The global legal cocaine market size was valued at USD 3.9 billion in 2020 and is expected to expand at a compound annual growth rate of 3.8% from 2021 to 2028. Increasing demand for cocaine in the pharmaceutical sector is expected to drive market growth. Rising demand from healthcare professionals to treat the symptoms of anesthesia of the nasal cavity and the mucous membrane is projected to further drive the growth. The growing number of countries legalizing and decimalizing owning a certain amount of cocaine will further boost the demand. Cocaine is highly preferred by alternative drug specialists due to its unique local anesthetic and vasocon stricting properties.
Growing demand for cocaine as an anesthetic while performing surgeries is expected to drive the demand. By considering the importance of cocaine in medical purposes, many governments are allowing the use of cocaine. This is anticipated to further open growth opportunities for the market. Cocaine is a great topical anesthetic agent, effective for blocking nerve impulses, particularly, by blocking norepinephrine uptake as it has anesthetic and vasocon stricting properties. Cocaine’s addictive property is more responsible for affecting dopamine levels.
Growing investments from manufacturing companies into R&D related to cocaine products for pharmaceutical use is expected to further fuel the market growth. Cocaine is an alkaloid derivative refined from coca leaves. South America is the prime producer of coca leaves, especially, Colombia, Peru, and Bolivia. Medical professionals highly prefer cocaine hydrochloride solutions in topical form for the surgeries like eye, nose, and throat. Cocaine hydrochloride solutions come in three forms of concentration like 1%, 4%, and 10%. Due to potential toxicity, 1% and 4% concentrations are highly preferred.
The coronavirus pandemic hampered the market growth in many industries while some of the sectors benefited due to the pandemic. The healthcare and pharmaceutical industries have been positively impacted due to the covid-19 pandemic, growing importance of the healthcare system, increased pressure on hospitals and medical professionals, and hospital bed shortages highlighting the importance of medical and healthcare systems. Medical professionals and various governments focus on treating the patients infected with coronavirus rather than other treatments, leading to postponements of surgeries and reduced use of cocaine in the COVID-19 era.
Legal cocaine deployed in the healthcare application segment held the largest revenue share in 2020 and is expected to register the fastest growth with a CAGR of 3.8% from 2021 to 2028. Cocaine is the first choice among many healthcare professionals as a topical local anesthetic, as it contains vasoconstrictive properties, which are responsible for stopping the flow of blood during surgeries. Cocaine is the only drug with strong vasoconstrictive properties, which leads to growing demand from medical specialists in the global market.
Legal cocaine’s uses for recreational purposes account for the considerable market share in global revenue in 2020 and is forecasted to grow with a substantial growth rate in the forecasted period. Several governments have decriminalized the act of carrying cocaine for personal use in smaller quantity for personal use to stop illegal trafficking, which leads to growing industry demand for recreational purposes.
North America holds the largest revenue share of over 35% in 2020 and continues to grow at a substantial growth rate over the forecasted period. The advanced healthcare system, easy availability of raw materials like coca leaf, and presence of top will lead to the grown demand for legal cocaine in this region. Furthermore, decriminalization of cocaine consumption for personal use in the state of Oregon in the U.S. further propels the regional market growth for legal cocaine.
Asia Pacific is estimated to be the fastest-growing market for legal cocaine, registering a CAGR of 4.1% from 2021 to 2028. The increased importance of cocaine in healthcare uses and the rising demand from medical professionals are the factors expected to fuel the regional market growth. Countries like China, India, Japan, and Australia are responsible for contributing to the market growth. The growing importance of cocaine in medical uses and the availability of products from top manufacturers is projected to further propel market growth.
The legal cocaine market is concentrated with top manufacturers adopting unique strategies such as distinguishing their products and service offerings, investing in research, and developments for new products developments. Some of the key players operating in the market are Bio Techne Corp.; Lannett Co. Inc.; Mallinckrodt Plc; Merck and Co. Inc.; Stepan Company; Genus Lifesciences, Inc.; and Johnson Matthey PLC. Increased consumption of cocaine for recreational purposes through illegal markets may hamper the growth. Some of the key players operating in the global legal cocaine market are:
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Report Attribute |
Details |
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Market size value in 2021 |
USD 4.0 billion |
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Revenue forecast in 2028 |
USD 5.2 billion |
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Growth Rate |
CAGR of 3.8% from 2021 to 2028 |
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Base year for estimation |
2020 |
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Historical data |
2017 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Application, region |
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Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
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Country scope |
U.S.; Canada; Germany; U.K.; France; Russia; Italy; China; Japan; India; Brazil; Argentina; South Africa; Saudi Arabia |
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Key companies profiled |
Bio Techne Corp.; Lannett Co. Inc.(Cody Laboratories, Inc.); Mallinckrodt Plc; Merck and Co. Inc.; Stepan Company; Genus Lifesciences, Inc.; Takeda Pharmaceutical Company; Johnson Matthey PLC |
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Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Million Insights has segmented the global legal cocaine market report based on application and region:
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