Cannabis Capsules: Market Outlook
Cannabis most commonly known as marijuana is a psychoactive drug used for medicinal and recreational purposes. Cannabis has many beneficial claims such as for restlessness, muscle contraction, persistent discomfort, and decrease vomiting and illness through chemotherapy. After following a long route of research and clinical trials, in June 2018 FDA approved the usage of CBD for the treatment of certain medical conditions.
With progressive research and better analytics, it is now proven that Cannabis is beneficial for health. But as a flip side, non-administered usage of cannabis can lead to many health risks like impairment of judgments, weakened immune response, acute memory loss, etc. Therefore it is very important to properly administer the intake of cannabis by any patient. Owing to the risks of usage of non-administered cannabis, it is lawfully forbidden in many states.
Cannabis capsules are thus, being manufactured to make accurate and calculated dosage of the mixture of different drugs that includes cannabis. These calculated dosages of cannabis capsules have a growing demand all over the world as it will open numerous medical practices to treat patients of Alzheimer’s disease, cancer, epilepsy, glaucoma, PTSD, muscle spasm, etc.
Cannabis can be injected in the body of the patient in many ways, but the most efficient and reliable way remains oral path as it is the easiest and convenient for the patient. Capsules like THC, are taken through oral pathways, and generally takes 45 minutes to 3 hours to act. As Cannabis Capsule is ingested in the digestive path and is metabolized in the body, thus the effect is very much efficient.
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Novel Applications in Medicine and Increasing Demand of Needful
The market of cannabis capsule is anticipated to grow at a rapid rate in the forecasted period. It is expected to witness a growth rate with double digits owing to the need for medical cannabis and investor’s interest in the market.
Cannabis capsule is breaking the barriers for the entry of similar narcotic drugs as it has an easy pathway for injecting it into one’s body. Patients prefer capsules as an easier way of medication than the combustible flower or vaporized products. In that way, the patient is also aware of the exact dosage that has been introduced in the body.
With the increase of demand and medical benefits, it is necessary to check if the usage of cannabis is permissible in the state for the lawful operation of the product.
Cannabis Capsules: Market Segmentation
Based on Product Type, Cannabis Capsules Market can be segmented as:
- High THC Capsule
- THC/CBD Balanced Capsules
- High CBD Capsules Digital
Based on Compound, Cannabis Capsules Market can be segmented as:
- Tetrahydrocannabinol (THC)-Dominant
- Cannabidiol (CBD)-Dominant
Based on Application, Cannabis Capsules Market can be segmented as:
Based on End User, Cannabis Capsules Market can be segmented as:
- Hospital Pharmacies
- Retail Pharmacies
- Drug Stores
- Online Sales
Based on Packaging, Cannabis Capsules Market can be segmented as:
- Slide boxes
- Child Resistant Packaging
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Key Players in Cannabis Capsule Market
Joy Organics, CBD istillery, Gaia Botanicals LLC, Palmetto Harmony, Floyd’s of Leadville, Lazarus Naturals, cbd MD, Pure Hemp Botanicals, ENDOCA, and Green Roads are some of the prime players in the market of Cannabis Capsules.
Innovations and Opportunities for Cannabis Capsule Market
Doses of the capsules have to be accurate before consuming to give proper intended medical benefits. Use of sophisticated machinery, skilled, licensed lab technician, and producer are more reliable.
As medical cannabis is permitted in the United States, the demand for the same is increasing at a considerate rate, owing to the medicinal benefits achieved by Cannabis Capsules. Therefore, investors are very much interested in establishing or well-established plants with appropriate machinery, skilled labour, and license to produce cannabis capsules. Existing manufacturers are also investing time and skills to innovate for the production of the capsules of suitable doses with the utmost quality.
Manufacturers are even innovating to produce vegan capsule shells to make it plant-based capsule as a large portion of the population prefer plant-based products and thus will give an extra-edge and superiority to the product.
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
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- 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
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- The Middle East and Africa
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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.
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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.