Invigorated by soaring demand from pharmaceutical industry, global synthetic cannabinoids market is projected to exhibit stellar growth during the forecast period (2019-2029). The synthetic cannabinoids market will witness an astounding CAGR of approximately 17.4% through 2029 on the back of escalating R&D activities by premier manufacturers.
“Synthetic cannabinoids have emerged as a cost-competitive alternative to conventional medicines. Healthcare providers prescribe synthetic cannabinoids to adults suffering from debilitating pain caused by chronic diseases such as cancer and epilepsy. Moreover, legalization of cannabis in certain countries such as Canada is propelling the growth of synthetic cannabinoids market,” says the Fact.MR analyst.
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Synthetic Cannabinoids Market: Key Takeaways
Dronabinol captures approximately 72.7% share in the overall synthetic cannabinoids market revenue.
Legalization of cannabis and greater government incentives in certain countries is promoting the use of synthetic cannabinoids.
North America will hold leading market share through 2029.
Latin America will register dexterous growth in synthetic cannabinoids market through 2029.
Key Driving Factors