The global Controlled Release Cannabis Pills market is projected to reach USD $415.5 million by 2028, from an estimated USD $149.3 million in 2018; growing at a CAGR of 17.5% during the forecast period (2018-2028). The emerging markets such as Latin America are expected to witness high growth rates owing to the increasing awareness about medical benefits of cannabis products and legalization of marijuana for recreational use in various countries across this region which will drive the demand for controlled release cannabis pills globally.
A Controlled Release Cannabis Pill or a "CRCP" is an oral medication that releases cannabis in the body over time. CRCPs are available as capsules, tablets, and gels. These products provide accurate dosing with less risk of side effects such as dependency on opioids and fatalities from an overdose compared to other medications like fentanyl. CRCPs are used to treat chronic pain, muscle spasms, and nausea.
On the basis of type, the global controlled release cannabis pills market is segmented into high THC capsules, balanced THC/CBD capsules, and high CBD capsules.
High THC capsules are the type of capsule with high levels of tetrahydrocannabinol (THC), which is the psychoactive component in marijuana. The amount of THC in these pills varies depending on a person’s preferred level, but they typically range from 50-75%. High THC capsules are typically prescribed for people who have severe chronic pain, nausea, and vomiting, or loss of appetite. They can also be used to alleviate the symptoms associated with chemotherapy in cancer patients.
Balanced THC/CBD capsules are a type of Controlled Release Cannabis Pills. Balance is the keyword in this product, as it can offer therapeutic effects without an overpowering sense of euphoria or anxiety. This makes them more suitable for those who need to function while being medicated rather than using cannabis recreationally. Patients with both high and low levels of CBD have found these pills helpful due to the balance they provide.
High CBD capsules are cannabis pills that contain a high concentration of cannabidiol. They have higher concentrations of the non-psychoactive cannabinoid than THC and this type is used to relieve pain, inflammation, or other conditions without any psychoactive effects. High CBD capsules are often used to treat cancer, epilepsy, and other conditions.
On the basis of application, the global controlled release cannabis pills market is segmented into hospital pharmacies, retail pharmacies, drug stores, and online sales.
Hospital pharmacies administer controlled release cannabis pills for their patients in many different doses, and they specialize in treating chronic pain. The controlled release cannabis pills can be used in hospitals to manage chronic pain.
The use of controlled release cannabis pills in retail pharmacies is increasing due to the prescriptions that doctors are issuing. As more and more physicians prescribe these pills, their availability will grow which will be an advantage for patients as they can easily get a prescription for them from any pharmacy near them instead of having to travel long distances or wait days before receiving one.
Retail pharmacies are more likely to carry controlled release cannabis pills because they do not need a prescription. These types of dispensaries may have CBD products and THC, but the former can be sold without restriction in all 50 states and online sales.
The demand for controlled release cannabis pills in drug stores is increasing, as these pills can be used to treat conditions such as chronic pain and chemotherapy-induced nausea. This is because of the non-psychoactive effect, which enables chronic pain patients to regulate their intake and avoid dependency.
The online sales segment of the Controlled Release Cannabis Pills Market is projected to grow at a higher CAGR in comparison with other regions. The high growth can be attributed to increasing internet penetration and an increase in people preferring online shopping for medical products, which has led to increased demand for controlled release cannabis pills such as THC/CBD Balanced Capsules and High CBD Capsules. A majority of consumers are also shifting towards purchasing prescription drugs from their mobile devices while they are on the go or waiting in line at pharmacies or drug stores, rather than traditional avenues such as speaking with pharmacists over the phone.
On the basis of region, the global controlled release cannabis pills market is segmented into North America, Latin America, Europe Middle East & Africa (MEA), and Asia-Pacific. North American controlled release cannabis pills market accounted for the major share of the global market in 2018 followed by the Europe region.
The Middle East & African (MEA) controlled release cannabis pill is projected to grow at a significant CAGR during the forecast period due to increasing demand from countries such as Nigeria and South Africa among others.
The Asia Pacific dominated with a larger revenue share owing to the growing awareness of health care products that are less addictive than traditional drugs. Countries in this region account for approximately 51% of total prescription volume while contributing about 39% towards sales revenues globally. The primary factors supporting growth include the availability of healthcare facilities across regions, increased government initiatives for research and development, growing preference for online purchases over offline channels.
Latin America is projected to grow at a CAGR of 37% during the forecast period owing to increasing awareness on medical treatments with less addiction potential than traditional drugs that have been driving demand for controlled release cannabis pills among countries in this region. Countries such as Brazil post high volume prescriptions combined with considerable contributions towards global market revenues due to their rising GDP per capita. Furthermore, the country provides favorable tax rates and attractive financing conditions supporting growth prospects in Latin America. With favorable economic outlooks fuelled by government-led initiatives investments coupled with an increase in public spending, Brazil’s consumption expenditure will be expected to rise considerably from current levels. Regulations are also relatively more straightforward for the development and launch of new products.
The growth factors of this market are the rise in the number of people living with chronic pain, increase in the prevalence of anxiety disorders and depression. A further key factor driving the controlled release cannabis pills market is the US approval for use of cannabidiol (CBD) in clinical trials conducted by GW Pharmaceuticals’ Epidiolex on patients suffering from seizures associated with rare forms of epilepsy such as Lennox-Gastaut syndrome or Dravet syndrome.
Up Market Research published a new report titled “Controlled Release Cannabis Pills Market research report which is segmented by Types (High THC Capsule, THC/CBD Balanced Capsules, High CBD Capsules), By Applications (Hospital Pharmacies, Retail Pharmacies, Drug Stores, Online Sales), By Players/Companies Cannabics Pharmaceuticals, Wana Edibles, Intec Pharma”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Controlled Release Cannabis Pills Market Research Report|
|By Type||High THC Capsule, THC/CBD Balanced Capsules, High CBD Capsules|
|By Application||Hospital Pharmacies, Retail Pharmacies, Drug Stores, Online Sales|
|By Companies||Cannabics Pharmaceuticals, Wana Edibles, Intec Pharma|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||205|
|Number of Tables & Figures||144|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type High THC Capsule, THC/CBD Balanced Capsules, High CBD Capsules and By Application Hospital Pharmacies, Retail Pharmacies, Drug Stores, Online Sales.
Some of the companies that are profiled in this report are:
Controlled Release Cannabis Pills Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Controlled Release Cannabis Pills Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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