Controlled Substances Market – Key Insights
- The controlled substances market registered a CAGR of over 3% during the period, 2013 to 2017. Sales of controlled substances are expected to remain underpinned by efforts of mature markets in reducing costs to create an affordable landscape for end-users.
- The controlled substances market was valued in excess of US$ 42,000 Mn in 2018, and is projected to record a modest expansion at 4% CAGR through 2028.
- North America has traditionally been the most lucrative market for controlled substances, with sales estimated to record a Y-o-Y of 3.5% in 2019 over 2018. This can be attributes in part to legalization of various forms of marijuana in the US, along with the recent approval of recreational marijuana sales in Canada.
- Latin America is expected to exhibit the fastest growth in the controlled substances market through 2028. Uruguay, and Colombia continue to gain significance as an attractive market for medical marijuana in Latin America, in light of their emerging stature.
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What are Key Growth Influencers of the Controlled Substances Market?
- Adoption of controlled substances for management & treatment of a wide range of medical conditions, including obesity, diarrhea suppression, and refractory exogenous obesity. This has resulted in an expanding patient pool in the marketplace, in turn creating lucrative growth opportunities.
- There has been a notable rise in advertisement campaigns apropos of public awareness on use of controlled substances, with regard to their licensing, registration, use, and storage, which in turn is upholding sales.
- Growing preference for medical marijuana over prescription drugs for managing headaches, depression, back problems, and pain, despite criminalization, alludes current public health framework that deems cannabis abstinence becoming obsolete.
- The WHO has been taking immense efforts for improving the access to controlled substances, by collaborating with producers and suppliers across countries with potential growth. These efforts are directed toward capacity building of dispensers & prescribers, along with the development of balanced legislation and policies.
- Global leaders in the controlled substances market are focusing on expansion of their product pipeline of novel controlled substance-based drugs. For instance, nearly 15 abuse deterrent formula opioids are in late stage clinical trials, which are focused on continued investment in ADFs.
Which Factors are Arresting Growth of the Controlled Substances Market?
- Suspicious order monitoring (SOM) requirement of the Drug Enforcement Agency (DEA) mandates registered distributors of opioids to inculcate systems that signify suspicious orders of the controlled substances.
- High prevalence of illicit controlled substances is a significant challenge that has resulted in a raw material shortage for legitimate controlled substance manufacturers.
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Controlled Substances Market – Competition Landscape
- GW Pharmaceuticals has announced its plan of epidiolex (CBD or cannabidiol) development program in 2018, to combat infantile spasms, which according to the company is the fourth largest target indication for its program of epidiolex orphan pediatric epilepsy development.
- Molecular Science Corporation and Canopy Growth entered into a strategic collaboration in 2018, to pioneer standardized testing methods for analyzing and enhancing the efficacy of cannabis testing, its safety awareness and product knowledge.
- Aphria Incorporation has signed an exclusive agreement with Colcanna SAS for extending its medical cannabis sales in Columbia. Aphria eyes to leverage the large distribution footprint of Colcanna SAS to market its MMJ products in Columbia.
Key players operating in the controlled substances market, as identified in the report, include CANNABIS SATIVA, INC., The Peace Naturals Project, Canopy Growth Corporation, GW PHARMACEUTICALS PLC, Takeda Pharmaceutical Company Limited, Teva Pharmaceuticals, Inc., Mallinckrodt plc, SAFC/Cerilliant, Noramco, Inc., Johnson Matthey, Siegfried AG, AMRI, Cayman Chemical, Consort Medical, Patheon, and Cambrex.
Electronic Prescribing of Controlled Substances – A Key Trend
Electronic prescribing of controlled drugs, which emerged as a key trend in the past decade focusing on adoption and utility, has witnessed a paradigm shift toward quality- and optimization-based developments in the past few years.
This has further led to an increased efficiency of processes associated with physicians, such as reduced follow-up times for detecting errors owing to time saved from procuring them electronically.
