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 market for synthetic cannabinoids of the dronabinol type is expected to expand significantly between 2022 and 2032, with a CAGR of 20% predicted. North America is expected to contribute the largest market share to the worldwide revenue collection. Tier-1 producers like Noramco, Inc., CannBioRx Life Sciences, and Hyasynth Biologicals, Inc. command nearly 65% of the global market.
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:
- dronabinol
- Nabilon
- 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.
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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