Cannabinoids are chemicals found both in plants and in pain relieving pathways in human neural networks. A major natural source of these chemicals is Cannabis sativa, the plant with a long history as medicinal plant. Today, cannabinoids are used majorly for the pain management, particularly in chronic cases, where nausea and vomiting associated with chemotherapy and other chronic conditions are present. These are also used in treatment of irritable bowel syndrome, epilepsy, spasticity and a variety of psychiatric conditions.
As these cases grow, demand for the treatment is set to increase, driving the global cannabinoid therapy market over the forecast period of 2024 to 2030, states Transparency Market Research in its upcoming report.
Global Cannabinoid Therapy Market: Notable Developments
Global Cannibinoid Therapy Market players are opting for strategic partnerships with cannabis other stakeholders such as extractors to significantly improve their market position. Some notable developments in this regard are given below:
- 2017: Danish Cannabis ApS and Canopy Growth Corporation partnered to make Spectrum Denmark ApS, a new joint venture. This aimed at improving penetration of the company in Europe.
- 2019: MCTC Holdings announced the filing of its third patent for a unique 4D shaped cannabinoid drug which enhances drug delivery into the human body. This is set to drive up competition and research and development activity in the field.
The cannabinoid therapy market is marked with presence of a handful of notable players. Most known and proactive players operating in the global cannabinoid therapy market globally are-
- Aphria Inc.
- Canopy Growth Corporation
- Aurora Cannabis
- Maricann Inc.
- Organigram Holdings Inc.
- The Cronos Group
- Tilray Tikun Olam, Ltd.
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Global Cannabinoid Therapy Market: Key Trends and Drivers
- Cancer cases across the word are growing and this is a significant contributor of growth, driving the market for cannabinoid therapy forward. With increase in risk factors such as excessive smoking, drinking, sedentary lifestyle, and poor diets, cases are set to grow further and need for therapy for pain management is set to mark the globe. Other diseases too, like psychiatric conditions, are increasingly being diagnosed with reasonable accuracy and hence will increase demand for cannabinoid therapy.
- In many countries, adoption of the full spectrum of cannabinoid isolates is low owing to strict regulations for THC. However, as physicians prescribe components of medical marijuana to gain entourage effect and achieve better results, pressure will be built on legal bodies from the medical community to legalize full spectrum cannabis products. This is anticipated to contribute positively to demand for full-spectrum extracts in the coming few years.
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Global Cannabinoid Therapy Market: Regional Analysis
The recreational legalization of cannabis in the United States of America began in 2012. As of July 2019, eleven states and the District of Columbia have legalized cannabis for recreational use. Riding on this wave of acceptance of cannabis in society, all state medical cannabis laws in the U.S. recognized cannabis as a form of therapy or medicine. Hence, North America remains a leader in the global cannabinoid therapy market, owing to its relaxed norms regarding cannabis use.
Over the past years, Europe has maintained a sizeable revenue share of the global cannabinoid therapy market and Italy has remained at the forefront of consumption of cannabis concentrates. However, strict regulatory policies surrounding the cultivation as well as sale of cannabis plants may restrict overall growth in regional market.
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It is significant to note that cannabis is not legal in a number of countries across Asia. However, increasing research and development activities around it and integrated approach followed by companies such as THC global are set to drive the regional market forward by creating profitable avenues.
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