Pharmaceutical Drugs Is Fastest Growing Segment Fueling The Growth Of Controlled Substance Market

 

Controlled Substance Market

The global Controlled Substance Market is estimated to be valued at US$ 41.8 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Controlled substances are pharmaceutical drugs that are regulated by governments and placed under special rules due to potential for abuse or addiction. They are used to treat various conditions like pain, anxiety, depression and insomnia. Controlled substances offer effective treatment options but needs to be used carefully as prescribed to avoid abuse.

Market key trends:
Regulations around prescription and dispensing of controlled substances are getting stricter globally in order to curb the ongoing opioid crisis. Governments are implementing electronic tracking systems to monitor controlled substances from manufacturers to end users. Strict enforcement on overprescription by physicians is being done through prescription drug monitoring programs. Newer controlled substances are being introduced as alternatives to opioids for pain management which are less addictive and have lower abuse potential. Research is also ongoing for developing abuse-deterrent formulations for controlled drugs.


Segment Analysis
The global controlled substance market can be segmented into narcotic drugs, stimulants, depressants, hallucinogens, and anabolic steroids. Among these, narcotic drugs represent the largest and fastest-growing segment, accounting for over 35% of the overall market share in 2023. This is because of their widespread medical application in pain management, especially for opioids like morphine and codeine. Their effectiveness and easy availability have further boosted the sales of narcotic drugs globally.

Key Takeaways
The Global Controlled Substance Market Demand  is expected to witness high growth, exhibiting CAGR of 4.9% over the forecast period, due to increasing prevalence of chronic pain and rise in geriatric population suffering from arthritis, cancer, and other diseases requiring pain management therapies. The market size is projected to reach US$ 41.8 Bn in 2023.

North America accounted for the largest share of over 40% of the global controlled substance market in 2023 due to growing consumption of prescription opioids in pain management and easy availability of these drugs in the region. Asia Pacific is expected to witness the highest CAGR during the forecast period owing to the increasing uptake of medical marijuana and rapid establishment of cannabis dispensaries in emerging countries like China, India, Australia, and South Korea.

Key players operating in the controlled substance market include 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.

Read More:

https://www.marketwebjournal.com/growing-demand-for-opioid-drugs-to-fuel-the-growth-of-controlled-substance-market/

Comments

Post a Comment

Popular posts from this blog

Cellulose Films is the largest segment driving the growth of Cellulose Plastics Market

Image
  Cellulose Plastics Market The global Cellulose Plastics Market is estimated to be valued at US$ 819.69 Mn or Million in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: Cellulose plastics are bioplastics made from cellulose, one of the most abundant organic polymer on Earth. They are produced from plant materials like wood and agricultural residues. Cellulose plastics offer advantages like biodegradability, recyclability and sustainability. They are widely used in agriculture films, food packaging and textiles. Market key trends: One of the key trend in the cellulose plastics market is growing demand for biodegradable and sustainable packaging solutions. Rising environmental concerns regarding widespread use of conventional plastics is driving the demand for eco-friendly cellulose plastics. Strict government regulations prohibiting use of single use plast
Read more

Electronic Warfare Market Poised to Witness High Growth Owing to Increasing Usage of EW Systems Across Military and Defense Sectors

Image
Electronic Warfare Market Electronic warfare (EW) systems are used for detecting, deceiving or damaging enemy’s communication and radar systems. It involves deliberate emission or suppression of electromagnetic energy to maintain information dominance. EW systems find wide applications across military, including land, sea, air and space operations for counteracting threats from armed forces of other nations. The need for situational awareness and gaining tactical advantage over opponents has catalyzed demand from armed forces globally. The global electronic warfare market is estimated to be valued at US$ 18.45 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.  Key players operating in the electronic warfare market are BAE Systems plc, Elbit Systems Ltd., General Dynamics Corporation, Israel Aerospace Industries Ltd., L3Harris Technologies Inc., Leonardo SpA, Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corpor
Read more

Eyewear Market Is Estimated To Witness High Growth Owing To the Growing Demand for Prescription Eyewear

Image
  Eyewear Market The global Eyewear Market is estimated to be valued at US$ 273.4 billion in 2018 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030 , as highlighted in a new report published by Coherent Market Insights. Market Overview: The Eyewear Market includes products such as prescription glasses, contact lenses, and sunglasses. These products offer vision correction and protection from harmful ultraviolet (UV) rays. The increasing prevalence of eye disorders and the growing awareness about the importance of eye health are driving the demand for eyewear products. Furthermore, the rising use of digital devices and exposure to blue light is also contributing to the need for prescription eyewear to reduce eye strain and prevent vision problems. Market Key Trends: One key trend in the Eyewear Market is the increasing demand for fashionable and luxury eyewear. Consumers are not only seeking vision correction but also looking for eyewear that complements
Read more