Encouraging access to electronic health records for the same has further resulted in timely product validation and verification prior to procurement. As of 2018, nearly 22 states in the US have current or impending legislations for electronic prescribing of controlled substances.
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New Laws Implemented on Opioids
The Opioid Reduction Act was implemented by the West Virginia Department of Health and Human Resources, setting limitations on the opioid prescriptions, and enabling patients to place directives in their medical files apropos of advanced treatment that involve opioid medications. Additionally, the legislation enables patients top opt out of treatment with opioids in advance, via filling the form of Voluntary Opioid Advanced Directive. This initiative to reduce the use of opioids, particularly for beginners, is a huge step taken toward turning the tap off in opioid crisis, while preventing new patients from getting addicted to these drugs.
Scope of the Report
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This report offers holistic insights on the controlled substances market, along with important numbers such as revenue comparison, Y-o-Y growth comparison, and market share comparison of key segmented identified in the controlled substances market. Key trend affecting the growth of the controlled substances market have also been analyzed in the report, along with their degree of impact intensity on the controlled substances market.
Insights and analysis offered on the controlled substances market in this report are backed by a robust research methodology, which involves a perfect combination of extensive primary and secondary researches. The year 2017 is considered as the base year for forecasting further projections of the controlled substances market for the period between 2018 and 2028.
Comprehensive telephonic interviews have been conducted for gaining first-hand, authoritative information on the controlled substances market’s current scenario and prospects. This information is then used for validating the insights gained from exhaustive secondary researches.
This research methodology adopted for compiling the report on the controlled substances has enabled our analysts to deduce holistic insights into the controlled substances market’s growth prospects. This report serves as an authentic dataset for clients to further their business growth with precarious steps in their future business trajectory.
This Fact.MR study delivers a comprehensive analysis of the controlled substances market, along with a detailed & accurate forecast of the market between the period 2018 and 2028.
Key aspects affecting growth of the controlled substances market have been analyzed and their degree of impact on demand for controlled substances worldwide have been evaluated. The report further highlights macro- and micro-economic factors influencing growth of the controlled substances market worldwide. Key inclusions in the report have been detailed below.
Chapter 1 – Executive Summary
This chapter offers a succinct view of key trends, leading segments, and global values of the controlled substances market, along with important market numbers associated with the controlled substances market. Technological roadmap, demand side trends, and supply side trends, in the controlled substances market have been highlighted in this chapter.
Chapter 2 – Controlled Substances Market Overview
This chapter offers a quick introduction to the controlled substances market, along with the formal definition of the targeted product – controlled substances. Key segments identified in the controlled substances market have been methodically represented in the form of a taxonomy table. Scope of the report and limitations for the players in the controlled substances market have also been analyzed in this chapter.
Chapter 3 – Controlled Substances Market Trends
Key regional trends impacting the growth of the controlled substances market have been examined and their impact on the regional players. In addition, significant promotional strategies of the players operating in the controlled substances market have also been assessed in this chapter.
Chapter 4 – Key Success Factors
This chapter includes intelligence on the regulatory scenario, drug abuse statistics in the US and European Union, and drug abuse epidemiology, linked with the controlled substances. Information on pipeline assessment, marijuana statistics, medical marijuana patent filings, and medical marijuana value chain analysis, has also been included in this chapter.
Chapter 5 – Controlled Substances Market Demand, Analysis & Forecast
This chapter offers important numbers associated with the controlled substances market, including the historical market value, current market value, and value projections for the forecast period in US$ Mn. Analysis on Y-o-Y growth, and absolute dollar opportunity for the controlled substances market has also been delivered in this report.
Chapter 6 – Controlled Substances Market Background
Macroeconomic factors, forecast factors, and dynamics of the controlled substances market have been highlighted in this chapter.
Chapter 7 - Controlled Substances Market Analysis & Forecast by Drug Class
This chapter offers a detailed assessment of the controlled substances market on the basis of drug class. Opioids, stimulants, depressants, and marijuana are key drugs identified and analyzed in the report.
