What are Key Growth Influencers of the Controlled Substances Market
Worldwide sales of the controlled substances closed in on a valuation of US$ 67,000 Mn in 2018, and are projected to record a Y-o-Y growth at 3.5% in 2019, according to a new Fact.MR study. The study opines that depressants and stimulants have been top-selling class of drugs in the controlled substances market, however gains from marijuana are expected to record over 2X faster growth than all the other controlled substances in 2019 and beyond.
Approval of medical marijuana has been on a significant uptick in various states of the US, trailed by the legalization in Canada for both recreational and medicinal use recently. This has tremendously contributed to the popularity of cannabis stocks, alongside efforts of leading controlled substance manufacturers toward eliminating legal barriers and attracting investor interest. The study estimates marijuana sales in 2019 to record a Y-o-Y growth at 9.3% over 2018.
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“The Schedule of Controlled Substances currently positions marijuana in Schedule 1 – the most restrictive one reserved for “high potential for abuse,” “lack of accepted safety” and “no accepted medical use” drugs. Federal scheduling of marijuana has been a key concern among producers and medical patients alike, despite legalization of cannabis in the US and Canada. The US Drug Enforcement Administration has recently removed cannabidiol from Schedule 1, post-FDA approval of non-synthetic, cannabis-derived medicine. Marijuana businesses have cheered the DEA’s action, as it alludes the beginning of regulatory relaxation to the cannabis industry,” according to a lead analyst at Fact.MR.
Pain Management Remains Leading Application of Controlled Substances
The study opines that pain management will continue to account for over one-fourth share of the controlled substances market in 2018. Several regulatory norms being implemented in the prescription of controlled substances for pain management, such as in Georgia, Michigan, and Florida, have further triggered the preference and adoption of controlled substances to manage and treat chronic as well as acute pain. Attention deficit hyperactivity disorder (ADHD), and anxiety are other medical conditions wherein controlled substances are expected to witness promising future prospects, according to the study.
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The entrance of pharmaceutical giants in the cannabis sector of Canada alludes the next significant trend in the controlled substances industry, offering additional credibility to the sector. Although the pharmaceutical part of the expression involves the missing link, an ongoing trend of M&A and entrance of these legacy industries is poised in 2019 and the foreseeable future. There has been a drought in direct investments from the pharmaceutical industries in the licensed medical marijuana producers, it is highly likely that the trend would change, as the US witnesses the federal legalization of cannabis. Big pharmaceutical companies that eye collaborations and partnerships with cannabis producers having competitive differentiation circling their R&D initiatives, commercialization efforts, and clinical trial programs, are likely to witness significant revenue generation in the near future.
Ensuring effective and safe management of controlled drugs continues to remain an imperative agenda among pharmacists, which in turn has led the focus on fundamental changes including reviewing of liquid CD management and CD documentation to realize substantial improvements. The pharmacists are also adhering to the operational standards, completely aware about the way CDs are managed, along with identifying potential drawbacks and reporting concerns regarding non-conformance. This will result in adherence to appropriate steps that ensure apt prescription of quantities when dispensing controlled substances to patients.
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This Fact.MR report also offers an accurate forecast of the controlled substances market for the period between 2018 and 2028. The controlled substances market is envisaged to record a CAGR of 4% through 2028
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