Synthetic Cannabinoids Market: Introduction
Synthetic cannabinoids are human-made mind-altering chemicals found in the marijuana plant that provides medical benefits. Synthetic cannabinoids are functionally similar to 9-tetrahydrocannabinol (THC), the active principle of cannabis that are naturally found in the marijuana plant. Synthetic cannabinoid drugs generally contain a mixture of psychoactive compounds that mostly bind cannabinoid receptors with high potency and efficacy.
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Several pharmaceutical companies are currently researching and developing synthetic cannabinoids for different therapeutic applications. The manufacturing of chemically synthesized cannabinoids occurs in regulatory-approved API facilities much like other pharmaceutical drugs and has a repeatability factor that allows the development of consistent batches.
The global synthetic cannabinoids market is projected to grow at a significant pace during the forecast period, owing to their therapeutic effects on a wide range of illnesses and diseases, including depression and anxiety, seizures, dermatological conditions, and even various cancers.
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Key Drivers of Global Synthetic Cannabinoids Market
Decriminalization of synthetic cannabis products and rise in awareness about the advantages of synthetic cannabis in the treatment of pain, skin disease, vomiting, and depression are likely to drive the global synthetic cannabinoids market
Favorable government support and approvals for products based on synthetic cannabinoids are some other factors that are expected to drive the global synthetic cannabinoids market
Side Effects of Synthetic Cannabinoids to Restrain Global Market
Long-term use or chronic use of synthetic cannabinoids has been associated with serious psychiatric and medical conditions such as sever cognitive impairment and even death. This can hamper the growth of the market.
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North America to Hold Major Share of Global Synthetic Cannabinoids Market
The synthetic cannabinoids market in North America is anticipated to grow at a rapid pace during the forecast period. This can be attributed to the wide availability of products and presence of major companies constantly promoting its brand among health care professionals in the region. Moreover, recent approvals of cannabidiol drugs by the FDA in the U.S. for the treatment of two severe forms of epilepsy: Lennox-Gastaut syndrome and Dravet syndrome. This is expected to drive the market in the region.
The synthetic cannabinoids market in Europe is anticipated to grow at a significant pace due to rise in adoption of synthetic cannabinoids drugs among cancer patients and rise in awareness about therapy, specially, in developed countries of Europe where research and development activity is high such as Germany, the U.K., and France.
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Key Players Operating in Global Synthetic Cannabinoids Market
Major players operating in the global synthetic cannabinoids market are:
- AbbVie Inc.
- GW Pharmaceuticals plc.
- Mylan N.V.
- CV Sciences, Inc.
- Isodiol International Inc
- CURE Pharmaceutical
- Zynerba Pharmaceuticals, Inc
- Aphios Corporation
- BOTANIX PHARMACEUTICALS
- INSYS THERAPEUTICS, INC
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