170 Pages Report] Controlled Substances Market research report categorizes the global market by Drug Class (Opioids, Stimulants, Depressants, Marijuana), By Application (Attention-Deficit/Hyperactivity Disorder, Pain Management, Depression, Seizure, Anxiety, Sleep Disorders, Cough Suppression, Others), By Distribution Channel (Institutional Sales, Retail Sales), & By Region.
This Fact.MR report also offers an accurate forecast of the market of the controlled substance for the period between 2018 and 2028. The controlled substances market is envisaged to record a CAGR of 4% through 2028.
Worldwide sales of the controlled substances closed in on a valuation of US$ 67,000 Mn in 2018, and are projected to record a Y-o-Y growth at 3.5% in 2019, according to a new Fact.MR study. The study opines that depressants and stimulants have been top-selling class of drugs in the market of the controlled substance, however gains from marijuana are expected to record over 2X faster growth than all the other controlled substances in 2019 and beyond.
Approval of medical marijuana has been on a significant uptick in various states of the US, trailed by the legalization in Canada for both recreational and medicinal use recently. This has tremendously contributed to the popularity of cannabis stocks, alongside efforts of leading controlled substance manufacturers toward eliminating legal barriers and attracting investor interest. The study estimates marijuana sales in 2019 to record a Y-o-Y growth at 9.3% over 2018.
“The Schedule of Controlled Substances currently positions marijuana in Schedule 1 – the most restrictive one reserved for “high potential for abuse,” “lack of accepted safety” and “no accepted medical use” drugs. Federal scheduling of marijuana has been a key concern among producers and medical patients alike, despite legalization of cannabis in the US and Canada. The US Drug Enforcement Administration has recently removed cannabidiol from Schedule 1, post-FDA approval of non-synthetic, cannabis-derived medicine. Marijuana businesses have cheered the DEA’s action, as it alludes the beginning of regulatory relaxation to the cannabis industry,” according to a lead analyst at Fact.MR.
Report Benefits & Key Questions Answered
- Controlled Substances Category and segment level analysis:Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
- Controlled Substances Historical volume analysis: The report provides a comparison of Controlled Substances’s historical sales and projected sales performance for 2021-2031.
- Controlled Substances Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Controlled Substances market. It carefully gauges the impact of changing healthcare needs of key demographics globally
- Controlled Substances Consumption by demographics: The report investigates consumer behavior affecting Controlled Substances demand outlook for the assessment period. Effect of their keenness for digital trends on Controlled Substances market is carefully analyzed
- Post COVID consumer spending on Controlled Substances: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Controlled Substances market growth.
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Pain Management Remains Leading Application of Controlled Substances
The study opines that pain management will continue to account for over one-fourth share of the controlled substances market in 2018. Several regulatory norms being implemented in the prescription of controlled substances for pain management, such as in Georgia, Michigan, and Florida, have further triggered the preference and adoption of controlled substances to manage and treat chronic as well as acute pain. Attention deficit hyperactivity disorder (ADHD), and anxiety are other medical conditions wherein controlled substances are expected to witness promising future prospects, according to the study.
The entrance of pharmaceutical giants in the cannabis sector of Canada alludes the next significant trend in the controlled substances industry, offering additional credibility to the sector. Although the pharmaceutical part of the expression involves the missing link, an ongoing trend of M&A and entrance of these legacy industries is poised in 2019 and the foreseeable future. There has been a drought in direct investments from the pharmaceutical industries in the licensed medical marijuana producers, it is highly likely that the trend would change, as the US witnesses the federal legalization of cannabis. Big pharmaceutical companies that eye collaborations and partnerships with cannabis producers having competitive differentiation circling their R&D initiatives, commercialization efforts, and clinical trial programs, are likely to witness significant revenue generation in the near future.
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Ensuring effective and safe management of controlled drugs continues to remain an imperative agenda among pharmacists, which in turn has led the focus on fundamental changes including reviewing of liquid CD management and CD documentation to realize substantial improvements. The pharmacists are also adhering to the operational standards, completely aware about the way CDs are managed, along with identifying potential drawbacks and reporting concerns regarding non-conformance. This will result in adherence to appropriate steps that ensure apt prescription of quantities when dispensing controlled substances to patients.
Key players operating in the market of the controlled substance, 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.
Essential Takeaways from the Market Report
- Comparison of prominent players operating in the market.
- Recent developments and key strategies adopted by market players.
- Study of the micro and macro-economic growth indicators.
- Impact of the various factors on the sales of the Controlled Substances market.
- Market share analysis of the key companies in Controlled Substances industry and coverage of events like mergers & acquisitions, joint ventures, collaborations or partnerships, and other key market strategies
Key questions answered in Controlled SubstancesMarket Survey Report:
- What is the current scenario and key trends in Controlled SubstancesMarket?
- What are the key strategies companies are adopting to increase their consumer base?
- What are the key categories within the Controlled Substances segments and their future potential?
- What are the major Controlled Substances Market drivers and their expected impact during the short, medium, and long terms?
- What is the Controlled Substances Market size and what are the opportunities for the key players?
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