Press release
Controlled Substance Market 2024-2033: Competitor Assessment, Industry Size And Major Players
Controlled Substance Market
The Business Research Company offers in-depth market insights through Controlled Substance Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The controlled substance market size has grown strongly in recent years. It will grow from $89.78 billion in 2023 to $95.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to medical advancements, regulatory frameworks:, rising incidence of chronic diseases, expanding pharmaceutical industry, international trade and collaboration.
The controlled substance market size is expected to see strong growth in the next few years. It will grow to $125.96 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to precision medicine, telemedicine and remote healthcare, opioid alternatives, continued regulatory updates, increased mental health focus. Major trends in the forecast period include regulatory changes and compliance, increasing focus on drug safety and abuse prevention, advancements in drug delivery technologies, emergence of biosimilars and generic versions, integration of digital health solution.
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Market Segmentation:
The controlled substance market covered in this report is segmented -
1) By Drug: Opioids, Stimulant, Depressants, Cannabinoids
2) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
3) By Application: Pain Management, Sleep Disorders, Depression And Anxiety, Seizure, Attention Deficit Hyperactivity Disorder (ADHD), Other Applications
Major Driver - Prescription Power Fueling The Growth Of The Controlled Substance Market
The increasing demand for medically prescribed drugs is expected to propel the growth of the controlled substance market going forward. A prescription drug refers to drugs that are intended to be used in the treatment, cure, remediation, therapeutic intervention, or avoidance of illness. Prescription drugs are commonly included in controlled substances. Prescription drugs are beneficial to the controlled substance market because they can enhance outcomes for patients and minimize wasteful spending. For instance, in February 2023, according to a report shared by the Centers for Medicare and Medicaid Services (CMS), a US-based federal agency, in 2021, spending on prescription drugs increased by 7.8 % to $378.0 billion. Therefore, the increasing demand for medically prescribed drugs is driving the growth of the controlled substance market.
Competitive Landscape:
Major companies operating in the controlled substance market report are Merck & Co. Inc., Johnson and Johnson Services Inc., Orbis Biosciences Inc., GW Pharmaceuticals plc, Corium Inc., Pfizer Inc., Aradigm Corporation, Alkermes plc, Sun Pharmaceutical Ltd., F. Hoffmann-La Roche Ltd., AbbVie Inc., Mallinckrodt plc, Ampac Fine Chemicals, Siegfried Holding AG, Pfizer Inc., Novartis AG, GlaxoSmithKline plc, Sanofi S.A., Bristol-Myers Squibb, Eli Lilly and Company, AstraZeneca, Teva Pharmaceutical Industries, Viatris Inc., Boehringer Ingelheim, Gilead Sciences, Amgen, Regeneron Pharmaceuticals, Abbott Laboratories, Mallinckrodt Pharmaceuticals, Endo International, Catalent, Cambrex Corporation, Lonza Group, Indivior plc, Ipsen SA .
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Top Trend - Innovative Solutions Transforming Controlled Substance Management
Product innovations are a key trend gaining popularity in the controlled substance market. Major companies operating in the controlled substance market are innovating new products and drugs to sustain their position in the market. For instance, in January 2022, CMM (CareFlow Medicines Management Ltd.), a UK-based provider of medicine management solutions, partnered with an Australia-based healthcare software provider, Modeus, to launch its Controlled Drug Manager (CD Manager). It is an innovative controlled drug management platform designed to safely manage and track controlled drugs, including patients own drugs. The brand-new CMM CD Manager, powered by Modeus, will be able to interact with both CMM's platform for managing medications and other external systems. It has been created for usage by clinical personnel and pharmacists in the pharmacy, wards, and theatres of hospitals where regulated medications are kept. Using built-in reporting, CD Manager specifically assists Controlled Drug Accountable Officers in tracking the life cycle of controlled drugs within an organization and taking prompt action in response to automated warnings on inconsistencies or probable diversion.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Controlled Substance Market Characteristics
3. Controlled Substance Market Trends And Strategies
4. Controlled Substance Market - Macro Economic Scenario
5. Controlled Substance Market Size And Growth
…..
27. Controlled Substance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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