Controlled Substances Market Forecast, Trend Analysis & Competition Tracking – Global Market Insight
controlled substances market was valued in excess of US$ 42,000 Mn in 2018, and is projected to record a modest expansion at 4% CAGR through 2028.
[UKPRwire, Fri Sep 06 2019] Controlled Substances Market – Key Insights
- The controlled substances market registered a CAGR of over 3% during the period, 2013 to 2017. Sales of controlled substances are expected to remain underpinned by efforts of mature markets in reducing costs to create an affordable landscape for end-users.
- The controlled substances market was valued in excess of US$ 42,000 Mn in 2018, and is projected to record a modest expansion at 4% CAGR through 2028.
- North America has traditionally been the most lucrative market for controlled substances, with sales estimated to record a Y-o-Y of 3.5% in 2019 over 2018. This can be attributes in part to legalization of various forms of marijuana in the US, along with the recent approval of recreational marijuana sales in Canada.
- Latin America is expected to exhibit the fastest growth in the controlled substances market through 2028. Uruguay, and Colombia continue to gain significance as an attractive market for medical marijuana in Latin America, in light of their emerging stature.
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What are Key Growth Influencers of the Controlled Substances Market?
- Adoption of controlled substances for management & treatment of a wide range of medical conditions, including obesity, diarrhea suppression, and refractory exogenous obesity. This has resulted in an expanding patient pool in the marketplace, in turn creating lucrative growth opportunities.
- There has been a notable rise in advertisement campaigns apropos of public awareness on use of controlled substances, with regard to their licensing, registration, use, and storage, which in turn is upholding sales.
- Growing preference for medical marijuana over prescription drugs for managing headaches, depression, back problems, and pain, despite criminalization, alludes current public health framework that deems cannabis abstinence becoming obsolete.
- The WHO has been taking immense efforts for improving the access to controlled substances, by collaborating with producers and suppliers across countries with potential growth. These efforts are directed toward capacity building of dispensers & prescribers, along with the development of balanced legislation and policies.
- Global leaders in the controlled substances market are focusing on expansion of their product pipeline of novel controlled substance-based drugs. For instance, nearly 15 abuse deterrent formula opioids are in late stage clinical trials, which are focused on continued investment in ADFs.
Which Factors are Arresting Growth of the Controlled Substances Market?
- Suspicious order monitoring (SOM) requirement of the Drug Enforcement Agency (DEA) mandates registered distributors of opioids to inculcate systems that signify suspicious orders of the controlled substances.
- High prevalence of illicit controlled substances is a significant challenge that has resulted in a raw material shortage for legitimate controlled substance manufacturers.
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Controlled Substances Market – Competition Landscape
- GW Pharmaceuticals has announced its plan of epidiolex (CBD or cannabidiol) development program in 2018, to combat infantile spasms, which according to the company is the fourth largest target indication for its program of epidiolex orphan pediatric epilepsy development.
- Molecular Science Corporation and Canopy Growth entered into a strategic collaboration in 2018, to pioneer standardized testing methods for analyzing and enhancing the efficacy of cannabis testing, its safety awareness and product knowledge.
- Aphria Incorporation has signed an exclusive agreement with Colcanna SAS for extending its medical cannabis sales in Columbia. Aphria eyes to leverage the large distribution footprint of Colcanna SAS to market its MMJ products in Columbia.
Key players operating in the controlled substances market, as identified in the report, include CANNABIS SATIVA, INC., The Peace Naturals Project, Canopy Growth Corporation, GW PHARMACEUTICALS PLC, Takeda Pharmaceutical Company Limited, Teva Pharmaceuticals, Inc., Mallinckrodt plc, SAFC/Cerilliant, Noramco, Inc., Johnson Matthey, Siegfried AG, AMRI, Cayman Chemical, Consort Medical, Patheon, and Cambrex.
Electronic Prescribing of Controlled Substances – A Key Trend
Electronic prescribing of controlled drugs, which emerged as a key trend in the past decade focusing on adoption and utility, has witnessed a paradigm shift toward quality- and optimization-based developments in the past few years. This has further led to an increased efficiency of processes associated with physicians, such as reduced follow-up times for detecting errors owing to time saved from procuring them electronically. Encouraging access to electronic health records for the same has further resulted in timely product validation and verification prior to procurement. As of 2018, nearly 22 states in the US have current or impending legislations for electronic prescribing of controlled substances.
New Laws Implemented on Opioids
The Opioid Reduction Act was implemented by the West Virginia Department of Health and Human Resources, setting limitations on the opioid prescriptions, and enabling patients to place directives in their medical files apropos of advanced treatment that involve opioid medications. Additionally, the legislation enables patients top opt out of treatment with opioids in advance, via filling the form of Voluntary Opioid Advanced Directive. This initiative to reduce the use of opioids, particularly for beginners, is a huge step taken toward turning the tap off in opioid crisis, while preventing new patients from getting addicted to these drugs.
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