past few years and the trend is likely to continue in the upcoming decade. Although the demand for synthetic cannabinoids is on the rise, negative effects of synthetic cannabinoids, including mood disorders and impairment in executive functions could potentially hinder the growth of the global synthetic cannabinoids market during the forecast period.
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The regulatory landscape pertaining to the procurement and consumption of synthetic cannabinoids in various regions is another major factor anticipated to influence the growth trajectory of the global synthetic cannabinoids market during the assessment period. Research and development activities are likely to play a key role in promoting and creating awareness regarding the potential health benefits of synthetic cannabinoids– a factor that could propel the market for synthetic cannabinoids in the forthcoming decade.
Regulatory Landscape to Influence Market Growth Worldwide
The expansion of the global synthetic cannabinoids market is expected to pin its hope on the regulatory framework pertaining to the consumption of synthetic cannabinoid products. The growing popularity of e-cigarettes coupled with the increasing affinity toward the usage of synthetic cannabinoids as an alternative for non-synthetic cannabis in several regions of the world is projected to provide a considerable boost to the consumption of synthetic cannabinoids. Furthermore, synthetic cannabinoids are marketed as a legal and safe alternative to marijuana in several parts of the world due to which, the sales of synthetic cannabinoids have witnessed growth particularly among the millennial population. However, the increasing uncertainty over the effects of synthetic cannabinoids consumption and increasing evidence indicating the negative impact of synthetic cannabinoids on the human brain are some of the key factors estimated to hinder the growth of the global synthetic cannabinoids market in the upcoming years.
A number of players have gradually entered the synthetic cannabinoids market in the past few years, and are attracting new consumers by focusing on their packaging and marketing strategies. Over the past few years, synthetic cannabinoids were primarily available in novelty stores, gas stations, and drug paraphernalia shops in several parts of North America. However, due to the evolving regulatory landscape, synthetic cannabinoids products are now available at retail pharmacies, online pharmacies, and hospital pharmacies.
Increase in Demand for Non-regulated Psychoactive Substances to Drive Market
Rising consumer interest and demand for non-regulated psychoactive substance over the past few years is expected to propel the global synthetic cannabinoids market during the assessment period. The demand for synthetic cannabinoids to assess the potential impact to treat a range of diseases and symptoms, including neurodegenerative diseases, pain disorders, drug dependence, and cancer is another major factor likely to fuel the growth of the global synthetic cannabinoids market. China is one of the key exporters of synthetic cannabinoids products and the trend is projected to continue over the upcoming years. The surge in the number of ‘legal high’ retailers across North America and Europe is also expected to positively impact the sales of synthetic cannabinoid products in the upcoming years.
Demand to Decline amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is projected to hinder the sales of synthetic cannabinoids, particularly in 2020. The increasing awareness pertaining to the novel COVID-19 infection and its effect on the human respiratory system is one of the key factors that is expected to hinder the sales of synthetic cannabinoids in 2020. In addition, stringent government regulations in several regions of the world pertaining to the trade and transportation of non-essential goods and commodities are a major factor expected to disrupt the global supply chain for synthetic cannabinoids in 2020.
Analysts’ Viewpoint
The global synthetic cannabinoids market is expected to grow at a staggering CAGR of ~21% during the forecast period. Rising focus on research and development, encouraging outcome of several research projects, growing consumer demand for non-regulated psychoactive substances, and potential health benefits associated with synthetic cannabinoids are some of the factors projected to propel the global synthetic cannabinoids market during the assessment period. Market players should focus on streamlining the supply chain and focus on the packaging of their products to gain a competitive edge.
Synthetic Cannabinoids Market: Overview
This report analyzes the current scenario and future prospects of the global synthetic cannabinoids market. Health benefits of synthetic cannabinoids, increase in incidence of joint and muscle pain, and rise in focus of companies on capitalizing CBD products are the key factors projected to drive the global synthetic cannabinoids market during the forecast period.
The report includes an elaborate executive summary, which provides a snapshot of various segments of the global synthetic cannabinoids market. It also provides information and data analysis of the global synthetic cannabinoids market with regards to segments based on product type, indication, distribution channel, and region.
The overview section of the report provides a detailed qualitative analysis of drivers, restraints, and opportunities that impact the global synthetic cannabinoids market
The report includes company profiles, which provide information about their business, product portfolios, and competition landscape in the global synthetic cannabinoids market
The report on the global synthetic cannabinoids market offers market attractiveness analysis of regions and segments
The last section of the report comprises quantitative and qualitative analyses on market share/position of key players operating in the global synthetic cannabinoids market. It analyzes key competitive strategies adopted by major industry players, thereby presenting a thorough understanding of the competitive scenario in the global synthetic cannabinoids market.
Synthetic Cannabinoids Market: Key Segments
In terms of product type, the global synthetic cannabinoids market has been classified into high-pure synthetic cannabinoids and ultra-pure synthetic cannabinoids. The high-pure synthetic cannabinoid segment dominated the market in 2019, as these were introduced earlier in the market and highly adopted to treat serious diseases such as epilepsy, insomnia, and multiple sclerosis.
Based on indication, the global synthetic cannabinoids market has been categorized into pain management, nausea/vomiting, neurological disorder management, and others. The pain management segment dominated the global market in 2019, as the rate of incidence of neurological pain has increased globally due to rise in infection, accidents, or surgeries.
Based on distribution channel, the global synthetic cannabinoids market has been divided into hospital pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment accounted for major market share in 2019. The segment is expected to gain market share during the forecast period due to moderate pricing of products. Additionally, added benefits provided by the products drive sales. These factors are likely to propel the segment during the forecast period.
Market size and forecast for each of these segments have been provided from 2018 to 2030. The CAGR of respective segment has also been provided from 2020 to 2030, considering 2019 as the base year.
Synthetic Cannabinoids Market: Regional Outlook
The global synthetic cannabinoids market has been segmented into North America (U.S. and Canada), Europe (U.K., Germany, Spain, Italy, France, and Rest of Europe), Latin America (Brazil, Mexico, and Rest of Latin America), and Rest of World. Each region considered in the market has been further divided into countries/sub-regions
The global synthetic cannabinoids market report provides size and forecast for each region and country/sub-region from 2018 to 2030. The CAGR for each of these regions and countries has also been provided for the forecast period from 2020 to 2030. The synthetic cannabinoids market study also covers the competitive scenario in these regions.
Companies Covered in Synthetic Cannabinoids Market Report
Key players in the global synthetic cannabinoids market have been profiled based on attributes such as company overview, product portfolio, financial overview, recent developments, and competitive business strategies
Major companies profiled in the global synthetic cannabinoids market report are
- Mylan N.V.
- Alkem Labs
- Noramco, Lygos, Inc.
- Hyasynth Biologicals, Inc.
- Renew Biopharma
- CannBioRx Life Sciences
- Ginkgo Bioworks
Key Questions Answered in Synthetic Cannabinoids Market Report
- What are the major drivers, restraints, opportunities in the market?
- What are the revenue share projections of key segments of the global synthetic cannabinoids market during the forecast period?
- Which segment is likely to lead the global synthetic cannabinoids market in terms of revenue by 2030?
- How mergers & acquisitions among players are widening the scope for the global synthetic cannabinoids market?
- What is the market position of different companies operating in the global synthetic cannabinoids market?
Synthetic Cannabinoids Market – Segmentation
Product Type
- High-pure Synthetic Cannabinoids
- Ultra-pure Synthetic Cannabinoids
Indication
- Pain Management
- Nausea/Vomiting
- Neurological Disorder Management
- Others
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Region
- North America
- Europe
- Latin America
- Rest of the World
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