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.
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.
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.
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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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.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.