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 – 2020 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.
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