Global Cannabinoid Therapy Market: Overview
Cannabinoids are chemicals found both in plants and in pain relieving pathways in human neural networks. A major natural source of these chemicals is Cannabis sativa, the plant with a long history as medicinal plant. Today, cannabinoids are used majorly for the pain management, particularly in chronic cases, where nausea and vomiting associated with chemotherapy and other chronic conditions are present. These are also used in treatment of irritable bowel syndrome, epilepsy, spasticity and a variety of psychiatric conditions.
As these cases grow, demand for the treatment is set to increase, driving the global cannabinoid therapy market over the forecast period of 2020 to 2030, states Transparency Market Research in its upcoming report.
Global Cannabinoid Therapy Market: Notable Developments
Global Cannibinoid Therapy Market players are opting for strategic partnerships with cannabis other stakeholders such as extractors to significantly improve their market position. Some notable developments in this regard are given below:
- 2017: Danish Cannabis ApS and Canopy Growth Corporation partnered to make Spectrum Denmark ApS, a new joint venture. This aimed at improving penetration of the company in Europe.
- 2019: MCTC Holdings announced the filing of its third patent for a unique 4D shaped cannabinoid drug which enhances drug delivery into the human body. This is set to drive up competition and research and development activity in the field.
The cannabinoid therapy market is marked with presence of a handful of notable players. Most known and proactive players operating in the global cannabinoid therapy market globally are-
- Aphria Inc.
- Canopy Growth Corporation
- Aurora Cannabis
- Maricann Inc.
- Organigram Holdings Inc.
- The Cronos Group
- Tilray Tikun Olam, Ltd.
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Global Cannabinoid Therapy Market: Key Trends and Drivers
- Cancer cases across the word are growing and this is a significant contributor of growth, driving the market for cannabinoid therapy forward. With increase in risk factors such as excessive smoking, drinking, sedentary lifestyle, and poor diets, cases are set to grow further and need for therapy for pain management is set to mark the globe. Other diseases too, like psychiatric conditions, are increasingly being diagnosed with reasonable accuracy and hence will increase demand for cannabinoid therapy.
- In many countries, adoption of the full spectrum of cannabinoid isolates is low owing to strict regulations for THC. However, as physicians prescribe components of medical marijuana to gain entourage effect and achieve better results, pressure will be built on legal bodies from the medical community to legalize full spectrum cannabis products. This is anticipated to contribute positively to demand for full-spectrum extracts in the coming few years.
Global Cannabinoid Therapy Market: Regional Analysis
The recreational legalization of cannabis in the United States of America began in 2012. As of July 2019, eleven states and the District of Columbia have legalized cannabis for recreational use. Riding on this wave of acceptance of cannabis in society, all state medical cannabis laws in the U.S. recognized cannabis as a form of therapy or medicine. Hence, North America remains a leader in the global cannabinoid therapy market, owing to its relaxed norms regarding cannabis use.
Over the past years, Europe has maintained a sizeable revenue share of the global cannabinoid therapy market and Italy has remained at the forefront of consumption of cannabis concentrates. However, strict regulatory policies surrounding the cultivation as well as sale of cannabis plants may restrict overall growth in regional market.
It is significant to note that cannabis is not legal in a number of countries across Asia. However, increasing research and development activities around it and integrated approach followed by companies such as THC global are set to drive the regional market forward by creating profitable avenues.
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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.