Overview and Scope
A controlled substance is a drug or chemical, such as illegally used drugs or legally prescribed pharmaceuticals, whose production, possession, or usage is governed by a government. A controlled substance medication can lead to physical and mental dependence, and its restrictions are based on the likelihood that it may be abused or lead to dependence. It can help reduce pain and other symptoms, enhancing a person’s life.
Sizing and 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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Segmentation & Regional Insights
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
North America was the largest region in the controlled substance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the controlled substance market report during the forecast period. The regions covered in the controlled substance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the controlled substance market are innovating technological advanced products, such as the e-module, to gain a competitive edge in the market. The e-module is an online, self-paced educational resource and interactive module designed for ensuring the adequate availability of controlled substances for medical and scientific purposes. For instance, in September 2022, The International Narcotics Control Board (INCB), an Austria-based independent treaty body launched e-module. The e-module address the barriers to adequate availability of indispensable narcotic and psychotropic substances required for medical treatments. It provides self-paced training on estimating and assessing controlled substances and on the legal framework of drug control. The e-module is free of charge and available for government officials of competent national authorities. It is available in English, French, Portuguese, Russian, and Spanish, with translation into other languages.
The controlled substance market report table of contents includes:
1. Executive Summary
2. Controlled Substance Market Characteristics
3. Controlled Substance Market Trends And Strategies
4. Controlled Substance Market – Macro Economic Scenario
5. Global Controlled Substance Market Size and Growth
…
31. Global Controlled Substance Market Competitive Benchmarking
32. Global Controlled Substance Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Controlled Substance Market
34. Controlled Substance Market Future Outlook and Potential Analysis
35. Appendix
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