Synthetic Marijuana Market: Granular View of The Market from Various End-Use Segments 2029

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 Marijuana compounds which will augment the growth of Synthetic Marijuana Market. On this backdrop, Synthetic Marijuanas are projected to create an absolute dollar opportunity of US$ 89 Mn during forecast period.

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Dronabinol as a type of Synthetic Marijuana 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 Marijuanas 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 Marijuanas. Such novel initiatives will enable manufacturers to expand their profit pools in the Synthetic Marijuanas market.

Key Takeaways of Global Synthetic Marijuana Market

Dronabinol type of Synthetic Marijuana accounts for more than 90% market share and is expected to witness a rising growth curve in Synthetic Marijuanas owing to novel usage of drugs in several experimental therapies such as arthritis and cancer

Nabilone showcases a marginal contribution to global Synthetic Marijuanas 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 Marijuanas 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 Marijuanas 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.
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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 Marijuanas 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 Marijuanas. This has helped them increase production capacity.

Market leaders in Synthetic Marijuanas such as Noramco, Inc. CannBioRx Life Sciences, Hyasynth Biologicals, Inc. etc are developing Synthetic Marijuanas 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 Marijuana.

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Find More Valuable Insights on the Global Synthetic Marijuana Market

Fact.MR, in its new offering, provides an unbiased analysis of the global market for Synthetic Cannabinoids, with historical data on demand (2014-2018) and expected projections for the period (2019-2029). The Synthetic Marijuanas report discloses compelling insights into the demand for Synthetic Marijuanas based on type i.e. Dronabinol, Nabilone across 5 key regions and 20 + countries.

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