The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s controlled substance market report forecasts the controlled substance market size to grow to $116.44 Billion by 2027, with a CAGR (compound annual growth rate) of more than 6%.

Learn More On The Controlled Substance Market Report 2023 – https://www.thebusinessresearchcompany.com/report/controlled-substance-global-market-report

Controlled Substance Market Size Forecast
The global controlled substance market is expected to grow from $83.92 billion in 2022 to $89.78 billion in 2023 at a compound annual growth rate (CAGR) of 7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global controlled substance market size is expected to reach $116.44 billion in 2027 at a CAGR of 6.7%.

North America held the largest controlled substance market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Controlled Substance Market Driver ­– Increase In Demand For Medically Prescribed Drugs
According to a data provided by the Centres for Medicare and Medicaid Services (CMS), a US-based federal organisation, prescription drug spending climbed by 7.8% to $378.0 billion in 2021, faster than the 3.7% growth in 2020. As a result, the growing demand for medically prescribed medications is propelling the restricted substance market forward.

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Key Controlled Substance Market Trend – Product Innovations
To maintain their market position, major players in the controlled substance industry are developing new goods and drugs. For example, CMM (CareFlow Medicines Management Ltd.), a UK-based provider of medication management solutions, teamed with Modeus, an Australia-based healthcare software vendor, to introduce its Controlled Drug Manager (CD Manager) in January 2022. It is a cutting-edge controlled drug management platform designed to safely manage and track controlled medications, including those owned by patients. The new CMM CD Manager, powered by Modeus, will be able to communicate with both CMM’s medicine management platform and other external systems. It was designed for use by clinical workers and chemists in hospital chemist’s, wards and operating rooms where regulated drugs are kept. CD Manager specifically supports Controlled Drug Accountable Officers in tracking the life cycle of controlled substances within an organisation and taking timely action in response to automated warnings on irregularities or potential diversion by using built-in reporting.

Controlled Substance Market Segment
1) By Drug: Opioids, Stimulant, Depressants, Cannabinoids
2) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
3) By Application: Pain Management, Sleep Disorders, Depression And Anxiety, Seizure, Attention Deficit Hyperactivity Disorder (ADHD), Other Applications

Controlled Substance Market Major Players and Strategies
Major players in the controlled substance market are Merck & Co. Inc., Johnson and Johnson Services Inc., Orbis Biosciences Inc., GW Pharmaceuticals PLC, Corium Inc., Pfizer Inc., Aradigm Corporation, Alkermes PLC, Depomed Inc., Sun Pharmaceutical Ltd., F. Hoffmann-La Roche Ltd., AbbVie Inc., Mallinckrodt PLC, Ampac Fine Chemicals, Coating Place Inc., Siegfried Holding AG.

ANI Pharmaceuticals Inc., a US-based pharmaceutical business, paid $163.5 million for Novitium Pharma in November 2021. ANI Pharmaceuticals Inc hopes to improve its R&D engine, increase its generics and contract development and manufacturing organisation (CDMO) businesses, and construct a highly compliant US production site with this acquisition. Novitium Pharma is a pharmaceutical firm situated in the United States that is a bulk manufacturer of basic class(es) of prohibited substance(s).

The Controlled Substance Global Market Report 2023 covers regional data on controlled substance market size, controlled substance market trends and drivers, opportunities, strategies, and controlled substance market competitor analysis. The countries covered in the controlled substance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

A controlled substance is a drug or chemical, such as illegally used drugs or legally prescribed medications, that is regulated by the government in terms of manufacturing, possession, or use. A controlled drug medication can cause physical and mental dependence, and its limits are based on the possibility of abuse or reliance. It can help relieve pain and other symptoms, improving a person’s quality of life.

View More Reports Related To The Controlled Substance Market –
Controlled Release Fertilizer Global Market Report 2023
Substance Abuse And Addiction Treatment Global Market Report 2023
Controlled Release Drug Delivery Global Market Report 2023

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