Controlled Substance Market, By Drug Class (Opioids, Stimulants, Depressants, Hallucinogens, Anabolic Steroids and Others), By Application (Pain Management, Anxiety, InsoBnia, Cough Suppression, Attention-deficit/hyperactivity disorder (ADHD), Narcolepsy and Others), By Sales Channel (Hospitals & Clinics, Pharmacies and Others (Academic & Research Institutes, etc.)), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Nov 2023

Code : CMI6201

Pages :175

Formats :

Excel and PDF

Industry : Pharmaceutical

Market Challenges And Opportunities

Global Controlled Substance Market Drivers:

Increasing prevalence of chronic diseases: The rising prevalence of diseases like cancer, cardiovascular diseases, and neurological disorders is driving the demand for controlled substances for pain management. For instance, in November 2021, according to the data published by Centers for Disease Control and Prevention (CDC), in the U.S, 20.4% of adults had chronic pain and 7.4% of adults had chronic pain that limited life or work activities in 2020.
Growth in geriatric population: The geriatric population is more prone to chronic illnesses that require long-term use of controlled substances. According to the United Nations, the global geriatric population is expected to reach 2.1 billion by 2050.
Increasing healthcare expenditure: Governments across the globe are increasing their healthcare spending to improve infrastructure and access to medications. This is facilitating the uptake of controlled substances.
Rise in disposable incomes: The growing disposable income especially in developing regions is leading to higher healthcare expenditure and access to controlled medicines.

Restraints & Challenges:

Risk of substance abuse and addiction
Side effects of controlled drugs
Illegal trade and trafficking

Global Controlled Substance Market Opportunities:

Development of abuse-deterrent formulations: Manufacturers are developing abuse-deterrent technologies to formulate controlled substances that are difficult to manipulate for abuse. This presents significant opportunities in the market.
Growth in emerging markets: Developing regions like China, India, and Brazil offer lucrative opportunities due to improving healthcare access and increasing prevalence of chronic diseases.
Rising adoption of e-prescriptions: Electronic prescriptions enhance compliance monitoring of controlled substance dispensing. This is creating prospects for the market growth.
Drug development for emerging applications: R&D to develop controlled substances for new therapeutic applications such as neurodegenerative disorders and ophthalmic illnesses presents new avenues.