Global Central Nervous System (CNS) Stimulant Drugs Market 2019-2023 | Rising Demand to Legalize Cannabis Worldwide to Boost Growth | Technavio
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The global central nervous system (CNS) stimulant drugs market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled global central nervous system (CNS) stimulant drugs market 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the rise in CNS disorders. There has been an increase in the prevalence and incidence of CNS disorders such as sleep apnea, narcolepsy, and attention-deficit hyperactivity disorder worldwide. Attention-deficit hyperactivity disorder is a brain disorder that is characterized by inattention, hyperactivity, and impulsivity, which interferes with the functioning and development of a person. Similarly, narcolepsy is a neurological sleep disorder characterized by chronic and excessive attacks of drowsiness during the day. Therefore, the increasing prevalence of CNS disorders will drive market growth during the forecast period.
As per Technavio, the rising demand to legalize cannabis worldwide will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global central nervous system (CNS) stimulant drugs market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Central Nervous System (CNS) Stimulant Drugs Market: Rising Demand to Legalize Cannabis Worldwide
The market has witnessed an increase in demand to legalize cannabis worldwide. Medicinal cannabis is a therapy that has gathered much attention in recent years. According to researchers, synthetic cannabinoids such as nabilone and dronabinol may have benefits for people with sleep apnea due to the modulatory effects that these drugs have on serotonin-mediated apneas. Similarly, cannabis is used in attention-deficit hyperactivity disorder because it increases the dopamine level in the brain. Therefore, the pharmacological advantages of cannabis are spurring the demand for the legalization of cannabis worldwide. In June 2019, Illinois became the first state in the US to legalize the recreational purchase and use of cannabis. Thus, such initiations are expected to boost market growth during the forecast period.
“Apart from the rising demand to legalize cannabis worldwide, two other factors that are expected to boost market growth during the forecast period are R&D of stimulants to treat attention-deficit hyperactivity disorder and the increasing repurposing of drugs,” says a senior analyst at Technavio.
Global Central Nervous System (CNS) Stimulant Drugs Market: Segmentation Analysis
This market research report segments the global central nervous system (CNS) stimulant drugs market by application (attention-deficit hyperactivity disorder, narcolepsy, others) and geographical regions (North America, Europe, Asia, and ROW).
The North American region led the market in 2018, followed by Europe, Asia, and ROW respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market and register the highest incremental growth due to the increasing prevalence of CNS disorders in the region.
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