Controlled substances are prescription drugs that are regulated by governments due to their potential for abuse and addiction. Some examples include opioids, stimulants, and depressants. Controlled substances are critical for treating medical conditions like chronic pain but must be carefully monitored.
The global Controlled Substance Market is estimated to be valued at US$ 32.40 Bn or Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market key trends:
One of the key trends in the controlled substance market is the shift towards abuse-deterrent formulations of opioid painkillers. Traditional immediate-release formulations can be easily abused by crushing and snorting or injecting the drug. However, abuse-deterrent formulations are designed to be difficult to manipulate for the purposes of abuse. They include drugs coated with materials that make them difficult to crush or dissolve, bonded drugs that cannot be easily extracted from the pill, and prodrugs that are inactive unless they pass through the digestive system. This shift is intended to curb the rising misuse and abuse of prescription opioids while still providing pain relief to patients.
SWOT Analysis
Strength: The controlled substance market has well-established players such as Johnson & Johnson, Pfizer, Sanofi, and others who have strong distribution networks and resources for R&D. Strict regulations help ensure product quality and safety.
Weakness: Developing new controlled substances requires lengthy clinical trials and gets regulatory approvals which increases costs and time to market. Strict regulations also limit product flexibility.
Opportunity: Growing geriatric population suffering from chronic diseases leads to increased demand for controlled medications. Emerging markets in Asia Pacific present new opportunities for industry players.
Threats: Patent expiries of blockbuster drugs enable entry of generic versions impacting market shares. Price controls and healthcare reforms in different countries can also reduce profitability.
Key Takeaways
The global controlled substance market share is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases. Conditions like cancer, diabetes, neurological disorders require use of controlled medications on a long-term basis driving market revenues.
Regional analysis: North America dominated the controlled substance market and accounted for over 35% market share in 2023 owing to high healthcare spending and increasing consumption of prescription drugs in the US. However, Asia Pacific is anticipated to be the fastest growing region during the forecast period supported by rising healthcare infrastructure and growing medical needs of large patient population in China and India.
Key players operating in the controlled substance market are Johnson & Johnson, Pfizer, Sanofi, Merck & Co., Gilead Sciences, Amgen, Novartis, AbbVie, GlaxoSmithKline, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, Teva Pharmaceutical, Bayer, Novo Nordisk, Allergan, Takeda Pharmaceutical, Boehringer Ingelheim, Aspen Pharmacare, and Astellas Pharma. Major players are focusing on new product approvals and launches to expand their product portfolios and strengthen market position
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn