Demand for synthetic cannabinoids is expected to grow at a CAGR of 21% by 2032

PRESS RELEASE

Published February 21, 2023

In 2021, the global market for synthetic cannabinoids was valued at about US$ 1.82 billion, and by 2032, it is expected to reach US$ 14.8 billion with a CAGR of 21%. The demand for synthetic cannabinoids of the dronabinol type is substantial and is anticipated to grow at a CAGR of 20% from 2022 to 2032. North America is expected to contribute the largest market share to the worldwide revenue collection. Almost 65% of the global market is controlled by Tier-1 producers like Noramco, Inc., CannBioRx Life Sciences, and Hyasynth Biologicals, Inc.

A variety of opportunities, including those related to product manufacture, distribution, retail, and marketing services, are available to investors in this sector. The experts at Fact.MR has arrived at a number of estimates and forecasts for the demand for synthetic cannabinoids at both the global and regional levels by drawing on extensive rounds of primary and thorough secondary research.

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Synthetic Cannabinoids Market: Segmentation

FactMR’s research segmented the synthetic cannabinoids market based on type and region.

  • By type:
  • By Region :
    • North America
    • latin america
    • Europe
    • Asia Pacific
    • thing

Analysts used a number of well-known business intelligence tools across the industry to integrate facts, figures, and market data to create market revenue estimates and forecasts.

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Key Companies Profiled 

  • Noramco, Inc.,
  • CannBioRx Life Sciences,
  • Hyasynth Biologicals, Inc.
  • TheraPix Biosciences,
  • Tetra Bio-Pharma
  • Zynerba Pharmaceuticals
  • GW Pharmaceuticals,
  • Kannalife
  • FSD Pharma

Key Points of the Global Synthetic Cannabinoids Market

  • The dronabinol form of synthetic cannabinoids holds over 90% market share, and new uses of the drug in several experimental treatments such as arthritis and cancer are expected to drive up the synthetic cannabinoid growth curve.
  • Nabilone marks a minor contribution to the global synthetic cannabinoid market, projected to grow 4.5-fold over the forecast period 2019-2029, owing to increased legal and pharmaceutical use in the United States, Canada, and Europe It has been.
  • The North American synthetic cannabinoid market is projected to hold about two-thirds of the market share. However, Asia-Pacific and Latin America are projected to grow at a higher CAGR than the global average.
  • The European synthetic cannabinoids market is the second largest market and is expected to hold around 20% market share in terms of value, potentially gaining 180 BPS over the forecast period of 2019-2029.

Competitive Landscape

Synthetic cannabinoid market players are partnering with research associations and organizations to carry out potential research on synthetic cannabinoids. Few pharma giants are investing in startup companies to push research on synesthetic cannabinoids and expand the production capacities of synthetic cannabinoids.

  • In September 2021, Noramco announced that its cannabinoids business division will become a separate company named Purisys, LLC and is expanding its production capacity of Dronabinol and cannabidiol (CBD) in its production facility based in Athens, United States.
  • In July 2021, KBL Merger Corp. IV, a Special Purpose Acquisition Company (SPAC), announced that it has executed a definitive business combination agreement for the merger of a wholly owned subsidiary of KBLM with CannBioRx Life Sciences Corp., a drug development company focused on treating inflammatory diseases.
  • In September 2021, Hyasynth, a sustainable biotechnology company, received a $2.5M milestone payment for its commercialization achievements in being first-to-market with cannabidiol (CBD) produced and extracted from yeast. The additional investment came from previous investors including Organigram Holdings Inc., a leading licensed producer of cannabis.

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What is driving the demand for telecom repeaters?

Growing interest in Internet usage is a key driver behind increased web usage and improved QoS. This allowed the co-op of specialists to guarantee the strength of the sign in each cell. These telecom repeaters help probe signal quality and strength in TSP-covered assistance regions, reducing call drop rates while speeding up the web.

With presentations of NGN and IoT applications such as connected cars, traffic insight frameworks, and savvy urban areas, the market for communication testers will have to develop at a staggering rate of growth.

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Read more Fact.MR trend report

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