New Psychoactive Substances Market SWOT Analysis of Top Key Player Forecasts to 2031| Zynerba Pharmaceuticals, GW Pharmaceuticals PLC and more

New York, United States, 2022-Apr-14 — /EPR Network/ —

New Psychoactive Substances Market 2022

The New Psychoactive Substances Market is expected to witness a strong In Upcoming Years. The ongoing trend speaks of digital transformation. In other words, it’s about the provision of digital solutions being tabled all across. The big thing is that the key stakeholders can’t afford to keep digital technology in a silo. Unification is the need of the hour so that anytime-anywhere access is possible. The enterprise is slated to move with the same mindset in the forecast period.

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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.

Competitive Landscape
Key players operating in the global New Psychoactive Substances market include
Zynerba Pharmaceuticals
GW Pharmaceuticals PLC.
Teewinot Life Sciences
GD Pharma
Cape Bouvard Technologies Pty Ltd
AusCann Group Holdings Pty Ltd.
Cannabics Pharmaceuticals Inc.
Cyrelian Pty Ltd.
MedReleaf Australia.

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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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.

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.

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Key Segments of New Psychoactive Substances Market Covered in the Report

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
Neuropathic Disorders

Based on Distribution Channel, the global new psychoactive substances market has been segmented as
Retail pharmacies
Hospital pharmacies

Based on the region, the global new psychoactive substances market has been segmented as
North America
Latin America
South Asia
East Asia
Middle East & Africa

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