Synthetic drug is pharmaceutical medication created through man made engineering in contrast to natural ingredients. They are also known as new psychoactive substances (NSPs) and aim at mimicking the effects of illegal drugs including cannabis and cocaine. Major types of synthetic drugs include synthetic cannabinoids, piperazines, and synthetic cathinones. Few of the side effects associated with intake of synthetic drugs include dry mouth, euphoria, increased appetite, and feeling of wellbeing. Furthermore some toxic effects associated include seizures and strokes. Some of the famous synthetic drugs are spice or K2, bath salts, gravel, DMT, and molly. One of the major concern associated with the use of synthetic drugs is its addiction among the youth. Youth comprise almost half of the recipients of these drugs. This is attributed to reasons such as cheap prices and easy availability around gas stations, smoke and head shops. Additionally, current regulatory frameworks in many regions have failed to keep track of abuse of these drugs among the youth.
COVID-19 Impact Analysis
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness a significant growth in the future, owing to the demand for vaccine and treatment drugs for COVID-19. This, in turn, is expected to have a significant impact on the global synthetic drugs market.
Top Impacting Factors
- Pain management is one of the topics at the cusp of pharmaceutical industry these days. Majority of chronic and infectious diseases outpour acute pain in the initial stages. This outlines the underlying demand for development of advanced pharmaceutical therapeutics to cute pain thus driving the market growth.
- Vigorous investments being prompted into research and development activities coupled with robust government support and favorable reimbursements is further anticipated to drive market growth for synthetic drugs.
- However, strict regulatory norms associated with the industry especially in communist regime states like China, Russia, and Cuba may hamper market penetration into these regions.
- Plus, plethora of misconceptions associated with advancements in synthetic drug segments may hamper market growth in regions with underdeveloped economies.
Key Market Trends
- North America is anticipated to witness huge gains in the synthetic drug market owing to rising incidents of chronic diseases coupled with robust support from the government to develop new age technologically integrated pharmacy products.
- Global players are making attempts at leveraging synthetic drug market by attempting mergers and acquisitions. In the same regard, in 2020, Lygos Inc. acquired Librede, Inc., which are dedicated to cannabinoid based pharmacy products for consumers of synthetic drug market.
- Regions such as the Middle East and Asia-Pacific are anticipated to witness gradual growth in synthetic drug market owing to growing demand for new age therapeutics combined with rising consumer disposable income and the will to spend more for better healthcare facilities.
- Introduction of techniques like biosynthesis over conventional techniques are further helping in enhancing growth of synthetic drug market.
- In 2019, Renew Biopharma has recently announced a landmark patent related to enzyme engineering for production of cannabinoids using biosynthesis.
Key Benefits of the Report
- This study presents the analytical depiction of the synthetic drugs industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the synthetic drugs market share.
- The current market is quantitatively analyzed to highlight the synthetic drugs growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Synthetic Drugs Report
- Which are the leading players active in the synthetic drugs market?
- How is each segment of the market expected to grow during the forecast period?
- What are the adoption trends for the synthetic drugs market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What are the impacts of COVID-19 in the industry?
- What is synthetic drugs?
- What is the synthetic drugs market prediction in the future?
- What are the current trends and predicted trends?
Synthetic Drugs Market Report Highlights
| Aspects | Details |
 By Product |
|
 By Technology |
|
 By Application |
|
 By End User |
|
 By Region |
|
 Key Market Players | CB Therapeutics, Inc., KBL Merger Corp. IV, Ginkgo Bioworks, Hyasynth Biologicals, Inc., Renew Biopharma, Emerald Health Pharmaceuticals, Insys Therapeutics, Inc., Alkem Labs, Lygos Inc., Noramco, Mylan N.V. |
Loading Table Of Content...
