Synthetic Cannabinoids Market: Research and Development Activities to Pave Way for New Growth Opportunities

Synthetic cannabinoid was primarily conceptualized as a critical pharmacological tool to evaluate the endocannabinoid system.

esearch and Development Activities to Pave Way for New Growth Opportunities

Synthetic cannabinoid was primarily conceptualized as a critical pharmacological tool to evaluate the endocannabinoid system. Gradually, synthetic cannabinoids gained immense popularity across the pharmacotherapies space, particularly in developed regions of the world, including North America and Europe. The demand for synthetic cannabinoids as an atypical drug for pain management, neurological disorder management, etc. has witnessed a considerable spike over the past few years and the trend is likely to continue in the upcoming decade. Although the demand for synthetic cannabinoids is on the rise, negative effects of synthetic cannabinoids, including mood disorders and impairment in executive functions could potentially hinder the growth of the global synthetic cannabinoids market during the forecast period.

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The regulatory landscape pertaining to the procurement and consumption of synthetic cannabinoids in various regions is another major factor anticipated to influence the growth trajectory of the global synthetic cannabinoids market during the assessment period. Research and development activities are likely to play a key role in promoting and creating awareness regarding the potential health benefits of synthetic cannabinoids– a factor that could propel the market for synthetic cannabinoids in the forthcoming decade.

At the back of these factors, the global synthetic cannabinoids market is on the course to surpass the US$ 11.3 Bn mark by the end of 2030.

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Regulatory Landscape to Influence Market Growth Worldwide

The expansion of the global synthetic cannabinoids market is expected to pin its hope on the regulatory framework pertaining to the consumption of synthetic cannabinoid products. The growing popularity of e-cigarettes coupled with the increasing affinity toward the usage of synthetic cannabinoids as an alternative for non-synthetic cannabis in several regions of the world is projected to provide a considerable boost to the consumption of synthetic cannabinoids. Furthermore, synthetic cannabinoids are marketed as a legal and safe alternative to marijuana in several parts of the world due to which, the sales of synthetic cannabinoids have witnessed growth particularly among the millennial population. However, the increasing uncertainty over the effects of synthetic cannabinoids consumption and increasing evidence indicating the negative impact of synthetic cannabinoids on the human brain are some of the key factors estimated to hinder the growth of the global synthetic cannabinoids market in the upcoming years.

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A number of players have gradually entered the synthetic cannabinoids market in the past few years, and are attracting new consumers by focusing on their packaging and marketing strategies. Over the past few years, synthetic cannabinoids were primarily available in novelty stores, gas stations, and drug paraphernalia shops in several parts of North America. However, due to the evolving regulatory landscape, synthetic cannabinoids products are now available at retail pharmacies, online pharmacies, and hospital pharmacies.

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Increase in Demand for Non-regulated Psychoactive Substances to Drive Market

Rising consumer interest and demand for non-regulated psychoactive substance over the past few years is expected to propel the global synthetic cannabinoids market during the assessment period. The demand for synthetic cannabinoids to assess the potential impact to treat a range of diseases and symptoms, including neurodegenerative diseases, pain disorders, drug dependence, and cancer is another major factor likely to fuel the growth of the global synthetic cannabinoids market. China is one of the key exporters of synthetic cannabinoids products and the trend is projected to continue over the upcoming years. The surge in the number of ‘legal high’ retailers across North America and Europe is also expected to positively impact the sales of synthetic cannabinoid products in the upcoming years.

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Demand to Decline amid COVID-19 Pandemic

The onset of the novel COVID-19 pandemic is projected to hinder the sales of synthetic cannabinoids, particularly in 2020. The increasing awareness pertaining to the novel COVID-19 infection and its effect on the human respiratory system is one of the key factors that is expected to hinder the sales of synthetic cannabinoids in 2020. In addition, stringent government regulations in several regions of the world pertaining to the trade and transportation of non-essential goods and commodities are a major factor expected to disrupt the global supply chain for synthetic cannabinoids in 2020.

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