The Controlled Substance Global Market Report 2023, provides comprehensive information on the controlled substance market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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In accordance with The Business Research Company’s comprehensive analysis presented in the Controlled Substance Global Market Report of 2023, the global market for controlled substances is poised for significant expansion. In the year 2022, the market stood at a substantial $83.92 billion, and it is projected to witness remarkable growth, reaching an estimated value of $89.78 billion in 2023. This anticipated increase represents a notable compound annual growth rate (CAGR) of 7%. However, it is crucial to acknowledge the geopolitical challenges that have impacted global economic recovery. The conflict between Russia and Ukraine has triggered widespread economic repercussions, manifesting as sanctions on numerous nations, escalations in commodity prices, and disruptions in supply chains. These consequences have led to inflationary pressures across various sectors, profoundly affecting markets worldwide. Despite these challenges, the controlled substance market is anticipated to continue its growth trajectory, with a projected market size of $116.44 billion by 2027, reflecting a CAGR of 6.7%. This forecasted growth underscores the resilience and adaptability of the market, showcasing its ability to navigate complex geopolitical landscapes while maintaining a steady upward trajectory.
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A prominent and noteworthy trend in the controlled substance market is the surge of product innovations. Leading companies within this sector have recognized the importance of continuous innovation in order to maintain their competitive edge. As evidence of this, a striking example emerges from January 2022, when CareFlow Medicines Management Ltd. (CMM), a prominent UK-based provider of advanced medicine management solutions, joined forces with Modeus, a healthcare software provider hailing from Australia. Together, they introduced the Controlled Drug Manager (CD Manager), a pioneering and revolutionary platform meticulously designed to oversee the safe management and monitoring of controlled drugs, which even includes patients’ own medications.
The groundbreaking CMM CD Manager, powered by Modeus, is characterized by its remarkable versatility, as it seamlessly interfaces with both CMM’s comprehensive medication management platform and various external systems. This innovative tool has been tailored for use by clinical personnel and pharmacists across diverse healthcare settings, ranging from pharmacies to hospital wards and operating theaters, where regulated medications are meticulously stored and administered.
One of the key strengths of the CD Manager is its sophisticated reporting capabilities. Specifically, it plays a pivotal role in supporting Controlled Drug Accountable Officers by enabling them to monitor and track the entire lifecycle of controlled drugs within their respective organizations. This includes the ability to swiftly respond to automated alerts concerning irregularities or potential diversion of these critical substances. The CD Manager, therefore, stands as a testament to the ever-evolving landscape of controlled substance management, where innovation and technology combine to enhance patient safety and optimize the delivery of essential healthcare services.
The controlled substance market is segmented:
1) By Drug: Opioids, Stimulant, Depressants, Cannabinoids
2) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
3) By Application: Pain Management, Sleep Disorders, Depression And Anxiety, Seizure, Attention Deficit Hyperactivity Disorder (ADHD), Other Applications
North America was the largest region in the controlled substance market in 2022.
The table of contents in TBRC’s controlled substance market report includes:
- Executive Summary
- Controlled Substance Market Characteristics
- Controlled Substance Market Trends And Strategies
- Controlled Substance Market – Macro Economic Scenario
- Controlled Substance Market Size And Growth
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- Africa Controlled Substance Market
- Controlled Substance Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Controlled Substance Market
- Controlled Substance Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- Merck & Co. Inc
- Johnson and Johnson Services Inc
- Orbis Biosciences Inc
- GW Pharmaceuticals PLC
- Corium Inc
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