Global Synthetic Cannabinoids Market, By 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), Type (Dronabinol, Nabilone), Application (Pharmaceutical, Consumer Good, Others), Country (U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, U.A.E., Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Synthetic Cannabinoids Market
Synthetic cannabinoids market is expected to reach USD 7.81 billion by 2028 growing at a growth rate of 23.0% in the forecast period 2021 to 2028. Decriminalization of synthetic cannabis products which will likely to act as a factor for the synthetic cannabinoids market in the forecast period of 2021- 2028.
Synthetic cannabinoids in the cannabis plant are human-made mind-altering chemicals that have medicinal advantages. Synthetic cannabinoids are functionally identical to the active cannabis concept of 9-tetrahydrocannabinol (THC), which is naturally present in marijuana plants. Synthetic cannabinoid drugs generally contain a mixture of psychoactive compounds that mostly bind cannabinoid receptors with high potency and efficacy.
Increasing adoption of regulatory framework pertaining to the consumption of synthetic cannabinoid products, increasing popularity of e-cigarettes, increasing affinity toward the usage of synthetic cannabinoids as an alternative for non-synthetic cannabis, synthetic cannabinoids are marketed as a legal and safe alternative to marijuana in several parts of the world, rising demand of the product as a typical drug for pain management, neurological disorder management, and others are some of the major as well as important factors which will likely to augment the growth of the synthetic cannabinoids market in the projected timeframe of 2021-2028. On the other hand, regulatory landscape pertaining to the procurement and consumption of product along with growing number of research and development activities and increasing awareness regarding the potential health benefits of the synthetic cannabinoids market in the above mentioned projected timeframe.
Negative effects of synthetic cannabinoids such as mood disorders and impairment in executive functions along with pandemic effect will likely to act as market restraints factor for the growth of the synthetic cannabinoids in the above mentioned projected timeframe. Stringent government regulations which will become the biggest and foremost challenge for the growth of the market.
This synthetic cannabinoids market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on synthetic cannabinoids market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Synthetic Cannabinoids Market Scope and Market Size
Synthetic cannabinoids market is segmented on the basis of product type, indication, distribution channel, type and application. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product type, the synthetic cannabinoids market is segmented into high-pure synthetic cannabinoids, and ultra-pure synthetic cannabinoids.
- Based on indication, the synthetic cannabinoids market is segmented into pain management, nausea/vomiting, neurological disorder management, and others.
- Based on the distribution channel, the synthetic cannabinoids market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
- The synthetic cannabinoids market is also segmented on the basis of type. The type is segmented into dronabinol, and nabilone.
- Based on application, the synthetic cannabinoids market is segmented into pharmaceutical, consumer good, and others.
Synthetic Cannabinoids Market Country Level Analysis
Synthetic cannabinoids market is analyses and market size, volume information is provided by country by product type, indication, distribution channel, type, and application as referenced above.
The countries covered in the synthetic cannabinoids market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, U.A.E, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)
North America dominates the synthetic cannabinoids market due to the legalization of the product along with prevalence of improved distribution channel such as novelty stores, gas stations, and drug paraphernalia shops in the region while China will expect to grow in the Asia-Pacific synthetic cannabinoids market during the forecast period 2021 to 2028 due to the prevalence of various exporters along with rising demand of the product to assess the potential impact to treat a range of diseases and symptoms, including neurodegenerative diseases, pain disorders, drug dependence, and cancer.
The country section of the synthetic cannabinoids market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Synthetic Cannabinoids Market Share Analysis
Synthetic cannabinoids market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to synthetic cannabinoids market.
The major players covered in the synthetic cannabinoids report are Mylan N.V.; Noramco.; HYASYNTH BIOLOGICALS INC.; Renew Biopharma Inc.; Ginkgo Bioworks; CV Sciences, Inc.; Anandia Labs; The Cronos Group; Biotii Technologies Corp.; Bristol-Myers Squibb Company; GW Pharmaceuticals plc.; AbbVie Inc.; Isodiol International Inc; CURE Pharmaceutical; Zynerba Pharmaceuticals, Inc.; Aphios Corporation; Botanix Pharmaceuticals; Merck KGaA; BioVectra; INMED PHARMACEUTICALS INC.; among other domestic and global players. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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