Prominent producers of synthetic cannabinoids must invest massive capital into clinical trials and production techniques to launch new variants of bioengineered products catering to pharmaceutical industries.
ROCKVILLE, MD / ACCESSWIRE / March 6, 2020 / Invigorated by soaring demand from pharmaceutical industry, global synthetic cannabinoids market is projected to exhibit stellar growth during the forecast period (2019-2029). The market will witness an astounding CAGR of approximately 17.4% through 2029 on the back of escalating R&D activities by premier manufacturers.
“Synthetic cannabinoids have emerged as a cost-competitive alternative to conventional medicines. Healthcare providers prescribe synthetic cannabinoids to adults suffering from debilitating pain caused by chronic diseases such as cancer and epilepsy. Moreover, legalization of cannabis in certain countries such as Canada is propelling the growth of synthetic cannabinoids market,” says the Fact.MR analyst.
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Synthetic Cannabinoids Market: Key Takeaways
- Dronabinol captures approximately 72.7% share in the overall synthetic cannabinoids market revenue.
- Legalization of cannabis and greater government incentives in certain countries is promoting the use of synthetic cannabinoids.
- North America will hold leading market share through 2029.
- Latin America will register dexterous growth in synthetic cannabinoids market through 2029.
Key Driving Factors
- Development of synthetic cannabinoids for treating various chronic diseases such as epilepsy, cancer, and arthritis is augmenting market growth.
- Significant investments in R&D activities from market leaders is pushing the growth of synthetic cannabinoids market.
- Rising adoption of synthetic cannabinoids for the treatment of geriatric population is contributing substantially to market growth.
- Possible price reduction of synthetic cannabinoids will complement the growth of market through 2029.
- Large influx of bio-tech startups is projected to supplement the overall market.
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- Counterfeit synthetic cannabinoids are hampering the market growth.
- Greater predilection of consumers towards natural cannabis is a major roadblock for the growth of synthetic cannabinoids market.
The competitive landscape of the global synthetic cannabinoids market is highly consolidated in nature with major players occupying 3/4th of market share. Premier companies featured in this study include, but are not limited to, Noramco, Inc., Hyasynth Biologicals, Inc., Librede, Inc., Gingko Bioworks, Inc., CB Therapeutics, Inc., and CannBioRx Life Sciences. Key players are focused on product launch and innovation activities along with expanding supply and distribution network. For instance, Ginkgo Bioworks is developing therapeutic compounds bioengineered from certain strands of yeast. Moreover, CannBioRx Life Sciences has partnered with leading medical institutes and research schools for drug development initiatives.
About the Report
This 170-page study offers readers with comprehensive market forecast on the synthetic cannabinoids market. Global, regional and country level analysis of the latest industry trends impacting the synthetic cannabinoids market are covered in this Fact.MR study. The report offers compelling insights on the synthetic cannabinoids market on the basis of type (nabilone and dronabinol) across five regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).
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