by Expanding Regulatory Guidelines To Promote Controlled Substance Safety
Controlled substances refer to drugs and chemicals that are regulated by law due to their potential for abuse or addiction. This includes opioids, stimulants, depressants and other prescription medications. They are classified based on their acceptable medical uses and the risks of abuse or dependence. The controlled substance market consists of products such as opioids, cannabis, cocaine and amphetamines. Strict regulatory guidelines have been implemented regarding the production, distribution and prescription of these substances to promote safety. Their therapeutic benefits are considerable when prescribed appropriately for pain management, attention disorders and other conditions.
The global Controlled Substance Market is estimated to be valued at US$ 32.40 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the controlled substance market is the tightening of regulations around opioid prescriptions in response to the ongoing opioid crisis. Governments are imposing limits on prescription quantities and durations to curb addiction and overdose rates. Several countries are also increasing support for non-opioid alternatives and medications for addiction treatment. Another trend is the legalization of cannabis for medical and limited recreational use in major markets such as the U.S., Canada and some European nations. This is expanding patient access and driving market growth. Research into new formulations and delivery methods is also ongoing to promote safety and effectiveness.
Porter’s Analysis
Threat of new entrants: The Controlled Substance market faces moderate threat of new entrants due to stringent regulations imposed on manufacturing and distribution of Controlled Substances which requires high initial investments.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of generics and large number of players in the market however branded drugs still hold a major market share.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to scarcity of raw materials and requirement of regulatory approvals however risks of forward integration by suppliers remains low.
Threat of new substitutes: Threat of substitutes is low as controlled substances have distinct properties however alternative drug delivery mechanism can emerge as substitutes.
Competitive rivalry: Competition in the market is high and players rely on new product development and licensing agreements.
Key Takeaways
The global Controlled Substance market growth is expected to witness high exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases and launch of new molecules. The market size for 2023 is estimated to be US$ 32.40 Bn.
The North America region currently dominates the market due to supportive regulatory environment and presence of major players in the region. Asia Pacific is expected to exhibit fastest growth due to rising healthcare expenditures, increasing disposable income and growing awareness.
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. Players rely on strategies like licensing agreements, mergers and acquisitions for long term growth in the competitive market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
