The global legal cocaine market is expected to post a CAGR of over 5% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is increasing demand for pharmaceutical-grade cocaine. Cocaine is frequently used as a topical anesthetic during outpatient procedures. Cocaine is used by healthcare professionals to temporarily numb the lining of the mouth, nose, throat (mucous membrane) before certain medical procedures such as biopsy, stitches, and wound cleaning. It is an anesthetic that effectively induces numbness in the area about 1-2 minutes after application. Cocaine also causes blood vessels to narrow, which helps in decreasing bleeding and swelling from the procedure. The legal cocaine used during medical procedures is available in the form of a topical cocaine hydrochloride solution. The cocaine hydrochloride solution is often soaked into a gauze or poured directly onto the body part that needs to be anesthetized to numb the mucous membranes before minor surgeries, stitches, or biopsy.
This market research report on the global legal cocaine market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing cultivation of coca as one of the key emerging trends in the global legal cocaine market:
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Global legal cocaine market: Growing cultivation of coca
In the recent years, the growing cultivation of coca plants worldwide has had a positive impact on the growth of the global legal cocaine market. This was mainly due to a decline in the risk perception among farmers of being affected by aerial eradication measures by the government (which was stopped in October 2015 by the Columbian government) and higher prices of coca leaf in the global market. This increase was also due to the peace negotiations between the farmers and the government. For instance, in March 2017, Bolivian president Evo Morales had signed into law the controversial bill that nearly doubled the area that can be legally planted with coca crops. A total of 22,000 hectares have been planted with coca nationwide as compared to 12,000 hectares under the previous legislation. Thus, with such an increase in the cultivation of coca, the market for legal cocaine is also expected to rise, leading to a positive outlook during the forecast period.
Apart from increased cultivation of cocaine, other factors such as rise in trade of legal cocaine and new effective law enforcement initiatives to curb illegal cocaine supply are boosting the growth of the overall global market, says a senior market research analyst at Technavio.
Global legal cocaine market: Segmentation analysis
This market research report segments the global legal cocaine market by application (surgical and others) and geographical regions (APAC, EMEA, and the Americas).
The EMEA region led the market in 2017 with a market share of over 68%, followed by the Americas and APAC respectively. However, during the forecast period, the APAC region is expected to show the highest incremental growth.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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