Rapid Adoption of Therapeutic Drugs to Augment Demand of Synthetic Cannabinoids
Synthetic cannabinoids have emerged as a novel therapeutic drug for epilepsy, spasticity, inflammation etc. Synthetic cannabinoids for medical purposes have been commercialized since 2016 and are showing rapid adoption for different medical ailments. Synthetic cannabinoid market is projected to grow at an astounding CAGR of more than 16% during forecast period 2019 – 2029 showcasing a dexterous growth. Synthetic cannabinoids to treat nausea and anxiety caused by cancer chemotherapy are projected to open new growth avenues for synthetic cannabinoids manufacturers. Moreover, synthetic cannabinoid therapies for diseases such as arthritis, acute and chronic pain will bolster demand of synthetic cannabinoids during forecast period.
Synthetic Cannabinoids Sales to Soar as Dronabinol Maintains its Lead
Dronabinol is a prominent synthetic cannabinoids which holds more than two third market share in global market. Dronabinol for medical use is being manufactured by almost all prominent market players. Moreover, Dronabinol is an emerging suitable therapeutic compound which binds to cannabinoid (CBR) receptor giveing desired results during disease treatment.
Novel Techniques Such as Biosynthesis to Increase Foothold of Market Leaders
Earlier manufacturers of synthetic cannabinoids were using naïve techniques of production with help of specialized strains of yeast. Companies such as Librede, Inc. and Hyasynth Biologicals Inc. are actively producing synthetic cannabinoids by using bioengineered yeast strains. Other manufactures of synthetic cannabinoids such as Renew Biopharma have been innovating the production process of synthetic cannabinoids with help of bioengineered microorganisms. The use of bioengineered microorganisms for synthesis of synthetic cannabinoids instead of conventional processes help enhance purity of compound.
Legalization in Potential Markets to Generate New Revenue Streams for Synthetic Cannabinoids
Cannabinoids have been legalized in many countries and this number is expected to increase in the forecast period. Synthetic cannabinoids will benefit from authorization for medical usage. Countries such as China and India are prominent drug and pharmaceutical markets where synthetic cannabinoid legalization for pharmaceutical applications may play a vital role in boosting sales of synthetic cannabinoids in countries. By region Latin America is projected to grow 6.8X during the forecast period as countries in Latin America are embracing legalization of synthetic cannabinoids in a big way. North America on the other hand will continue to maintain its hegemony in terms of market share.
New Pipeline of Synthetic Cannabinoid Drugs Projected to Proliferate Market Growth
Manufacturers of synthetic cannabinoid drugs are running clinical trials and phase studies for different drugs which are likely to hit the market in the next two to three years. This will significantly escalate the demand for synthetic cannabinoids. Some of the companies such as CV Sciences, Inc. are focused on carrying out all phase clinical trials of the initial drug candidate (CVSI-007) in the foreseeable future. Moreover, Insys Therapeutics, Inc. has synthetic cannabinoids compounds under the development phase. The company is developing Dronabinol inhalation for agitation in Alzheimer’s disease and cancer induced anorexia. Manufacturers are thus escalating demand for synthetic cannabinoid in the near future.
Leading Players to Expand Production Capacity of Synthetic Cannabinoids
Synthetic cannabinoid market players are partnering with research associations and organizations to carry out potential research in synthetic cannabinoids. Few pharma giants are investing in startup companies to push research on synesthetic cannabinoids and expand production capacities of synthetic cannabinoids. For instance, in 2019, Noramco announced that its cannabinoids business division will become a separate company named Purisys, LLC and is expanding its production capacity of Dronabinol and cannabidiol in its production facility based in Athens, United Sates.
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Source : Fact.MR