Global Synthetic Drugs Market: Market Outlook
Synthetic drugs are chemical compounds that are produced in a laboratory. These drugs are created using man-made chemicals rather than natural ingredients. Synthetic drugs are produced for commercial purpose by the drug manufacturers for valid medical resolutions and are diverted from legal channels. These drugs primarily aim to mimic the properties of existing illegitimate drugs, such as cocaine, cannabis and ecstasy. They have a different chemical construction to the illegal substances which they are trying to imitate, so that they can be marketed as authorized, safe and suitable alternatives to illicit drugs.
The growing popularity of synthetic drugs especially in the developed regions such as North America and Europe across the pharmacotherapies is helping the synthetic drugs market to grow at significant rate. There is a growing demand for synthetic drugs for management of pain and neurological disorder which is further leading to the growth of synthetic drugs market.
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Moreover the vigorous R&D activities leading to string pipeline projects substantial growth opportunities in the synthetic drugs market. However, the regulatory scenario across different regions serves as a major influencer in determining the demand and growth opportunities for synthetic drugs market.
Various developments in the synthetic drugs market is further boosting the demand for synthetic drugs market and possess great opportunities for the manufacturers operating in the market as well. For instance, in October 2020, Hyasynth, a sustainable biotechnology company, received a $2.5M ground-breaking funding for its commercialization accomplishment in being first-to-market with cannabidiol produced and extracted from yeast.
What are the Key Trends Impacting Growth of the Global Synthetic Drugs Market?
Manufacturers in the global synthetic drugs market are aiming to acquire companies that will offer substantial growth opportunities in the synthetics drugs market. The manufacturers in the market aim to accelerate the product offering of synthetic drugs for consumer, nutraceutical and pharmaceutical sectors through these acquisitions.
For instance, in 2020, Lygos, Inc. acquired Librede, Inc., which is an emerging synthetic biology company dedicated to cannabinoid products for the consumer market. The shared trademarked technology platforms enable Lygos to quicken the development of superior quality, sustainable and exceptional cannabinoids and rapidly commercialize novel innovative cannabinoid-based nutraceutical, consumer and pharmaceutical products.
These developments in the global synthetic drugs market will accelerate the demand for synthetic drugs during the forecast period.
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Novel Techniques such as Biosynthesis Expected to Propel the Demand for Synthetic Drugs
Manufacturers in the global synthetic drugs market are constantly working on developing innovative techniques for the development of new products. The key players in the market are now focusing on developing synthetic drugs with the help of bioengineered microorganisms . The introduction of novel techniques such as biosynthesis over conventional techniques helps in enhancing the purity of compound.
For instance, in October 2019, Renew Biopharma, a pre-clinical startup drug company developing new, proprietary small molecules to improve human health which is particularly focused on neuro-therapeutics announced a new landmark patent covering the extensive enzyme engineering of the key step for the production of cannabinoids and cannabinoid derivatives using microbial biosynthesis.
Thus, the introduction of innovative techniques in the global synthetic drugs market will further propel the growth of the market during the forecast period.
How is Increase in Legalization of Synthetic Drugs and Rise in Social Acceptance of these Drugs Driving the Demand for Synthetic Drugs?
A number of synthetic drugs are legalized due to the properties that these drugs possess which enables them to mimic the properties of drugs that are illegal. The legalization of the drugs has enabled the consumers to practice safe usage while discovering its medicinal benefits. The increasing awareness regarding the medicinal properties is increasing the usage of synthetic drugs leading to a significant growth in the global synthetic drugs market.
Moreover, the potential impact to treat a range of diseases and symptoms, such as neurodegenerative diseases, cancer, pain management and drug dependence is further driving the growth of the synthetic drugs market.What are the Key Challenges that may Restrain Growth of the Global Synthetics Drugs Market?
The biggest challenge that restrains the growth of the global synthetic drugs market is the strict regulatory norms. Companies offering synthetic drugs need to comply with a number of regulatory guidelines worldwide which makes it quite challenging for the companies operating in the market. Moreover, the side effects associated with the consumption of synthetic drugs may also hamper the growth of the global synthetic drugs market.
Competitive Landscape
Key players operating in the global synthetic drugs market include
- Mylan N.V.
- Noramco
- Lygos, Inc.
- Hyasynth Biologicals, Inc.
- Alkem Labs
- Renew Biopharma
- KBL Merger Corp. IV
- Ginkgo Bioworks
- Emerald Health Pharmaceuticals
- CB Therapeutics, Inc.
- Insys Therapeutics, Inc.
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What strategies are the Key Players adopting for Increasing their Market Share in Global Synthetic Drugs Market?
Key players in the global synthetic drugs market are focusing on collaborating with big pharma and biotech companies to launch new and innovative synthetic drugs in the market which will help them to secure a stronger position in the synthetic drug market.
- For instance, in February 2019, Lonza pharma & Biotech collaborated with Emerald Health to develop a new entity derived from synthetic cannabidiol. This new entity will be initially used to target multiple sclerosis and systematic scleroderma.
Key players in the global synthetic drugs market are also focusing on employing a substantial amount of time and resources in research & development activities which is creating a strong pipeline for the treatment of various indication using synthetic drugs in the synthetic drugs market.
- For instance, CannBioRx which was acquired by KBL Merger Corp. IV in July 2019, has a preclinical cannabinoid program focused on the development and commercialization of unique pharmaceutical-grade cannabinoids for pain, arthritis, diabetes and obesity.
What are the Key Opportunities for Synthetic Drugs Manufacturers?
The increasing use of synthetic drugs for the development of innovative products used for a variety of indication projects lucrative growth during the forecast period. Additionally, the strong pipeline of products indicated to use for the treatment of number of diseases also represents strong growth opportunities. Manufacturers in the global synthetic drugs market can focus on expanding their presence in unexplored and developing markets to further increase their market share in the global synthetic drugs market.
Why is the U.S. a Big Market for Synthetic Drugs?
The presence of the major key players in the U.S. is the major factor that is leading to the dominance of the country in the synthetic drugs market. Apart from that the growing awareness regarding the medicinal advantages of synthetic drugs which is giving rise to increased usage of these drugs for various treatment purposes is also helping the synthetic market to grow at a significant rate.
Moreover, the recent approvals by the U.S. FDA for synthetic drugs is further accelerating the U.S. market growth. For instance, in June 2018, U.S. FDA approved Epidiolex (cannabidiol) oral solution. The solution is approved for management of seizures linked with two rare and severe forms of Lennox-Gastaut syndrome, epilepsy and Dravet syndrome, in patients two years of age and older.
Will Germany Continue to Contribute Highest Revenue Share in the European Synthetic Drugs Market?
The rising adoption of synthetic drugs for the treatment of cancer is driving the European synthetic drugs market towards considerable growth. Germany being among the dominant market in the region due to availability of the products in the country. According to a study, the prevalence of chronic pain among the German population was found to be 17%. Thus, the rising population with chronic pain indicates higher need for pain management which creates a highly lucrative demand for synthetic drugs in the German market.
What is the Repercussion of the Pandemic on the Growth of the Global Synthetic Drugs Market?
The outbreak of the COVID-19 Pandemic has a negative impact on the global synthetic drugs market. The lockdowns in the first half of 2020 that resulted in shutting down of the manufacturing facilities hampered the manufacturing of the synthetic drugs. Moreover, it also interrupted the R&D activities carried out for the development of new products which may have resulted in delayed product development and approval process in the global synthetic drugs market. Additionally, the pandemic resulted in severe disruption of the supply chain which led to reduced sales of synthetic drugs in 2020. However, with the improving conditions and the economies opening up the synthetic drugs market is expected to experience significant growth during the forecast period.
Key Segments of Synthetic Drugs Market Covered in the Report
- Based on product type, the global synthetic drugs market has been segmented as
- Herbal Highs
- Synthetic Cannabinoids
- Research Chemicals and drug analogues
- Based on Indication, the global synthetic drugs market has been segmented as
- Neurological Disorder Management
- Pain Management
- Nausea
- Others
- Based on Distribution Channel, the global synthetic drugs market has been segmented as
- Retail pharmacies
- E-Commerce
- Based on the region, the global synthetic drugs market has been segmented as
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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