E-Prescriptions Is Fastest Growing Segment Fueling The Growth Of Controlled Substance Market

cmikiran

posted on 9 months ago — updated on 1 second ago

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E-Prescriptions Is Fastest Growing Segment Fueling The Growth Of Controlled Substance Market

One of the key trends in the controlled substance market is the growth of e-prescriptions. E-prescriptions offer convenience to both physicians and patients by eliminating handwritten prescriptions prone to errors and forgery. E-prescriptions enhance tracking and monitoring of controlled substances from prescription to dispensing. Physicians can generate, sign, and transmit secure controlled substance prescriptions electronically to a pharmacy

Controlled substances are drugs or medications that are under tighter regulation than other pharmaceutical drugs. Controlled substances have potential for abuse or addiction and are strictly regulated by governments. Controlled substances require prescriptions from physicians for dispensing or selling. E-prescriptions for controlled substances allow physicians to prescribe and pharmacies to dispense controlled substances electronically through secure online prescription systems.

The global Controlled Substance Market is estimated to be valued at US$ 32.40 Bn or Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights

Market key trends:
One of the key trends in the controlled substance market is the growth of e-prescriptions. E-prescriptions offer convenience to both physicians and patients by eliminating handwritten prescriptions prone to errors and forgery. E-prescriptions enhance tracking and monitoring of controlled substances from prescription to dispensing. Physicians can generate, sign, and transmit secure controlled substance prescriptions electronically to a pharmacy. Pharmacies can receive, dispense, and archive controlled substance e-prescriptions digitally with enhanced security and accuracy. This enhances safety and prevents misuse of controlled substances.
Segment Analysis
The global controlled substance market is segmented based on product, application and region. By product, the market is categorized into opioids, stimulants, depressants, and cannabinoids. Among these, the opioids segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. Opioids are widely used to treat both acute and chronic pain. The increasing prevalence of cancer and other lifestyle-related disorders have fuelled the demand for opioids.

Key Takeaways
The global controlled substance market analysis is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases such as cancer and arthritis. The global controlled substance market size for 2023 is US$ 32.40 Bn.

Regional analysis
North America dominated the global controlled substance market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to the increasing incidence of chronic diseases and availability of advanced healthcare facilities in the region. Europe held the second largest share owing to rising healthcare spending and growing awareness regarding pain management in the region.

Key players
Key players operating in the controlled substance market are Johnson & Johnson, Pfizer, Sanofi, Merck & Co., Gilead Sciences, Amgen, Novartis, AbbVie, GlaxoSmithKline, AstraZeneca, Bristol-Myers Squibb, Eli Lilly, Teva Pharmaceutical, Bayer, Novo Nordisk, Allergan, Takeda Pharmaceutical, Boehringer Ingelheim, Aspen Pharmacare, Astellas Pharma. These companies possess high technical know-how and focus on developing advanced controlled substance for treating chronic diseases