Controlled Substance Market: Introduction
- Transparency Market Research has published a new report on the global controlled substance Market for the forecast period of 2019 – 2027. According to the report, the global controlled substance market was valued at ~US$ 64 Bn in 2018, and is expected to expand at a CAGR of ~7% during the forecast period of 2019 to 2027.
- Some prescription medicines are controlled under the Misuse of Drugs legislation. These medicines are called controlled substances or controlled drugs. Doctors can prescribe all controlled medicines to treat an illness or injury.
- Controlled substances such as opioids are highly addictive. These medications are often not safe, but they provide relief from certain indications such as pain management. The Centers for Disease Control and Prevention (CDC) and other governing bodies provide guidance to physicians for the safe prescribing of controlled substances, especially opioid medications.
- Growth of the global controlled substance market can be attributed to the rise in the demand for the treatment for pain management, ADHD, hormonal disorder, and sleep disorders, across the globe.
- Asia Pacific is a highly lucrative market for controlled substances, due to the increase in the aging population and the availability of new drug formulations to treat different conditions.
Rise in Target Population of ADHD to Drive Controlled Substance Market
- Attention deficit/hyperactivity disorder (ADHD) may affect all aspects of a child’s life. It impacts not only the child, but also the parents and siblings, causing disturbances to the family and marital functioning.
- The prevalence of this disorder has been increasing, globally. According to data provided by the National Health Interview Survey (NHIS), the prevalence rate of diagnosed ADHD among children and adolescents aged 4 to 17 was 10.2% in 2015-2016 as against 9.4% in 2013-2014. This high rate of diagnosed patients requires drugs such as amphetamine for treatment, and this is likely to drive the market.
- The approval of products that are based on controlled substances for specific indications in recent years is expected to drive the global controlled substance market. For instance, in 2018, GW Pharmaceuticals received FDA approval for its product – EPIDIOLEX (Cannabidiol), for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS) or Dravet syndrome.
Opioid Drugs to be a Lucrative Section of Controlled Substance Market
- Based on drugs, the global controlled substance market has been divided into opioids, stimulants, depressants, and cannabinoids. The opioids segment is further classified as codeine, morphine, fentanyl, hydrocodone, tramadol, oxycodone, and others. The stimulants segment has been divided into amphetamine, methylphenidate, dextroamphetamine, methamphetamine, modafinil and others. The depressants segment is classified as barbiturates and benzodiazepines.
- Opioids dominated the global controlled substance market in 2018. However, the cannabinoids segment is projected to grow at a faster rate in the global market till the end of 2027, due to its extensive application in the medical field. It has shown efficacy in treating chemotherapy-related nausea and vomiting, poor appetite in advanced HIV, and multiple sclerosis-associated spasticity.
Pain Management Application Prominent in Controlled Substance Market
- In terms of application, the global controlled substance market has been segmented into ADHD, pain management, depression, sleep disorder, cough suppression, anxiety, seizure, and others.
- Pain management dominated the global controlled substance market in 2018, owing to the large number of patients using opioids to treat pain. According to the American Society of Addiction Medicine (ASAM), appropriate opioid prescription provides effective pain control in cancer patients.
Retail Pharmacies Lucrative Sales Channel in Controlled Substance Market
- Based on distribution channel, the global controlled substance market has been segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
- The retail pharmacies segment is expected to be a highly lucrative segment from 2019 to 2027. It is anticipated to grow at a high CAGR during the forecast period.
- Growth of the segment can be mainly attributed to the easy accessibility of some controlled substance drugs as over-the-counter drugs, and wide availability of all types of scheduled drugs
North America to Dominate Global Controlled Substance Market
- On the basis of region, the global controlled substance market has been divided into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global controlled substance market in 2018.
- New product approvals and high incidence rate of ADHD among children in North America are some of the factors responsible for the growth of market in this region.
- Asia Pacific is a lucrative market for controlled substances, especially for drugs such as oxycodone, due to the high demand among doctors in Asia to treat cancer pain. The market in Asia Pacific is projected to expand at a high CAGR during the forecast period, due to the increase in the aging population, coupled with a rise in the patient pool affected by different diseases, and increase in investments by major players in the region for different activities, such as research.
For More Details, Request A PDF Brochure Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=25964
Global Controlled Substance Market: Competitive Landscape
- AbbVie, Inc., Mallinckrodt plc, and Teva Pharmaceutical Ltd., are some of the leading players in the global controlled substance market.
- The global controlled substance market is fragmented in terms of number of players. Key players in the global market include Hoffmann-La Roche AG, AbbVie, Inc., Mallinckrodt plc, Pfizer, Inc., Sun Pharmaceuticals Ltd., Ampac Fine Chemicals, GW Pharmaceuticals plc, Merck & Co., Inc., Lannett, and Teva Pharmaceutical Ltd.
- New product approvals for specific indications, widespread distribution channels, and higher R&D investments are some of the key strategies adopted by major players operating in this market.
Global Controlled Substance Market: Segmentation
- Controlled Substance Market by Drug
- Controlled Substance Market by Application
- Pain Management
- Sleep Disorder
- Cough Suppression
- Controlled Substance Market by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Controlled Substance Market by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa