Synthetic Cannabinoids are anticipated to enter growth stage by mid-term forecast. Several biotech startups such as Emerald Health Pharmaceuticals, RespireRx etc are pioneering initiatives for the development of synthetic cannabinoid compounds which will augment the growth of synthetic cannabinoid market. On this backdrop, synthetic cannabinoids are projected to create an absolute dollar opportunity of US$ 89 Mn during forecast period.
Dronabinol as a type of synthetic cannabinoid has maintained its lead in the market and is expected to experience higher growth rate vis-a-vis Nabilone. Dronabinol has superior investment backing which is boosting its uptake in the market. A vast majority of the companies in synthetic cannabinoids market have been focusing on products which are in their clinical trial phase.
For instance, TheraPix Biosciences, Tetra Bio-Pharma and Zynerba Pharmaceuticals are some of the companies that are conducting clinical trials for their compounds. Other companies like GW Pharmaceuticals, Kannalife and FSD Pharma are developing synthetic cannabinoids. Such novel initiatives will enable manufacturers to expand their profit pools in the synthetic cannabinoids market.
Key Takeaways of Global Synthetic Cannabinoids Market
- Dronabinol type of synthetic cannabinoid accounts for more than 90% market share and is expected to witness a rising growth curve in synthetic cannabinoids owing to novel usage of drugs in several experimental therapies such as arthritis and cancer
- Nabilone showcases a marginal contribution to global synthetic cannabinoids market and is projected to grow 4.5X over period of forecast 2019 – 2029, due to increased legal and pharmaceutical usage in United States, Canada and Europe.
- North America synthetic cannabinoids market is projected to hold around two third of market share. However, Asia Pacific and Latin America are projected to grow at a higher CAGR than the global average.
- Europe synthetic cannabinoids market is the second largest market and is anticipated to hold around 20% market share in terms of value and likely to gain 180 BPS over forecast period 2019 – 2029.
Positive Investment Flows to Expand Product Portfolio and Research & Development Initiatives of Stakeholders
A positive flow of investments from pharmaceutical giants is likely to propel the development of synthetic cannabinoids and compounds. For instance, in year 2019, Ginkgo Bioworks, Inc. raised funds of more than US$$ 350 Mn through investments from several investors for the development of synthetic cannabinoids. This has helped them increase production capacity.
Market leaders in synthetic cannabinoids such as Noramco, Inc. CannBioRx Life Sciences, Hyasynth Biologicals, Inc. etc are developing synthetic cannabinoids through novel techniques of synthesis. Moreover, these companies are shifting their focus on research and development of molecules through development of strains of microbes and yeast for biosynthesis of synthetic cannabinoid.
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