Synthetic Cannabinoids Market is valued at USD 13.65 Million in 2021 and expected to reach USD 39.7 Million by 2028 with the CAGR of 16.47% over the forecast period.
Global Synthetic Cannabinoids Market: Global Size, Trends, Competitive, Historical &Forecast Analysis, 2020-2025–Increase in the prevalence of synthetic cannabinoid therapies for diseases such as arthritis, acute and chronic pain are expected to boost the growth of synthetic cannabinoids market over forecast period
Scope of Global Synthetic Cannabinoids Market Reports –
Synthetic cannabinoids are human-made mind-altering chemicals that are either sprayed on dried, shredded plant material so they can be smoked or sold as liquids to be vaporized and inhaled in e-cigarettes and other devices. These products are also known as herbal or liquid incense. The most common way to use synthetic cannabinoids is to smoke the dried plant material. Users also mix the sprayed plant material with marijuana or brew it as tea. Additional users buy synthetic cannabinoid products as liquids to vaporize in e-cigarettes. 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. Several pharmaceutical companies are currently researching and developing synthetic cannabinoids for different therapeutic relevance. These recent advantages synthetic cannabinoids K2 or spice have experienced a boom in popularity.
Global synthetic cannabinoids market report is segmented on the basis of product type, application, and by regional & country level. Based on product type, global synthetic cannabinoids market is classified as the high-pure synthetic cannabinoid, ultra-pure synthetic cannabinoid and others. Based upon application, global synthetic cannabinoids market is classified into pharmaceutical, consumer good and others.
The regions covered in this synthetic cannabinoid market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of clinical decision support system is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for global synthetic cannabinoids market are, Noramco, Lygos (Librede), CV Sciences, Hyasynth Biologicals, Renew Biopharma, Insys Therapeutics, CannBioRx Life Sciences, Ginkgo Bioworks, Others
Lygos Acquires Librede to Accelerate Cannabinoid Production for Consumer, Nutraceutical and Pharmaceutical Products.
Jan 15, 2020: - Lygos, Inc. a full-stack provider of sustainable specialty chemicals that deliver high-value performance without environmental toxicity, today 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, Nutraceutical and pharmaceutical products. Financial terms of the transaction were not disclosed.
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. According to the World Health Organization (WHO) in 2019, the estimated that chronic pain affects 20.5% of the world population. Moreover, the Increasing awareness Legalization of medical cannabis coupled with growing number of synthetic cannabinoids testing laboratories. 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. According to the World Health Organization (WHO) in 2020, prevalence of chronic diseases vital investment the relevance of Indian Minister for Health, the increasing number of issues relating to chronic disease, with the projected number of deaths attributable to chronic diseases rising from 3.78 million in 1990 in 40.4% of all deaths is expected 7.63 million. However, the chronic use of synthetic cannabinoids has been associated with serious psychiatric and medical conditions such as sever cognitive impairment and even death which can hamper the growth of the market. With increase in the state-approved production and supply of cannabis-derived pharmaceutical products, there are signs that synthetic cannabinoids will have advantages for the pharma industry over cannabinoids extracted from marijuana plants, providing an opportunity for CMOs. Moreover, the Synthesis avoids problems regarding spoilage of the marijuana plant, and the difficulties with the weight and transport of the controlled harvested product, he added. The universal data Pharma Intelligence Center Drugs Database shows over 130 cannabinoid drug products excluding products in development for non-pharmaceutically regulated pathways and will form an opportunity for cannabinoid CMOs in the near future.
Global Synthetic Cannabinoids Market Regional Analysis –
North America is anticipated to grow at a rapid pace during the forecast period. They 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. According to the World Health Organization (WHO) in 2019, the estimated 20.4% in 50.0 million of U.S. adults had chronic pain and 8.0% of U.S. adults 19.6 million had high-impact chronic pain, with higher prevalence’s of both chronic pain and high-impact chronic pain reported among women, older adults living in poverty. 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. According to the World Health Organization (WHO) in 2019, approximately 20% of the adult European populations have chronic pain and, in addition to the physical and emotional burden it brings, the financial cost to society is huge, currently estimated at more than €200 billion per annum in Europe. Many of the cannabinoids that have been detected in these products were first developed by scientists investigating how cannabinoids affect the body and to see if they could work as medicines to treat a number of diseases and their symptoms such as neurodegenerative diseases, drug dependence, pain disorders and cancer. However, they have proved difficult to separate the desired medicinal properties from unwanted psychoactive effects.
Key Benefits for Global Synthetic Cannabinoids Market Reports–
Global Synthetic Cannabinoids Market report covers in depth historical and forecast analysis.
Global Synthetic Cannabinoids Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Synthetic Cannabinoids Market report helps to identify opportunities in market place.
Global Synthetic Cannabinoids Market report covers extensive analysis of emerging trends and competitive landscape.
By Product Type: High-Pure Synthetic Cannabinoid, Ultra-Pure Synthetic Cannabinoid, Others
By Application: Pharmaceutical, Consumer Good, Others
Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa