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New Psychoactive Substances Market Segmented By product type such as Stimulants, Cannabinoids, Hallucinogens and Depressants used in Cancer, Neuropathic Disorders and spasticity Indication
New psychoactive substances are a range of drugs that are designed to imitate the effects of the illicit drugs such as cannabis, MDMA, LSD and cocaine. Manufacturers of new psychoactive substances develop new chemicals in order to replace the ones that are banned, which indicates that the chemical structure of new psychoactive substances is constantly changing to stay ahead of the law.
While the changing regulatory scenario in the developed countries is in favor of new psychoactive substances, developing countries may take more few years to legalize the use of new psychoactive substances. However, the growing usage of new psychoactive substances that project potential to treat a number of diseases may lead to positive growth in the developing markets as well.
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Manufacturers in the new psychoactive substances are focusing on expanding their product reach across different regions. Manufacturers are focusing on spreading the presence of their product legally by attaining legal approvals from the necessary government and regulatory bodies across different regions and countries.
For instance, March 2021, Tilray, inc., a global innovator in cannabis research, cultivation, production, and distribution proclaimed that it has received the necessary approval from New Zealand's Ministry of Health and the Medicinal Cannabis Agency to launch Tilray medical cannabis products across the country.
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Get a Customized VersionOver the years there has been a drastic rise in the incidence of cancer. Scientists and healthcare professionals are continuously working towards developing innovative treatment options in order to address the growing incidence of cancer. According to National Cancer Institute, in January 2019, there were an estimated 16.9 million cancer survivors in the United States. The number of cancer survivors is projected to increase to 22.2 million by 2030.
In patients with cancer, certain new psychoactive substances like cannabinoids have primarily been used as a part of relaxing care to alleviate pain, stimulate appetite and relieve nausea. Moreover, a number of cell culture and animal studies showed antitumor effects of cannabinoids and suggested new therapeutic opportunities for cancer patients.
Thus, the rising incidence of cancer is increasing the demand for new psychoactive substances.
Approval of new psychoactive substances is primarily due to the potential it has for the treatment of various diseases. A number of regulatory bodies are in favor of certain new psychoactive substances due to its medicinal use in the market.
For instance, in June 2020, GW Pharmaceuticals plc, a world front-runner in discovering, developing and distributing regulatory approved cannabis-based medicines, announced that EPIDYOLEX (cannabidiol) has been reclassified by the UK Home Office as a Schedule 5 drug.
This decision will be helpful to patients, pharmacist and healthcare professional as it ensures that the medicine can be easily dispensed and is available at a lower cost.
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Legal issues and cannabis-related abuse are the major factors restraining the growth of the new psychoactive substances market. Moreover, the side effects associated with the usage of new psychoactive substances such as lung problems, hallucinations, blood pressure problems, impaired mental functioning, etc. may also restrict the growth of the global new psychoactive substances market.
Based on product type, the global new psychoactive substances market has been segmented as
Based on Indication, the global new psychoactive substances market has been segmented as
Based on Distribution Channel, the global new psychoactive substances market has been segmented as
Based on the region, the global new psychoactive substances market has been segmented as
Key players operating in the global New Psychoactive Substances market include
Key players in the global new psychoactive substances market are focusing on developing innovative and novel treatment products for the treatment of chronic illnesses such as cancer in order to acquire a strong position in the market.
Key players in the new psychoactive substances market are also focusing on increasing their market share in the global market by obtaining regulatory approvals from regulatory authorities.
The increasing use of new psychoactive substances for therapeutic applications for various indications predicts lucrative growth of the new psychoactive substances market. Additionally, the ever-rising incidence of cancer and neuropathic disorders indicates substantial growth opportunities for the new psychoactive substances market.
Moreover, the increasing awareness regarding the neuropathic disorders enabling a higher number of patients opting for treatment along with increased prescription of products with psychoactive substances by the medical professionals also ensures positive growth opportunities for the manufacturers operating in the new psychoactive substances market.
The availability of products in the country is the major responsible for the dominance of U.S. in the global new psychoactive substances market. Additionally, the presence of key players in the country is another contributing towards the dominant market share in the global new psychoactive substances market. Moreover, the legalization of CBD and THC in certain states of the country is also promoting the growth of new psychoactive substances market.
While the German government made it legal to prescribe medical cannabis in 2017, the U.K. government later in 2018 approved the use of new psychoactive substances for medicinal purpose. This change in regulatory scenario is promoting the usage of new psychoactive substances which is leading to subsequent growth of the new psychoactive substances market in these countries.
The outbreak of the COVID-19 rather has a negative impact on the new psychoactive substances market. The reduced sales in the new psychoactive substances market can be attributed towards reduced hospital visits. The rising concerns over being infected with the virus led to reduced hospital visits which led to reduced prescription of new psychoactive substances products.
Moreover, the lockdown in the first half of 2020 led to major disruptions in the supply chain leading to a negative impact on the new psychoactive substance market. Additionally, the shutting down of manufacturing facilities also led to a lag in production.
Overall, the pandemic led to a major havoc of situation creating a key disruption in demand-supply dynamics. However, with everything returning to normalcy and considering the medicinal applications of new psychoactive substances, the market is expected to overcome the temporary lag caused by the pandemic and flourish during the forecast period.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
