Reports - Synthetic Cannabinoids Market
Synthetic Cannabinoids Market Size, Share & Trends Analysis Report by Product Type (High-pure, Ultra-pure, Other Product Types) by Distribution Channel (Drugstore & Pharmacy, Online Pharmacy, Physical Store, Other Distribution Channels) by End User (Research & Development Institution, Pharmaceutical & Biotechnology Company, Forensic Laboratory, Others End-Users) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2017 - 2022) & Forecast (2023 - 2030)
Industry Leaders Trust Us For Actionable Intelligence
2035
13.55%
North America
Asia Pacific
2019 - 2023
2023 - 2035
The final deliverable will encompass both quantitative and qualitative data, providing a comprehensive analysis of the market. The scope is customizable.
The global Synthetic Cannabinoids Market is valued at USD 1.04 Billion in 2022 and is projected to reach a value of USD 4.206 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 13.55% between 2023 and 2030.
Premium Insights
The Synthetic Cannabinoids mark has grown significantly in recent years due to a number of factors, including rising R&D efforts, expanding cannabis legalization across the globe, and growing consumer demand for alternative recreational products. For instance, scientists at the University of California, San Diego, created a study to examine how anxiety and depression are affected by synthetic cannabinoids in animal models. The results of these studies may aid in the creation of new drugs to treat mental health issues.
The creation of novel compounds with improved properties is one of the major developments in the market for synthetic cannabinoids. For instance, the creation of JWH-018, a synthetic cannabinoid that was first made for research uses before becoming well-known as a recreational drug. JWH-018, also known as AM-678 or 1-pentyl-3-(1-naphthyl)indole, was created for the first time by Dr. John W. Huffman at Clemson University in South Carolina in the middle of the 1990s. The substance was created as a tool for research into the brains endocannabinoid system and how it interacts with different cannabinoid receptors. JWH-018 started to be used as a recreational drug, though, as a result of its structural resemblance and interaction with the same cannabinoid receptors as the psychoactive substance Tetrahydrocannabinol (THC) from cannabis. Due to its ability to mimic the effects of THC while still being legally available at the time, it was marketed as "Spice" or "K2" and sold as a substitute for cannabis.
Synthetic cannabinoids have been linked to treating a variety of conditions including chronic pain, nausea, and multiple sclerosis, these developments hold enormous potential for medical applications. For example, Nabilone is a synthetic cannabinoid that functions as a cannabinoid receptor agonist and is an analog of tetrahydrocannabinol (or 9-THC). Patients who experience chronic pain that other painkillers are unable to adequately manage are frequently prescribed it. By interacting with cannabinoid receptors in the central nervous system and peripheral tissues, nabilone can reduce the perception of pain by altering pain signaling pathways. Such developments help to improve patient outcomes and support the markets overall expansion.
Key Takeaways
Economic Insights
As the synthesizing process necessitates specialized chemicals and knowledge, production costs are crucial. Any changes in the cost of generating synthetic cannabinoids have a direct impact on the markets supply and pricing because they directly affect the price of these raw materials. Changes in the regulatory environment can also have a significant impact on the market. Governments might impose more stringent rules on the manufacture, sale, or consumption of synthetic cannabinoids, increasing the costs of compliance and possibly lowering overall market demand. Last but not least, consumer spending power and disposable income levels can have an impact on the demand for synthetic cannabinoids. In times of economic uncertainty or recession, people might choose to forgo recreational drugs in favor of necessities, leading to a decline in the market.
Top Market Trends
Market Segmentation
The global Synthetic Cannabinoids market can be segmented based on the following: Product Type, Application, Distribution Channel, End-User, and Region. By Product Type, this market is categorized into High-Pure Synthetic Cannabinoids, Ultra-Pure Synthetic Cannabinoids, and other product types. By Application, the market can be classified as Medical, Recreational, and other applications. Based on Distribution Channels, the market is segregated into Online Stores, Physical Stores, Drugstores Pharmacies, and other distribution channels. Based on End-User, the market can be divided into Research and Development Institutions, Pharmaceuticals and Biotechnology Companies, Forensic Laboratories, and other end-users. Based on Region, the market is further separated into North America, Europe, Latin America, Asia Pacific, and lastly Middle East & Africa.
Based on Product Type
High-Purity Synthetic Cannabinoids are Renowned for Producing Potent Psychoactive Effects
The High-Pure Synthetic Cannabinoids category dominates the synthetic cannabinoid product type segment. Due to their effectiveness and affordability, they are widely accessible and well-liked in the market, which accounts for their dominance. High-purity synthetic cannabinoids are renowned for producing potent psychoactive effects that are comparable to those of cannabis' natural cannabinoids. They are frequently used by people looking for a fun or therapeutic experience. Popular brands like Spice and K2, for instance, fit into this category and have a sizable consumer base thanks to their accessibility and range of flavors. In contrast, Ultra-Pure Synthetic Cannabinoids are less common on the market because they are more potent and may be riskier for your health.
