Synthetic Cannabinoids Market: Introduction
According to the report, the global synthetic cannabinoids market was valued at US$ 1.4 Bn in 2019 and is projected to expand at a CAGR of ~21% from 2020 to 2030. Synthetic cannabinoids are substances designed to mimic the effects of 9-tetrahydrocannabinol (THC), the primary psychoactive ingredient in cannabis. Over 84 different synthetic cannabinoids have been identified globally. 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 major factors anticipated to drive the global synthetic cannabinoids market during the forecast period. North America held major share of the global synthetic cannabinoids market in 2019 as the rise in prevalence of chronic diseases, such as cancer, Alzheimer’s and multiple sclerosis have led to the increase in demand for synthetic cannabinoids in surgeries and chemotherapies to mitigate the side effects of chemotherapy or radiation therapy. Furthermore, rise in adoption of new and advanced design technology for synthetic cannabinoids is expected to contribute to the U.S. prominent share of the market in North America from 2020 to 2030.
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Health Benefits of Synthetic Cannabinoids to Drive Market
Synthetic cannabinoids is a popular natural remedy utilized for common ailments. Tetrahydrocannabinol (THC) helps provide relief from pain and other symptoms without the mind-altering effects of pharmaceutical drugs. CBD is likely to help reduce chronic pain by affecting endocannabinoid receptor activity, reducing inflammation, and interacting with neurotransmitters. An article published in Lancet Neurology in 2016 stated that cannabidiol provided resistant to 214 patients with epilepsy. Nabilone is indicated for the treatment of nausea and vomiting associated with cancer chemotherapy in patients who have failed to respond adequately to conventional antiemetic treatments.
High-pure Synthetic Cannabinoids Dominated Global Market
In terms of product type, the global synthetic cannabinoids market has been segmented into high-pure synthetic cannabinoids and ultra-pure synthetic cannabinoids. The high-pure synthetic cannabinoids segment dominated the global synthetic cannabinoids market in 2019 and the trend is projected to continue during the forecast period. High-pure synthetic cannabinoids were introduced earlier in the market and highly adopted to treat serious diseases such as epilepsy, insomnia, and multiple sclerosis.
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Pain Management Held Major Market Share
Based on indication, the global synthetic cannabinoids market has been classified into pain management, nausea/vomiting, neurological disorder management, and others. The pain management segment dominated the global market in 2019 due to the rate of incidence of neurological pain has increased globally due to rise in infections, accidents, or surgeries.
Hospitals to be Most Promising Distribution Channel
In terms of distribution channel, the global synthetic cannabinoids market has been categorized 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. Moreover, added benefits provided by the products drive sales. These factors are likely to propel the segment during the forecast period.
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North America to Dominate Global Market
In terms of region, the global synthetic cannabinoids market has been segmented into North America, Europe, Latin America, and Rest of the World. North America is projected to account for leading share of the global synthetic cannabinoids market during the forecast period. Increase in incidence of neurological pain disorder, multiple sclerosis, and cancer is the major factor expected to drive the market in the region from 2019 to 2030. However, considerable production of synthetic cannabinoids in Canada is likely to augment the market in the country during the forecast period. Rise in export and import of synthetic cannabinoids due to approval of legalization on sale of CBD products in several countries in Europe is a key factor projected to propel the market in the region during the forecast period.
Growth Strategies of Key Players
Key players operating in the global synthetic cannabinoids market are Mylan N.V., Alkem Labs, Noramco, Lygos, Inc., Hyasynth Biologicals, Inc., Renew Biopharma, CannBioRx Life Sciences, and Ginkgo Bioworks. These companies engage in research & development to develop novel products in order to expand product offerings and customer base. In January 2020, Lygos, Inc. announced the acquisition of Librede, Inc., an emerging synthetic biology company focused on cannabinoid products for the consumer market. The combined proprietary technology platforms enable Lygos to accelerate the development of high-quality, sustainable, and rare cannabinoids and rapidly commercialize new innovative cannabinoid-based consumer, and nutraceutical and pharmaceutical products. Alkem Labs acquired anti-nausea drug Marinol from AbbVie for US$ 10 Mn in December 2019.
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