The controlled substance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Controlled Substance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The controlled substance market size has grown strongly in recent years. It will grow from $89.78 billion in 2023 to $95.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to medical advancements, regulatory frameworks:, rising incidence of chronic diseases, expanding pharmaceutical industry, international trade and collaboration.
The controlled substance market size is expected to see strong growth in the next few years. It will grow to $125.96 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to precision medicine, telemedicine and remote healthcare, opioid alternatives, continued regulatory updates, increased mental health focus. Major trends in the forecast period include regulatory changes and compliance, increasing focus on drug safety and abuse prevention, advancements in drug delivery technologies, emergence of biosimilars and generic versions, integration of digital health solution.
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Scope Of Controlled Substance Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Controlled Substance Market Overview
Market Drivers –
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 drugs that are 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. Therefore, the increasing demand for medically prescribed drugs is driving the growth of the controlled substance market.
Market Trends –
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.
The controlled substance market covered in this report 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
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Regional Insights –
North America was the largest region in the controlled substance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the controlled substance market report during the forecast period. The regions covered in the controlled substance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the controlled substance market report are Merck & Co. Inc., Johnson and Johnson Services Inc., Orbis Biosciences Inc., GW Pharmaceuticals plc, Corium Inc., Pfizer Inc., Aradigm Corporation, Alkermes plc, Sun Pharmaceutical Ltd., F. Hoffmann-La Roche Ltd., AbbVie Inc., Mallinckrodt plc, Ampac Fine Chemicals, Siegfried Holding AG, Pfizer Inc., Novartis AG, GlaxoSmithKline plc, Sanofi S.A., Bristol-Myers Squibb, Eli Lilly and Company, AstraZeneca, Teva Pharmaceutical Industries, Viatris Inc., Boehringer Ingelheim, Gilead Sciences, Amgen, Regeneron Pharmaceuticals, Abbott Laboratories, Mallinckrodt Pharmaceuticals, Endo International, Catalent, Cambrex Corporation, Lonza Group, Indivior plc, Ipsen SA .
Table of Contents
1. Executive Summary
2. Controlled Substance Market Report Structure
3. Controlled Substance Market Trends And Strategies
4. Controlled Substance Market – Macro Economic Scenario
5. Controlled Substance Market Size And Growth
…..
27. Controlled Substance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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