Rising demand of Effective Pain Management is expected to Propel Use of Synthetic Drugs: Fact MR Study
Key players in the market are focusing on developing synthetic drugs with the help of bioengineered microorganisms. These developments will drive the synthetic drugs market.
Fact MR: Increasing demand for synthetic drugs in developed regions such as North America and Europe is helping synthetic drug market to expand at significant rate. Research and development activities undertaken to study use of these drugs in various treatments are creating growth opportunities in the global synthetic drugs market, finds Fact MR in a study.
Synthetic drugs are produced using the chemical compounds. These drugs are used to treat neurological disorder, pain management, and have various other beneficial applications. The pharmaceutical and nutraceutical sectors are increasing product manufacturing in response to the rising demand for synthetic drugs. This will accelerate market growth in the coming years.
The COVID-19 pandemic had a negative impact on the global synthetic drugs market. Restrictions imposed amid lockdown in the first half of 2020 disrupted production of drugs, hampering the manufacturing of synthetic drugs. In addition, it also interrupted the research and development activities. This has negatively affected the global synthetic drugs market.
“Development of high quality and sustainable cannabinoids improve human health which is particularly focused on neuro-therapeutics and commercialization of innovative cannabinoid-based nutraceutical and pharmaceutical products are among expansion strategies undertaken by some of the leading players in the synthetic drugs market,” said a Fact MR analyst.
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- In June 2018, U.S. food and drug administration (FDA) approved Epidiolex (cannabidiol) oral solution of synthetic drugs is accelerating the U.S. market growth. Recent drug approvals are likely to aid expansion of the market in the U.S.
- High prevalence of chronic pain will fuel demand for synthetic drug for pain management in Germany
- The rising demand for synthetic cannabinoids will remain a chief growth driver from yeast and received $2.5M funding.
- Increasing use of synthetic drugs for the treatment for neurological disorder management, pain management, nausea, and other conditions will encourage market players to focus on drug development.
- Increasing application of synthetic drugs of treatment for range of diseases such as neurodegenerative diseases, cancer, and pain management fueling market.
- Synthetic drugs consumption is rising in response to increase awareness about medicinal properties of the drug and uses in various treatment.
- Stringent regulations imposed on on the use of synthetic drugs is impeding the market expansion across some countries.
- Side effects associated with consumption of synthetic drugs may hamper the growth of the global synthetic drugs market.
- Lack of awareness of medicinal applications of synthetic drug.
Key players in the global synthetic drugs market are focusing on launching new and innovative synthetic drugs to gain competitive advantage. For instance:
- In February 2019, Lonza pharma & Biotech collaborated with Emerald Health to develop a new entity derived from synthetic cannabidiol.
- In July 2019, CannBioRx acquired by KBL Merger Corp. IV developed cannabinoid program focused on the advancement and commercialization of unique pharmaceutical-grade cannabinoids for pain, arthritis, diabetes and obesity.
- In 2020, Lygos, Inc. acquired Librede, Inc., emerged cannabinoid products for the consumer market.
Key players operating in the global synthetic drugs market are Mylan N.V.,Noramco,Lygos, Inc.,Hyasynth Biologicals, Inc.,Alkem Labs,Renew Biopharma,KBL Merger Corp. IV,Ginkgo Bioworks,Emerald Health Pharmaceuticals,CB Therapeutics, Inc.,Insys Therapeutics, Inc.
More Insights on The Global Synthetic Drugs Market:
Fact MR, in its new offering, brings to fore an unbiased analysis and global industry analysis of the global synthetic drugs market presenting historical demand data (2016-2020) and forecast statistics for the period (2021-2031). The study divulges compelling insights on the synthetic drugs market with a detailed segmentation based on product type (herbal highs, synthetic cannabinoids, and research chemicals and drug analogous) based on indication, (neurological Disorder management, pain management, and nausea) based on distribution channel, (Retail pharmacies and E-Commerce) based on region (North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East and Africa)
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