Global Cannabinoid Drugs Market: Overview
Cannabinoids are organic chemical compounds found not just in the oft recognized plant Cannabis sativa, but also in the human neural networks. In the brain and spinal cord they act as pain relieving molecules that serve to diminish incoming pain signals and provide relief from long term discomfort. This particular property makes them lucrative for pain management.
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Besides their recreational usage, cannabinoids find widespread use in the healthcare industry. Here, they act as pain relievers and mood stabilizers, and being organic the acceptance of this therapy is good among patients. Accordingly, few conditions they are used for are chronic pain of any origin, side effects such as vomiting and nausea associated with chemotherapy, anorexia, weight loss, IBS, spasticity, epilepsy, and a variety of psychiatric conditions. This is helping the global cannabinoid drug market record sturdy growth over the assessment period of TMR’s upcoming report – 2024 to 2030.
Global Cannabinoid Drugs Market: Competitive Landscape
The number of players in the cannabinoid drug market is few, making the market scenario concentrated. These manufactures are engaged in improving infrastructure and funding innovation to help increase operational footprint. This is anticipated to help increase production to cater to increasing demands for cannabinoid drugs globally. Some of the prominent names in this market are:
- GW Pharmaceuticals
- Abbott Laboratories,
- Valeant Pharmaceuticals International,
- Indevus Pharmaceuticals,
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Global Cannabinoid Drugs Market: Key Trends and Drivers
A large number of people across the world are suffering from chronic conditions. Survivors of cancer often suffer from debilitating pain due to the disease itself or the therapy given. An increased requirement of pain management therapy due to growing number of cases of post cancer chronic pain is anticipated to drive the cannabinoid drugs market in the near future.
Psychotherapy is demanding cannabinoid intervention on an increased scale given the benefits it has for patients with hyperactive disorders. Since psychiatric diagnosis has become reasonably accurate with time, this will upscale demand for cannabinoid drugs.
Due to strict regulations for THC, adoption of the full spectrum of cannabinoid isolates in a number of countries is low. Physicians are also prescribing the parts of medical marijuana owing to its entourage effect. But rising pressure from the medical community on legal bodies to legalize cannabis products is anticipated to positively influence the demand for full-spectrum extracts in the future.
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Global Cannabinoid Drugs Market: Regional Analysis
Since 2012 cannabis usage has been legalized in the United States, with eleven states including the Columbia having taken steps in this direction. Moreover, a growing geriatric population in this region is expected to raise the prevalence of chronic conditions. The number of people aged 60 years and above will double till 2060 in the United States, according to the World Health Organization. Hence, North America is anticipated to be dominant in the global cannabinoid drugs market.
In 2019, Europe accounted for the second largest revenue share of the cannabinoid drugs market. Italy is regarded as the fourth largest consumer of concentrates of cannabis. However, stringent rules and regulations surrounding the sale and cultivation of cannabis plants may limit the overall growth of the cannabinoid drugs market in Europe.
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The Asia Pacific region (APAC) is yet to recognize cannabis as a potential drug therapy regime and hence the cannabinoid drugs market has little foothold here. The same holds true for areas of Africa and the Middle East. Thus, the cannabinoid drugs market finds acceptance only in the developed regions currently, though increased westernization of the developing world might fuel growth in these regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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