Controlled Substances Market Indicates Notable CAGR growth through 2018-2028

Posted on 2019-03-25 by Mark Hub in Healthcare // 0 Comments

In order to dissert the market scenario prevailing across the controlled substances market sector, FactMR has evenly presented a new examination titled “Controlled Substances Market Indicates Notable CAGR growth through 2018-2028”, to its extensive online repository. With all vital market facets enclosed into this single assessment, readers can learn about different market drivers, opportunities and trends which are likely to influence the overall market space for the controlled substances market in the coming years. In addition, factors such as market size, Y-o-Y growth and revenue share are investigated so as to make this research highly authentic and reliable.

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The controlled substances market registered a CAGR of over 3% during the period, 2013 to 2017. Sales of controlled substances are expected to remain underpinned by efforts of mature markets in reducing costs to create an affordable landscape for end-users. The controlled substances market was valued in excess of US$ 42,000 Mn in 2018, and is projected to record a modest expansion at 4% CAGR through 2028.

North America has traditionally been the most lucrative market for controlled substances, with sales estimated to record a Y-o-Y of 3.5% in 2019 over 2018. This can be attributes in part to legalization of various forms of marijuana in the US, along with the recent approval of recreational marijuana sales in Canada. Latin America is expected to exhibit the fastest growth in the controlled substances market through 2028. Uruguay, and Colombia continue to gain significance as an attractive market for medical marijuana in Latin America, in light of their emerging stature.

Key players operating in the controlled substances market, as identified in the report, include CANNABIS SATIVA, INC., The Peace Naturals Project, Canopy Growth Corporation, GW PHARMACEUTICALS PLC, Takeda Pharmaceutical Company Limited, Teva Pharmaceuticals, Inc., Mallinckrodt plc, SAFC/Cerilliant, Noramco, Inc., Johnson Matthey, Siegfried AG, AMRI, Cayman Chemical, Consort Medical, Patheon, and Cambrex.

Electronic Prescribing of Controlled Substances – A Key Trend

Electronic prescribing of controlled drugs, which emerged as a key trend in the past decade focusing on adoption and utility, has witnessed a paradigm shift toward quality- and optimization-based developments in the past few years. This has further led to an increased efficiency of processes associated with physicians, such as reduced follow-up times for detecting errors owing to time saved from procuring them electronically. Encouraging access to electronic health records for the same has further resulted in timely product validation and verification prior to procurement. As of 2018, nearly 22 states in the US have current or impending legislations for electronic prescribing of controlled substances.

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The Opioid Reduction Act was implemented by the West Virginia Department of Health and Human Resources, setting limitations on the opioid prescriptions, and enabling patients to place directives in their medical files apropos of advanced treatment that involve opioid medications. Additionally, the legislation enables patients top opt out of treatment with opioids in advance, via filling the form of Voluntary Opioid Advanced Directive. This initiative to reduce the use of opioids, particularly for beginners, is a huge step taken toward turning the tap off in opioid crisis, while preventing new patients from getting addicted to these drugs.

This report offers holistic insights on the controlled substances market, along with important numbers such as revenue comparison, Y-o-Y growth comparison, and market share comparison of key segmented identified in the controlled substances market. Key trend affecting the growth of the controlled substances market have also been analyzed in the report, along with their degree of impact intensity on the controlled substances market.

Insights and analysis offered on the controlled substances market in this report are backed by a robust research methodology, which involves a perfect combination of extensive primary and secondary researches. The year 2017 is considered as the base year for forecasting further projections of the controlled substances market for the period between 2018 and 2028.

Comprehensive telephonic interviews have been conducted for gaining first-hand, authoritative information on the controlled substances market’s current scenario and prospects. This information is then used for validating the insights gained from exhaustive secondary researches.

This research methodology adopted for compiling the report on the controlled substances has enabled our analysts to deduce holistic insights into the controlled substances market’s growth prospects. This report serves as an authentic dataset for clients to further their business growth with precarious steps in their future business trajectory.

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