Cannabinoid Drugs are natural occurring recreational drugs that are used to treat chronic pain, anorexia, and nausea & vomiting. The cannabinoid is used for a group of drugs that are structurally related to tetrahydrocannabinoids. It is synthetically manufactured by pharma companies to treat different type of indications, such as multiple sclerosis, chronic & acute migraine, rheumatoid arthritis, seizures, etc. Cannabinoid drugs are naturally isolated from cannabis and work on the endocannabinoid system of mammals. Other applications include their use as an anti-inflammatory agent as they modulate the cytokine cascade and psychoactive effect. Its psychoactive effect has been found to be moderately effective in treating traumatic brain injuries, neuropathic pain, arthritis and multiple sclerosis. Clinically, three cannabinoid drugs are approved for treatment.
The first cannabinoid drug is nabilone, which is a CB1/CB2 receptor agonist and is used for relieving nausea & vomiting. It is a synthetic analog of 9-tetrahydrocannabinol. Other drugs, such as dronabinol and Sativex, are used for treating AIDS-related anorexia and neuropathic pain in advanced cancer & multiple sclerosis patients, respectively. Anandamide, 2-Arachidonoylglycerol, Cannabigerol, Cannabichromene, Cannabinol, Cannabidiol, Tetrahydrocannabinol are clinically important cannabinoids used for medical treatment.
Cannabinoid Drugs Market: Drivers and Restraints
Rising demand for cannabinoid drugs for treating chronic pain in different indications is expected to fuel the growth of the market. Presently, a limited number of cannabinoid drugs are approved for human use and this will create new opportunities for manufacturers who are involved in the development of cannabinoid drugs. Along with these, commercial use of cannabinoid drugs and cannabis concentrate is increasing constantly due to changing government regulations. For example, cannabinoid drugs usage has been legalized in ten states of the U.S. and the federation of Australian government has formulated a new Narcotic Drug Amendment Bill 2016 to permit cultivation of cannabis for medical usage and research.
The rapid advancement of technologies has led to substantial progress in developing cannabinoid drugs. For example, many recent studies have spoken in favor of cannabinoid drugs usage for the treatment of Alzheimers and cancer. All these factors will act as potential drivers, thereby boosting the burgeoning growth of the cannabinoid drugs market.
Huge investments are being made for the development of cannabinoid drugs. However, these investment have only been able to fuel slow growth into the cannabinoid drugs market. Along with this, stringent regulations regarding the usage of cannabinoids will also restrain the cannabinoid drugs market.
Cannabinoid Drugs Market: Market Overview
The Global Cannabinoid Drugs market has witnessed robust growth due to increasing demand for recreational therapy. The Cannabinoid Drugs market enjoys the presence of a few players operating at the country level which hold huge market shares. There are huge opportunities in the untapped markets across the world due to the potential benefits of Cannabinoid Drugs. The key players in the Cannabinoid Drugs market are mainly focused on R&D to accelerate the development of cannabinoids because only a few drugs are approved by regulatory bodies. The Cannabinoid Drugs market is anticipated to grow with double digit CAGR during the forecast period.
Cannabinoid Drugs Market: Region-Wise Overview
The Global Cannabinoid Drugs market is segmented into the following regions: North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific Excluding China & Japan, China, Japan and the Middle East and Africa. North America is dominant in the Global Cannabinoid Drugs market mainly due to the high presence of top players and huge investments being made for cannabinoid drugs development. In North America, particularly the USA holds a dominant position. Economic conditions in the APAC region are set to drive the Cannabinoid Drugs market to new heights.
The European cannabinoid drugs market is the fastest growing market due to the changing legislative framework. Growth in the Middle East and African region is expected to be considerably less when compared to the other regions. However, North America is expected to maintain its position in the Cannabinoid Drugs market. However, developed economies, such as Australia, will witness highest growth rate in the Cannabinoid Drugs market.
Cannabinoid Drugs Market: Key Participants
Some of the key participants in the Cannabinoid Drugs market are GW Pharmaceuticals Abbott Laboratories, Valeant Pharmaceuticals International, Indevus Pharmaceuticals, and others. Companies are mainly focused on R&D to strengthen product development.
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Cannabinoid Drugs Market: Segmentation
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