The New Psychoactive Substances Market to satiate amidst innovation

The New Psychoactive Substances Market is all set to be in the driver’s seat shortly. Technology adoption once looked upon as a costly endeavor, is slated to witness a drastic transformation in the form of granular applications. Technologies like DevOps and AIOps are constructively disrupting the healthcare IT sector and are expected to create wonders in this regard in the upcoming period.

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.

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.

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.

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.

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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,

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 operating in the global New Psychoactive Substances market include,

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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