U.S. Controlled Substance Market Size Worth USD 74.3 billion by 2031, Rising at a CAGR of 5.2% – Says Transparency Market Research
The increasing demand for controlled substances as drugs on chronic pain is the main factors that are expected to boost the U.S. controlled substance market.
Wilmington, Delaware, United States, Sept. 08, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The U.S. controlled substance market is projected to flourish at a CAGR of 5.2% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 74.3 billion is anticipated for the market in 2031. As of 2023, the market for U.S. controlled substances is expected to close at US$ 49.2 billion.
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The U.S. Controlled Substance market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global U.S. Controlled Substance market report:
- AbbVie, Inc.
- Pfizer, Inc.
- Merck & Co., Inc
- Mallinckrodt plc
- F. Hoffmann-La Roche AG
- Janssen Pharmaceuticals, Inc.
- Purdue Pharma L.P.
- Teva Pharmaceutical Industries Ltd.
- Other Prominent Players
Key Developments in the U.S. Controlled Substance Market
- In August 2023 – FDA has approved Harm Reduction Therapeutics’ (HRT) new drug application for RiVive™ (Naloxone HCl Nasal Spray 3 mg) to be available over the counter (OTC) for the emergency treatment of opioid overdose. Naloxone is an opioid antagonist rescue medication used to reverse the effects of a life-threatening opioid overdose. As an independent, 501(c)(3) non-profit pharmaceutical company, HRT’s mission is to prevent opioid overdose deaths by making low-cost intranasal naloxone available to everyone without a prescription
- Johnson & Johnson (J&J involved in litigation related to opioid marketing and distribution. In 2021, they reached a $230 million settlement with the state of New York.
- Mallinckrodt, a manufacturer of generic opioids, filed for bankruptcy and reached a settlement to resolve opioid-related liabilities.
High incidence rate of chronic pain among the geriatric population, introduction of controlled substance or controlled drug products, and rise in target population of attention deficit hyperactivity disorder are main factors that are expected to boost the U.S. controlled substance market.
Increase in geriatric population that is more prone to chronic pain, due to reduced mobility and lack of activity, is projected to propel to demand for controlled substance.
The increasing legalization of medical marijuana in many parts of Unites states has created a growing market for controlled substances. Cannabis and its derivatives, including CBD and THC products, are used to treat various medical conditions, contributing to market growth.
Key Takeaways from the Market Study
- As of 2022, the U.S. Controlled Substance market was valued at US$ 46.8 billion
- By product type, the air opioid segment to enjoy high demand, accumulating a high revenue share during the forecast period he growth of the opioid segment can be attributed to the consistent rise in population that suffers from pain, and an opioid is used as a component in the pian management
- Based on indication, the pain management segment accounts for the highest market share
- Based on distribution channel, the retail pharmacies segment is expected to account for a dominant market share of the market during the forecast period.
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U.S. Controlled Substance Market: Key Trends and Opportunistic Frontiers
- Increasing chronic pain conditions, such as back pain and arthritis, has led to a higher demand for pain management medications, drive the demand for controlled substances.
- The growing advances in pharmaceutical research have led to the development of abuse-deterrent formulations (ADF) for some controlled substances. These formulations are designed to reduce the potential for misuse and addiction.
U.S. Controlled Substance Market – Analysis
- As chronic pain persists for a longer duration, and the number of patients suffering from chronic pain is increasing. High incidence rate of chronic pain among geriatric population to drive demand for controlled substances in united states.
- Increasing healthcare needs and increased number of individuals who require medications for chronic conditions and pain management, driving the demand for controlled substances.
U.S. Controlled Substance Market – Key Segments
- Cannabinoids Drugs
- Pain Management
- Sleep Disorder
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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