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The New Psychoactive Substances Market To Stay Focused On Technological Advancements In The Next Decade

Persistence Market Research has come up with its latest finding in the form of “The New Psychoactive Substances Market” report, wherein it has given a detailed analysis of the technological innovations boosting the healthcare industry. The report covers the market proceedings from start to finish, thereby touching upon every aspect of technological upgradations.

The New Psychoactive Substances Market report by Persistence Market Research goes by the changing trend of consumerism all across the healthcare vertical. “Going cashless” is amongst the “new” normals. Inorganic growth has also picked up. Key participants of the healthcare value chain – both – private and public – have joined hands for competing in the ever-demanding landscape.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.

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.

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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.

Over 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.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.

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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.

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.

Market Segmentation:

Based on product type, the global new psychoactive substances market has been segmented as:

  • Stimulants
  • Cannabinoids
  • Hallucinogens
  • Depressants

Based on Indication, the global new psychoactive substances market has been segmented as:

  • Cancer
  • Neuropathic Disorders
  • spasticity

Based on Distribution Channel, the global new psychoactive substances market has been segmented as:

  • Retail pharmacies
  • Hospital pharmacies
  • E-Commerce

Based on the region, the global new psychoactive substances market has been segmented as:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East & Africa

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Key players:

  • Zynerba Pharmaceuticals
  • GW Pharmaceuticals PLC.
  • Enecta.
  • Teewinot Life Sciences
  • GD Pharma
  • Cape Bouvard Technologies Pty Ltd
  • AusCann Group Holdings Pty Ltd.
  • Cannabics Pharmaceuticals Inc.
  • Alpha-CAT
  • Tilray
  • Cyrelian Pty Ltd.
  • MedReleaf Australia.

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