A new study presented by Fact.MR, ‘Controlled Substances Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028,’ elaborates the factors influencing the present market structure.
Several reports suggest that the usage of controlled substances can help in the successful treatment of various disorders that are among the leading causes of disabilities across the world. Manufacturers are working on trying to control this situation by conducting in-depth clinical research aimed at altering the chemical composition of controlled substances to stop their abuse.
In the present scenario, the drugs that are categorised as controlled substances, such as opioids, stimulants, and depressants, are available in generic forms. This has resulted in the surplus availability of these drugs due their cost-efficiency as compared to the branded drugs offered by leading manufacturers. According to clinical trials, there has been an increase in the patent expiration of controlled substances-based drugs, which is likely to boost the market for the generic products offered by other manufacturers.
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As per further assessment, UN bodies are implementing regulations pertaining to the usage of controlled substances for drug formulations. With an increase in the opioid crisis and black market trafficking, these implementations could be issued on a global level, thus changing the market scenario for controlled substances. This situation led to the introduction of abuse-deterrent formulations. Hence, several companies are focusing on the development of non-abuse opioid drugs to maintain their position in the market. For instance, in July 2014, the U.S. Food and Drug Administration approved a newer form of OxyContin, which is a type of non-abuse opioid drug. This is an example of the strategies implemented to limit the abuse of controlled substances, such as overdose awareness campaigns, assessable services for drug abuse, empowering current drug abusers, and supervised drug consumption patterns.
The controlled substances market is segmented into seven key regions that complement the regional trends pertaining to the usage of controlled substances. There are efforts being made for controlled substances regulations, government authorities like WHO and UN is rallying for the consumption pattern of controlled substances. For example, there has been a decrease in the number of prescriptions issued for opioids by physicians for pain management, which is estimated to lead a decrease in the overall sales of the same across the world, thus negatively impacting the entire controlled substances market. Moreover, the trend of delegating commercial rights to local manufacturers present in this controlled substances market has broadened the manufacturer-consumer reach, and enabled local players to be involved in the global market. For instance, in April 2015, Janssen Pharmaceuticals, Inc. divested the U.S. license rights of its NUCYNTA oral solution to Depomed Inc.
The players involved in the controlled substances market understand the lucrative medical marijuana market. Hence, they are entering into collaborations to broaden their market reach. For instance, Sandoz entered into an agreement with Tilray, a British Columbia-based medical marijuana company.
Operators and investors with unprecedented opportunities are interested in entering the flexible medical marijuana market. As the regional trends pertaining to the consumption of controlled substances differ, researchers have identified the use of controlled substances for other healthcare indications. The rise of medical marijuana in general is one of the major examples of this trend. The legalization of marijuana for recreational as well as medical use has created opportunities for the leading marijuana growers, controlled substances manufacturers, and pharmaceutical companies. Moreover, the increasing incidence of reported indications and rise in the number of reported hospitalisations for chronic diseases are some of the factors that are expected to contribute significantly to the expansion of the controlled substances market. Major players are focusing on increasing their share in the controlled substances market in the Asia Pacific region through strategic mergers and acquisitions with regional players as well as investment groups. On the other hand, regional controlled substances manufacturers are focusing on entering into long-term relationships with direct end users to sustain a continuous flow of revenue.
Some of the key companies reported in the controlled substances market include Aurora Cannabis Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Noramco, Inc., Mallinckrodt plc, AMRI, Pfizer Inc., Takeda Pharmaceutical Company Limited, Mylan N.V., and Sun Pharmaceutical Industries Ltd.