Chapter 8 - Controlled Substances Market Analysis & Forecast by Application
This chapter offers a comprehensive assessment of the controlled substances market on the basis of application. Attention-deficit/hyperactivity disorder (ADHD), depression, pain management, anxiety, seizure, cough suppression, and sleep disorders, are key application areas of controlled substances examined in the report.
Chapter 9 - Controlled Substances Market Analysis & Forecast by Distribution Channel
This chapter provides an exhaustive assessment of the controlled substances market on the basis of distribution channel. Most significant distribution channels for controlled substances as identified in the report include institutional sales (hospitals, clinics, and rehabilitation centers), and retail sales (retail pharmacies, and ecommerce/mail order pharmacies).
Chapter 10 - Controlled Substances Market Analysis & Forecast by Region
This chapter lists key regional markets assessed for controlled substances. Historical market size and forecast market size for these regional markets for controlled substances have been delivered in this chapter. Key regional markets analyzed for controlled substances include North America, Latin America, Europe, Middle East & Africa, South Asia, East Asia, and Oceania.
Chapter 11 – North America Controlled Substances Market
The controlled substances market in North America has been analyzed in detail in this chapter. Key countries assessed in the North America controlled substances market include Canada and the US. Market attractiveness analysis on the basis of drug class, application, distribution channel and country, of the controlled substances market in North America, has also been offered in this chapter.
Chapter 12 - Latin America Controlled Substances Market
This chapter assesses the controlled substances market in Latin America, and highlights key trends affecting growth of this regional market. Key countries identified and analyzed in Latin America controlled substances market include Brazil, Mexico, and rest of Latin America.
Chapter 13 – Europe Controlled Substances Market
The controlled substances market in Europe has been analyzed in detail in this chapter. Key countries assessed in the Europe controlled substances market include Germany, Italy, France, the UK, Spain, Russia, BENELUX, and rest of Europe. Market attractiveness analysis on the basis of drug class, application, distribution channel and country, of the controlled substances market in Europe, has also been offered in this chapter.
Chapter 14 – South Asia Controlled Substances Market
This chapter assesses the controlled substances market in South Asia, and highlights key trends affecting growth of this regional market. Key countries identified and analyzed in South Asia controlled substances market include India, Thailand, Indonesia, Malaysia, and rest of South Asia.
Chapter 15 – East Asia Controlled Substances Market
This chapter assesses the controlled substances market in East Asia, and highlights key trends affecting growth of this regional market. Key countries identified and analyzed in East Asia controlled substances market include China, Japan, and South Korea.
Chapter 16 – Oceania Controlled Substances Market
This chapter analyzes the controlled substances market in Oceania, along with the provision of the market size & forecast, and market attractiveness analysis in key countries analyzed in the Oceania controlled substances market.
Chapter 17 – Middle East & Africa Controlled Substances Market
This chapter assesses the controlled substances market in the Middle East & Africa, and highlights key trends affecting growth of this regional market. Key countries identified and analyzed in the Middle East & Africa controlled substances market include South Africa, North Africa, Turkey, GCC countries, and rest of Middle East & Africa.
Chapter 18 – Emerging Countries Controlled Substances Market
The controlled substances market growth and prospects in emerging countries have been assessed in the report, which include South Africa, India, and Brazil.
Chapter 19 - Controlled Substances Market Competition Analysis
This chapter offers a detailed assessment on the competition scenario of the controlled substances market, along with a dashboard view of key players identified in the report.
Key players operating in the controlled substances market include Cambrex, Patheon, Consort Medical, Cayman Chemical, AMRI, Siegfried AG, Johnson Matthey, Noramco, Inc., SAFC/Cerilliant, Mallinckrodt plc, Teva Pharmaceuticals, Inc., Takeda Pharmaceutical Company Limited, GW PHARMACEUTICALS PLC, Canopy Growth Corporation, The Peace Naturals Project, and CANNABIS SATIVA, INC.
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