by Market Overview:
Controlled substances refers to drugs, chemicals and certain other substances that are regulated by law due to the risk of abuse, misuse or addiction. It includes opioids, depressants and stimulants that are regulated by the government for possession, distribution and prescription. Controlled substances are used to treat various medical conditions ranging from pain management to anxiety disorders.
Market key trends:
The increasing prevalence of chronic pain disorders is a key driver for the growth of controlled substance market. As per estimates by WHO, nearly 1.5 billion people suffer from chronic pain worldwide. Opioids are majorly prescribed medications for pain management due to their effectiveness in treating severe acute and chronic pain conditions. Non-medical use of prescription stimulants for cognitive enhancement is also gaining popularity among students and professionals demanding enhanced focus and productivity at work or study. Rise in misuse and abuse of such controlled substances poses severe health risks necessitating stricter monitoring and control over their production and distribution.
SWOT Analysis
Strength: The controlled substance market has a wide range of products to treat various diseases and medical conditions. Strong regulations help ensure product safety and efficacy.
Weakness: Developing new controlled substances requires lengthy clinical trials and regulatory approvals, resulting in high development costs. Strict regulations limit revenue potential of certain products.
Opportunity: Increasing prevalence of chronic diseases and medical conditions will drive the demand for controlled substances over the forecast period. Emerging economies provide untapped growth opportunities.
Threats: Patent expiries of major drugs result in lower prices and revenues due to generic competition. Stringent regulatory environment may delay products launches.
Key Takeaways
The Global Controlled Substance Market Demand is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing prevalence of chronic diseases. Growing geriatric population prone to various medical ailments will also drive the market growth.
North America is expected to dominate the global controlled substance market over the forecast period. This is owing to growing prevalence of chronic conditions such as cancer, diabetes, among others. Moreover, presence of well-established healthcare infrastructure and major manufacturers in the region also supports market growth. Asia Pacific exhibits the fastest growth due to rising healthcare spending, large patient pool and increasing awareness about disease treatment.
Key players operating in the controlled substance market are 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. Major players are focusing on new product launches, mergers, collaborations and geographical expansion to consolidate their market position.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
