June 19, 2024

Growing Demand For Opioid Drugs To Fuel The Growth Of Controlled Substance Market

Market Overview:

Controlled substances refer to drugs, substances, or certain chemicals whose manufacture, possession, or use is regulated by law. These drugs include opioids, stimulants, depressants, hallucinogens and anabolic steroids. The market covers drugs that are used for pain management, attention deficit hyperactivity disorder, narcolepsy, multiple sclerosis and other medical conditions. Opioid drugs used for pain management offer fast relief with fewer side effects compared to other treatment options. The regulatory approval process ensures patient safety and prevents abuse and misuse of these substances.

Market key trends:

One of the key trends in the controlled substance market is the growing demand for opioid drugs from an aging population suffering from chronic pain conditions. According to studies, over 20% of the global population above 60 years of age suffers from chronic pain that often requires pain management through opioid medications. Moreover, increasing awareness about availability of opioid drugs for pain relief compared to alternatives is also driving the demand. Additionally, favorable regulations supporting use of controlled substances for medical purposes is encouraging pharmaceutical research and development, thereby accelerating market growth. However, factors such as risk of abuse and addiction associated with opioids pose challenges for market players.

Porter’s Analysis
Threat of new entrants: The controlled substance market requires high capital investment and regulatory compliances which make it difficult for new players to enter the market.

Bargaining power of buyers: The large pharmaceutical companies have a significant bargaining power over buyers as there are limited product alternatives.

Bargaining power of suppliers: A few major players dominate the supply market, giving them a higher bargaining power over prices of raw materials.

Threat of new substitutes: Non-controlled substitutes pose a medium threat as they require extensive clinical testing and approvals before being accepted as substitutes.

Competitive rivalry: The market is dominated by some major pharmaceutical players and witnessing aggressive competition.

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 diseases.

North America dominates the global controlled substance market and is expected to continue its dominance over the forecast period. This can be attributed to growing healthcare expenditure and increasing R&D activities in the region.

Key players operating in the controlled substance market are 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, Astellas Pharma. Johnson & Johnson and Pfizer collectively account for over 20% market share.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it