Jun 09, 2023

Controlled Substance Global Market Report 2023

Major players in the controlled substance market are Merck & Co. Inc., Johnson and Johnson Services Inc., Orbis Biosciences Inc., GW Pharmaceuticals PLC, Corium Inc., Pfizer Inc., Aradigm Corporation, Alkermes PLC, Depomed Inc.

New York, June 09, 2023 (GLOBE NEWSWIRE) -- announces the release of the report "Controlled Substance Global Market Report 2023" - , Sun Pharmaceutical Ltd., F. Hoffmann-La Roche Ltd., AbbVie Inc., Mallinckrodt PLC, Ampac Fine Chemicals, Coating Place Inc., Siegfried Holding AG.The global controlled substance market is expected to grow from $83.92 billion in 2022 to $89.78 billion in 2023 at a compound annual growth rate (CAGR) of 7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The controlled substance market is expected to reach $116.44 billion in 2027 at a CAGR of 6.7%.The controlled substance market consists of sales of morphine, valium, ritalin, heroin, cannabis, diazepam, flunitrazepam, and ketamine.. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.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.North America was the largest region in the controlled substance market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in controlled substance report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the controlled substance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The main types of controlled substances and drugs are opioids, stimulants, depressants, and cannabinoids.Opioids refer to a class of drugs used to treat moderate to severe pain.It can be synthesized in the laboratory or obtained from the opium poppy plant. They are distributed through hospital pharmacies, retail pharmacies, and online pharmacies, and is used for several applications including pain management, sleep disorders, depression and anxiety, seizures, attention deficit hyperactivity disorder (ADHD), and others.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 a drugs that is 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, which is faster than the 3.7 % growth in 2020. Therefore, the increasing demand for medically prescribed drugs is driving the growth of the controlled substance market.Product innovations are a key trend gaining popularity in the controlled substance market.Major companies operating in the controlled substance market are innovating new products and drugs to sustain their position in the market.For instance, in January 2022, CMM (CareFlow Medicines Management Ltd.), a UK-based provider of medicine management solutions, partnered with an Australia-based healthcare software provider, Modeus, to launch its Controlled Drug Manager (CD Manager). It is an innovative controlled drug management platform designed to safely manage and track controlled drugs, including patients own drugs. The brand-new CMM CD Manager, powered by Modeus, will be able to interact with both CMM's platform for managing medications and other external systems. It has been created for usage by clinical personnel and pharmacists in the pharmacy, wards, and theatres of hospitals where regulated medications are kept. Using built-in reporting, CD Manager specifically assists Controlled Drug Accountable Officers in tracking the life cycle of controlled drugs within an organization and taking prompt action in response to automated warnings on inconsistencies or probable diversion.In November 2021, ANI Pharmaceuticals Inc., a US-based pharmaceutical company, acquired Novitium Pharma for $163.5 million. With this acquisition, ANI Pharmaceuticals Inc aims to strengthen its research and development engine, expand its generics and contract development and manufacturing organization (CDMO)businesses, and establish a highly compliant US production facility. Novitium Pharma is a US-based pharmaceutical company and bulk manufacturer of basic class(es) of controlled substance(s).The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The controlled substances market research report is one of a series of new reports that provides controlled substances market statistics, including controlled substances industry global market size, regional shares, competitors with a controlled substances market share, detailed controlled substances market segments, market trends and opportunities, and any further data you may need to thrive in the controlled substances industry. This controlled substances market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________