Controlled Substances Market to Reflect Impressive Growth Rate 2018 to 2028

Worldwide sales of the controlled substances closed in on a valuation of US$ 67,000 Mn in 2018, and are projected to record a Y-o-Y growth at 3.5% in 2019, according to a new Fact.MR study. The study opines that depressants and stimulants have been top-selling class of drugs in the controlled substances market, however gains from marijuana are expected to record over 2X faster growth than all the other controlled substances in 2019 and beyond.

Approval of medical marijuana has been on a significant uptick in various states of the US, trailed by the legalization in Canada for both recreational and medicinal use recently. This has tremendously contributed to the popularity of cannabis stocks, alongside efforts of leading controlled substance manufacturers toward eliminating legal barriers and attracting investor interest. The study estimates marijuana sales in 2019 to record a Y-o-Y growth at 9.3% over 2018.

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.

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.

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Ensuring effective and safe management of controlled drugs continues to remain an imperative agenda among pharmacists, which in turn has led the focus on fundamental changes including reviewing of liquid CD management and CD documentation to realize substantial improvements. The pharmacists are also adhering to the operational standards, completely aware about the way CDs are managed, along with identifying potential drawbacks and reporting concerns regarding non-conformance. This will result in adherence to appropriate steps that ensure apt prescription of quantities when dispensing controlled substances to patients.

This Fact.MR report also offers an accurate forecast of the controlled substances market for the period between 2018 and 2028. The controlled substances market is envisaged to record a CAGR of 4% through 2028.

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.

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