Cannabis is a psychoactive drug extracted from a genus of flowering plant of Cannabaceae family. It is also called as, marijuana. Over the last few decades use of cannabis for the medical purpose has increased and is described as medical marijuana. Increasing research in this area has suggested that it can be prescribed to treat a number of health conditions such as, chronic pain, insomnia, muscle spasm, and reduce nausea and vomiting during chemotherapy among other health conditions. Companies are increasingly investing on the research in the field of medical marijuana or cannabis. These research has led to the development of controlled release cannabis pills that can provide long lasting effect.
Controlled release cannabis pills market is expected to show a significant growth over the forecast period owning to the increasing adoption of controlled release cannabis pills or capsule among people and prescribers as these drugs has lower side effects and can be used without much of the concern of feeling of unease. Long lasting effect of controlled release cannabis pills and increasing number of government legalizing distribution of medical marijuana is also expected to fuel the growth of controlled release cannabis pills market. Even though number of government legalizing the medical marijuana is increasing but regulatory bodies are posing as a restraint for the growth of controlled release cannabis pill market as they cannot legalize the use of narcotic substances under federal law.
An Israeli-American company, Cannnabics Pharmaceuticals has developed a revolutionary technology to put the medicinal compound of cannabis into a controlled release cannabis pills. This drug provide a long lasting effect up to 10 to 12 hours. The market of controlled release cannabis pills is expected to show a significant growth over the forecast period as these drugs can be administered orally to fulfill the urgent unmet need that is not possible with the tradition smoking and vaporizing way of administration. Standardization of drug and sustain release is also expected to fuel the growth of controlled release cannabis pills market.
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Controlled release cannabis pills are sold directly by the manufacturer or distributor to the patients who has license to get medical marijuana prescription. Requirement of license under the federal law can restrict the growth of controlled release cannabis pills market. Currently, there are there types of controlled release cannabis pills or capsules available; High THC Capsule, THC/CBD Balanced Capsules and High CBD Capsules. Minimum side effect by controlled release cannabis pills such as, disorientation and dizziness that are common in non- controlled release cannabis pills is also expected to drive the growth of the market. Increasing number of players and research in this highly potential controlled release cannabis pills market is also expected to boost the growth of the market.
Controlled Release Cannabis Pills Market: Region Wise Outlook
The controlled release cannabis pills market can be segmented into regions: North America, Latin America, Europe, Asia Pacific and Middle East & Africa. North America dominates the controlled release cannabis pills market and is expected to continue to dominate the market over the forecast period. Increasing adoption of controlled release cannabis pills in US to treat conditions such as, chronic pain is expected to drive the market. Various state governments in the US has also legalized the use of marijuana for medical purpose. Due to these factor market of controlled release cannabis pills is expected to show significant growth in the region.
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Controlled Release Cannabis Pills Market: Key Players
Some of the major players in the global controlled release pill market are, Cannabics Pharmaceuticals, Inc., Wana Edibles, and Intec Pharma. These players are focusing on collaborative agreement for the distribution of controlled release cannabis pills. Also, increasing investment on further research on controlled release cannabis pills to prove the benefit of drugs.
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