An assessment expanding your knowledge on market influencing aspects such as supply chain management, local supply, product standards, safety regulations, and other market trends has been mentioned listed in this controlled substances market research survey by Fact.MR, a market research and competitive intelligence provider.
Global demand for controlled substances is estimated at US$ 85.2 billion in and is forecasted to increase steadily at 5% CAGR over the next ten years. By 2033-end, the global market is expected to attain a valuation of US$ 139 billion. Download Sample Report
Future of Controlled Drug Suppliers to Be Significantly Influenced by Cerebral and Done Global Inc.
At the onset of the global COVID-19 pandemic, which began in early 2020, telehealth start-ups gained traction, and online prescriptions were legalised in a number of nations. Even after the pandemic situation passed, this trend persisted, making it an ideal time for new businesses to launch their telehealth and online consulting services.
The US Department of Justice was looking into Cerebral, a mental health start-up formed in 2019, for prescribing banned medications like Xanax and Adderall. The business provides therapy and prescribes medication for illnesses like anxiety, ADHD, and insomnia. The corporation stopped writing prescriptions for prohibited substances for its new patients as a result of the investigation, which has been going on since 2022.
In September 2022, rumours began to circulate that Done Global Inc., a start-up that manages ADHD medications virtually, was under investigation by the Drug Enforcement Administration’s Diversion Control Division. However, a firm representative publicly claimed that the company had not gotten any notification for the same from the DEA or any other federal agency.
Drivers:
- The use of controlled substances such as opioids, stimulants, and sedatives has been on the rise due to the increasing prevalence of chronic diseases such as cancer, diabetes, and chronic pain.
- The geriatric population is growing rapidly, and this group of individuals is more susceptible to chronic pain and other conditions that require the use of controlled substances.
- Mental health disorders such as anxiety, depression, and bipolar disorder are becoming more prevalent, and the use of controlled substances such as antidepressants and antipsychotics is increasing to manage these conditions.
- The use of controlled substances in veterinary medicine is also on the rise, as more and more pet owners seek treatment for their animals.
- Advances in drug delivery technology are making it easier to administer controlled substances, which is driving the growth of the controlled substances market.
- The legalization of medical marijuana in several countries and states has resulted in increased awareness of the benefits of cannabis-derived products in managing chronic pain, anxiety, and other conditions.
Key Trends:
- There has been a growing focus on developing abuse-deterrent formulations for controlled substances to reduce the risk of abuse and diversion. These formulations can make it more difficult for individuals to misuse these substances by crushing, snorting, or injecting them.
- Personalized medicine is becoming increasingly popular, and there is a growing trend toward tailoring treatment plans to individual patients’ needs. This trend is expected to drive the development of controlled substances that can be personalized to individual patients’ needs.
- The legalization of medical cannabis in several countries and states has resulted in increased adoption of cannabis-derived products for managing chronic pain, anxiety, and other conditions.
- There is a growing interest in the potential therapeutic uses of psychedelic substances such as psilocybin, LSD, and MDMA. This trend is expected to drive the development of new controlled substances for managing mental health disorders.
- There has been growing investment in research and development for new controlled substances to address unmet medical needs. This investment is expected to drive the growth of the controlled substances market in the coming years.
Regional Landscape:
- Market for controlled substances is very prominent in the United States when compared to other countries across the globe. A rising number of patients are using opioids for the treatment of several health conditions.
- Market for controlled substances is growing at a rapid pace in countries such as Europe, France, and the United Kingdom due to changing landscape of the approval process. Various factors such as the increasing geriatric population and significant investments from public and private sectors are expected to boost the adoption of controlled substances.
Restraints:
- The use and distribution of controlled substances are subject to stringent regulations, which can create barriers to market entry for new players and limit the growth potential of existing players.
- The development and production of controlled substances require significant investment in research and development, which can be a significant barrier to entry for small players.
- Controlled substances are often associated with addiction and abuse, which can create a stigma around their use and limit the willingness of patients to seek treatment that involves the use of these substances.
- The expiration of patents for existing controlled substances can lead to increased competition from generic manufacturers, which can put pressure on pricing and limit the growth potential of the market.
Competitive Landscape:
Key companies are focusing on launching new products that help them generate substantial revenues and gain a prominent market share.
- For instance, in February 2023, companies such as Eighty-Six launched new gummies named Fun Guy. These gummies are made from Amanita mushrooms.