The Controlled Substance Market size is expected to reach US$ 55.53 Bn by 2030, from US$ 32.40 Bn in 2023, at a CAGR of 8% during the forecast period. Controlled substances are medications or illicit drugs which are active in the central nervous system and can potentially cause a relative physical and mental dependence which can lead to addiction of those drugs. Furthermore, these substances can have harmful effects and health consequences when consumed high doses. These drugs have extensive implications on filling and refilling of these substances. In 1970, five specific ‘Schedules’ describing abuse potential, with Schedule 1 having the highest potential for abuse and each schedule thereby after that with low abuse potential were established under Controlled Substances Act. Controlled substances consists of drugs like opioids, depressants, stimulants, anabolic steroids and hallucinogens. Controlled substances such as morphine, Ritalin and Valium are available only via prescription.
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The Controlled Substance Market refers to the market for drugs and substances that are regulated and controlled by regulatory authorities due to their potential for abuse and addiction. These substances include narcotics, opioids, stimulants, depressants, and hallucinogens. Controlled substances are primarily used for medical purposes, such as pain management, treatment of chronic diseases, and anesthesia. They are also used in research and testing laboratories.
The Controlled Substance Market is primarily driven by the rising prevalence of chronic diseases, such as cancer, arthritis, and neurological disorders, which require the use of controlled substances for pain management and symptom relief. Additionally, the increasing demand for narcotic drugs for the treatment of acute and chronic pain is contributing to the growth of the market.
Furthermore, the implementation of stringent regulations and guidelines for the use, storage, and distribution of controlled substances is expected to drive market growth. These regulations aim to prevent drug abuse, illegal trade, and diversion of controlled substances.
Overall, the Controlled Substance Market is expected to experience significant growth due to the rising prevalence of chronic diseases and the increasing demand for narcotic drugs. However, strict regulations and the potential for misuse and abuse of these substances remain key challenges for market players.
Some of the Top Players in Controlled Substance Market:
Johnson & Johnson, Pfizer, Sanofi, Merck & Co., Gilead Sciences, Amgen, Novartis, AbbVie, GlaxoSmithKline, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, Teva Pharmaceutical, Bayer, Novo Nordisk, Allergan, Takeda Pharmaceutical, Boehringer Ingelheim, Aspen Pharmacare, Astellas Pharma
- Global Controlled Substance Market, By Drug Type:
- Anabolic Steroids
- Global Controlled Substance Market, By Application:
- Pain Management
- Cough Suppression
- Global Controlled Substance Market, By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
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Controlled Substance Market: Drivers and Restraints
The controlled substances market is expected to have lucrative growth over the forecast period due to increasing number of controlled substance testing laboratories in various geographies along with growing illegal drugs abuse via prescriptions drugs by patients or by associated members with patients. According to the NSDUH (National Survey on Drug Use and Health) in recent year, approx. 2.4 million people in the U.S. are using prescribed controlled substance for non-medical purpose. The controlled substance market are facing current hindrance lower reimbursement scenario in various geographical region and lack of awareness of controlled substance among healthcare professional.
Reasons to Purchase:
- Gain insights into the global and regional dynamics of the controlled substance market.
- Understand the market’s response to global events and challenges.
- Assess the impact of inflation on market growth.
- Identify growth segments and investment opportunities.
- Benchmark performance against key competitors.
Key Questions Answered:
- What is the expected growth of the global controlled substance market in 2023?
- How have global events such as the Russia-Ukraine war and COVID-19 impacted the market?
- What are the key trends and drivers in the controlled substance market?
- Which regions and countries are poised for the highest growth?
- How does the increasing demand for medically prescribed drugs influence market growth?
Despite global challenges, the controlled substance market exhibits substantial growth prospects. Innovations in product offerings and strategic acquisitions are key strategies driving market expansion. Additionally, the rising demand for medically prescribed drugs underscores the market’s growth potential. Stakeholders in the pharmaceutical and healthcare sectors should closely monitor these trends and consider strategic investments to capitalize on market opportunities.
Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Controlled Substance Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Controlled Substance Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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