Legal Cocaine Market Size Worth $5.2 Billion By 2028 | CAGR: 3.8%

Legal Cocaine Market Growth & Trends

The global legal cocaine market size is expected to reach USD 5.2 billion by 2028, registering a CAGR of 3.8% over the forecast period, according to a new report by Million Insights. Growing demand for cocaine as an anesthetic while performing surgeries is expected to drive the demand. 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 vasoconstricting properties.

Rising demand from healthcare professionals to treat the symptoms of anesthesia of the nasal cavity and mucous membrane will further drive the demand for legal cocaine. Cocaine is a great topical anesthetic agent, effective for blocking nerve impulses, particularly, by blocking norepinephrine uptake as it has anesthetic and vasoconstricting properties. Cocaine’s addictive property is more responsible for affecting dopamine levels.

Growing investments from manufacturing companies into R&D, related to the cocaine products for pharmaceutical use will 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 prefer cocaine hydrochloride solutions in topical form for the surgeries like eye, nose, and throat.

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.

The report “Legal Cocaine Market Size, Share & Trends Analysis Report By Application (Healthcare, Recreational), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), And Segment Forecasts, 2021 - 2028” is available now to Million Insights

Legal Cocaine Market Report Highlights

• North America held the largest revenue share of over 35% in 2020 and is expected to continue witnessing a substantial CAGR during the forecasted period. Factors such as the advanced healthcare system, easy availability of raw materials like coca leaf, and the presence of top manufacturers will drive regional demand
• Legal cocaine uses in healthcare held the largest share of global revenue in 2020 and is projected to expand at the fastest CAGR of 3.8% from 2021 to 2028. Cocaine’s vasoconstrictive properties, responsible for stopping the flow of blood during the surgeries, are expected to fuel the demand from this segment
• 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 rising demand from medical professionals will drive the market growth
• The use of legal cocaine for recreational purposes accounted for a considerable market share in 2020 and is expected to expand at a substantial growth rate over the forecast period. Several governments decriminalizing the act of carrying cocaine for personal use in smaller quantities is expected to fuel the market growth

Legal Cocaine Market Segmentation

Million Insights has segmented the global legal cocaine market based on application and region:

• Legal Cocaine Application Outlook (Revenue, USD Million, 2017 - 2028)
  • Healthcare
  • Recreational
• Legal Cocaine Regional Outlook (Revenue, USD Million, 2017 - 2028)
  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
  • Asia Pacific
    • China
    • Japan
    • India
  • Central & South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia

List of Key Players of the Legal Cocaine Market

• 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