The recent study by TMR provides valuable insights on the controlled substance market. According to the study, some of the major drivers responsible for the controlled substance market expansion include the rising instances of chronic pain problems, most prominently amongst the geriatric individuals, as well as the increase in the population suffering from attention deficit hyperactivity disorder or ADHD. Furthermore, the advent of new and safe controlled drug products is also favoring the development of the controlled substance market.
Furthermore, the increasing awareness about the benefits of cannabinoids, or medical marijuana for effective treatment of depression, pain, headaches, and back problems is also generating lucrative new opportunities for expansion and growth in the controlled substance market. Moreover, increase in the trend of electronic prescription of these products and solutions by the healthcare professionals is also creating additional momentum in the controlled substance market.
In the coming years, the scope of controlled substance market is looking up, owing to the rising demand for effective pain management. Some of the key types of products and solutions offered by the manufacturers and players operational in the controlled substance market include stimulants, cannabinoids, opioids, and depressants. Amongst these, the opioids account for high demand in the controlled substance market. This trend can be attributed to increasing number of people suffering from various pain disorders, rising level of awareness amongst the population about benefits of opioids as effective pain killers, and increasing number of healthcare professionals prescribing these solutions to geriatric patients suffering from pain and sleep disorders.
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Increasing Demand for Effective Pain Management Propels the Growth in Controlled Substance Market
These products and drug solutions provided by the participants working in the domain of the controlled substance market are used for a wide range of indications, such as sleep disorder, seizures, pain management, and anxiety, among others. The largest controlled substance market size can be attributed to the pain management segment. Pain disorders, if left unattended, can lead to severe health problems, such as reduced mobility, pulmonary embolism, and vein thrombosis. This is the key reason why healthcare professional prescribe their patients with solutions from the controlled substance market. Furthermore, the increasing utilization of relatively safe and effective pain management solutions for patients suffering from cancer is also triggering growth in the controlled substance market.
Key distribution channels for the products and solutions offered by the leading manufacturers in the controlled substance market include online pharmacies, retail pharmacies, and hospital pharmacies. In terms of revenue, the retail pharmacies led the controlled substance market in the recent past. Furthermore, the same segment is also anticipated to show the highest growth potential in the next few years. This trend can be attributed to the chronic nature of various pain and sleep related disorders. As patients suffering from these issues require taking medicines for a longer period, they prefer visiting and filling out their prescieptions from the retail pharmacies that are nearby.
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Players in Controlled Substance Market Focused on Acquisitions
Some of the leading and most dominant players and stakeholders in the landscape of the controlled substance market include Pfizer, Inc., Mallinckrodt PLC, Janssen Pharmaceuticals, Inc., Teva Pharmaceutical Industries Ltd., AbbVie, Inc., Merck & Co., Inc., F. Hoffmann La Roche AG, and Purdue Pharma L. P., among others. A handful of leading players in the controlled substance market account for the largest share of the industry.
These players and manufacturers working in the controlled substance market are focused on implementation of various corporate growth and expansion strategies, including mergers and acquisitions, product innovations, and gaining regulatory approvals. For instance, a clinical trial stage company that develops innovative therapies that show potential, Arena Pharmaceuticals, was acquired by the Pfizer, Inc., in March of 2022. Elsewhere, Mallinckrodt PLC achieved approval for their updates regarding a repository corticotrophins injection, Acthar Gel, from the United States FDA in March of 2021.