Based on Application
Medical-Grade Synthetic Cannabinoids have Demonstrated Promise in the Treatment of Multiple Sclerosis Symptoms, Nausea, and Chronic Pain
The medical industry currently holds an excessive percentage of market share in the synthetic cannabinoid markets application segment. This hegemony is a result of medical marijuana becoming more and more accepted and legalized in various places. Because they are controlled and standardized, synthetic cannabinoids are a desirable option for medical applications. Medical-grade synthetic cannabinoids have demonstrated promise in the treatment of multiple sclerosis symptoms, nausea, and chronic pain. Dronabinol (Marinol) and nabilone (Cesamet) are two examples of frequently used synthetic cannabinoids in the medical field. However, the balance between medical and recreational dominance may change in the upcoming years due to the growing momentum of cannabis legalization for recreational use.
Based on Distribution Channel
Compared to Physical Stores or Pharmacies, Online Retailers Frequently have a Wider Selection of Products
Online retailers rule the market for synthetic cannabinoids' distribution channel segment for a variety of reasons. Customers can purchase synthetic cannabinoids from the comfort of their homes through online retailers, which makes their services convenient and accessible to a wider consumer base. Additionally, compared to physical stores or pharmacies, online retailers frequently have a wider selection of products. Online retail giants in this market segment include platforms like Amazon, eBay, and niche portals like BuyLegalMeds. These platforms draw a sizable number of customers looking for variety and dependability because they not only offer a wide range of synthetic cannabinoids but also offer in-depth product descriptions, customer reviews, and secure payment options.
Based on End-User
Research and Development Organizations are a Significant End-User Group that Dominates the Synthetic Cannabinoids Market
Research and development organizations are a significant end-user group that dominates the synthetic cannabinoid market. These academic institutions are actively researching the various chemical make-ups and outcomes of synthetic cannabinoids, adding to our understanding of their potential uses. Companies in the pharmaceutical and biotechnology industries also play a significant role by utilizing this research to create cutting-edge therapeutic procedures. For instance, global pharmaceutical leaders Pfizer and Merck invest heavily in the study of synthetic cannabinoids to develop new medications for the treatment of pain or neurological disorders. Another significant group of end users of synthetic cannabinoids are forensic laboratories, which use their knowledge to examine and distinguish illegal substances. Their assistance becomes indispensable in maintaining public safety and upholding the law.
Based on Region
North America to Maintain Dominant Position
Due to a number of factors, North America dominates the market for synthetic cannabinoids. First off, there is a big market for recreational drugs in North America, and synthetic cannabinoids are becoming more and more well-liked as marijuana substitutes. These substances have similar effects, but frequently they are more potent and have different chemical make-ups. Synthetic cannabinoids are thriving in black markets due to the regions lax laws and tolerant drug enforcement policies. Furthermore, the production and distribution of synthetic cannabinoids have undergone significant advancements in North America. To meet the changing preferences of consumers, numerous research and development initiatives have centered on developing new and more potent strains. Technology developments have also made it easier to produce synthetic cannabinoids, increasing their availability and accessibility.
The identification of novel chemical compounds that mimic the effects of cannabis and the development of various forms for consumption, such as infused liquids or vape cartridges, are examples of developments in the North American synthetic cannabinoid market. Additionally, the development of online marketplaces and the dark web has made it easier for people to access synthetic cannabinoids by facilitating the trade of these drugs.
Overall, North America is now the largest region in the Synthetic Cannabinoids market due to a combination of high demand, lax regulations, and improvements in production and distribution methods.
Competitive Landscape
Major players in the Synthetic Cannabinoids market are focusing on product launches and partnerships to expand their market presence and remain competitive. In addition, companies are investing heavily in research and development to develop new and innovative products that offer better efficacy and safety. In May 2022, AbbVie Inc. and Sosei Group Corporation announced a collaboration agreement to develop and commercialize synthetic, non-opioid treatments for various pain conditions. Furthermore, GW Pharmaceuticals announced the launch of their new synthetic cannabinoid-based drug, Epidiolex, for the treatment of seizures associated with certain forms of epilepsy.
The key players in the global Synthetic Cannabinoids market include - Mylan N.V. (U.S.) among others.
Recent Market Developments
Segmentation of the Global Synthetic Cannabinoids Market
{{market_segmentation}
Source: www.vantagemarketresearch.com
Parameter | Details | |
---|---|---|
Segment Covered |
| |
Regions & Countries Covered |
| |
Companies Covered |
| |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis | |
Pricing and purchase options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
Base Year
Historic Year
NaN - NaN
Forecast Year
NaN - NaN
Contact
Toll Free Number+1 (877) 462-2282