Global Synthetic Cannabinoids Market Overview
The key driver impacting the Synthetic cannabinoids market is the growing popularity of e-cigarettes together with the rising affinity toward the usage of synthetic cannabinoids as an alternative for non-synthetic cannabis in several regions of the world. The decriminalization of synthetic cannabis products and growing approval of legalization on the sale of CBD products in several countries are encouraging market demand. Moreover, the escalating adoption of regulatory framework pertaining to the consumption of synthetic cannabinoid products contributes to Synthetic cannabinoids market demand later.
According to Value Market Research, the global Synthetic cannabinoids market size was valued at about USD 3.93 billion in 2022 and is estimated to grow at a CAGR of around 22.5% during the forecast period 2023 to 2030.
The mounting demand for synthetic cannabinoids as a typical drug to treat a range of diseases and symptoms, which includes neurodegenerative diseases, pain disorders, drug dependence, and cancer, will likely augment Synthetic cannabinoids demand in the forecast period. Also, rising consumer interest and demand for non-regulated psychoactive substances are positively impacting the market growth. However, the escalating uncertainty over the effects of synthetic cannabinoids consumption hampers the market in the long run. In addition, increasing evidence indicating the negative impact of synthetic cannabinoids on the human brain is impeding market growth. Nevertheless, the market trends, such as the increasing research and development activities and growing awareness concerning the potential health benefits of synthetic cannabinoids, might provide considerable opportunities to the market's leading players.
The Synthetic cannabinoids market is widespread, with many local and international players. The market leaders follow diverse strategies such as amalgamation, extending product portfolio, acquisitions, contracts, product upgrades to strengthen their market share globally. For instance, in August 2019 - a global vendor in synthetic cannabinoids technology and services, Honeywell International, Inc, introduced the next generation of enterprise building integration (EBI), command and control suite (CCS), and digital video manager (DVM). It is a set of solutions facilitate by the Honeywell Forge for Buildings platform. These solutions can streamline complex functions, enables facility efficiency, and deliver savings across an enterprise. The key players in the report are Mylan N.V., Noramco, Lygos, Inc., Renew Biopharma, Ginkgo Bioworks, Alkem Labs, Hyasynth Biologicals, Inc., Life Sciences.
Global Synthetic Cannabinoids Market Share by Region (Representative Graph)
![Global Synthetic Cannabinoids Market Share](https://www.valuemarketresearch.com/dist/img/MarketShareByRegion.webp)
Analysis by Product Type:
By product type, the report is segmented into high-pure synthetic cannabinoids and ultra-pure synthetic cannabinoids. The high-pure synthetic cannabinoid segment dominates the product type segment with the highest share in 2020. It is because these were introduced earlier in the market and highly adopted to treat serious diseases such as epilepsy, insomnia, and multiple sclerosis. Moreover, epilepsy, insomnia, and multiple sclerosis contribute to the growth of the high-pure synthetic cannabinoids segment.
Analysis by Indication:
By indication, the report is segmented into pain management, nausea/vomiting, neurological disorder management, and others. The pain management segment dominates the indication segment, with the highest share in 2020. The high rate of incidence of neurological pain owing to growing cases of infections, accidents, or surgeries leads to high market demand for pain management.
Analysis by Distribution Channel:
By distribution channel, the report is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment dominates the distribution channel segment with the highest share in 2020. It is due to the moderate pricing of products. Also, added benefits provided by the products drive sales leads to high market demand from the retail pharmacies sector.
Analysis by Region:
In the regional overview of the global Synthetic cannabinoids market, the North America region dominates with the largest market share in 2020. It is due to due to the legalization of the product along with the prevalence of improved distribution channels such as novelty stores, gas stations, and drug paraphernalia shops in the region. Also, the rising incidences of neurological pain disorder, multiple sclerosis, and cancer in the US are creating demand in the North America region. Moreover, the growing popularity of synthetic cannabinoids across the pharmacotherapies space, mainly in developed regions like the US and Canada, contributes to the tremendous market growth across the North America region.
Market Segmentation covered in the Report:
By Product Type
- High-pure Synthetic Cannabinoids
- Ultra-pure Synthetic Cannabinoids
By Indication
- Pain Management
- Nausea/Vomiting
- Neurological Disorder Management
- Others
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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