Published: Apr-2021 | Format: PDF | Market Research Store | Number of pages: 160 | Code: MRS - 828588
According to the report published by Market Research Store, global demand for the addiction treatment market was estimated at approximately USD 9,330 Million in 2019 and is anticipated to generate revenue of around USD 16,000 Million by end of 2026, growing at a CAGR of around 8% between 2020 and 2026.
Global Addiction Treatment Market: Overview
Substance addiction is a dangerous, long-term condition that only gets worse if left untreated. Drug addiction therapy aids people suffering from substance addiction problems in regaining hope and embarking on a path to long-term rehabilitation. Almost anyone who has an overdose has and recover and get alcohol and other medications out of their system. Treatment alternatives are usually determined by a number of factors, including the type of substance used, the duration and intensity of use, the presence of an addiction condition, and the impact of the disorder on the client. A wide variety of services including a personalized recovery regimen and follow-up options can be critical for a good treatment. Aggression, irritability, and forgetfulness are some of the most prominent signs of substance addiction. Doctors and doctors advise people who choose to stop abusing substances to seek out community services as well as drugs that can better curb cravings and treat medical problems caused by drug misuse.
Global Addiction Treatment Market: Growth Factors
According to the World Health Organization, tobacco and its use by ingestion and smoking are unhealthy, since it kills half of its consumers worldwide. According to WHO statistics, nicotine kills more than 8 million people a year. More than 7 million of these deaths are caused by overt cigarette use, while 1.2 million are caused by nonsmokers inhaling secondhand smoke. Furthermore, tobacco use is higher in developing and underdeveloped countries. As a result, since these societies are not as large as developed economies, the cost of caring for such a population falls disproportionately on them. Because of the demanding lifestyles of many people around the world, the consumption of nicotine and other addictive drugs has increased dramatically. Electric cigarettes are also contributing to the widespread use of tobacco in both developing and developed countries. Despite the general public's belief that E-cigarettes are less risky, tests have shown that E-cigarette use leads to a number of severe health problems linked with tobacco use. As a result, both of these factors are expected to contribute to the market's growth. The adoption of therapy to fight against the habit of addiction was prompted by a rise in the number of disorders linked to substance addiction. Technological innovation in the diagnostics field can also fuel demand expansion, as the prevalence of opioid misuse rises. Furthermore, over the forecasted timeframe, increasing patient awareness of drug addiction care and improvements in treatment rates generate a business opportunity.
Global Addiction Treatment Market: Segmentation
The addiction treatment market is bifurcated on the basis of drug abuse type, treatment type, and distribution channel. Based on drug abuse type segmentation, the market is split into drug addiction, tobacco/nicotine addiction, and alcohol dependence. The segment of tobacco/nicotine addiction is on a higher scale owing to the easy availability of products containing tobacco/nicotine along with the usage of tobacco and nicotine as it is been combated by the availability of over-the-counter nicotine substitute medications, as well as an uptick in the use of prescription opioids or counterfeit substances. On the basis of distribution channels, the market is segmented into hospital pharmacies, retail pharmacies and drug stores, and others. Hospital pharmacies are considered to be the highest shareholder as rehabilitation and detox treatments are provided by rehab clinics within hospital premises and as the dosage depends upon the improvements of the patients, the medicines are prescribed by the doctors and are provided to the patients only on the doctor’s prescription for avoiding any kind of side effects in the long run.
Global Addiction Treatment Market: Regional Analysis
In the forecast period of 2020 to 2026, North America (NA) took the lead in the worldwide drug addiction treatment industry, led by Europe. The addiction treatment industry in North America is being driven by a rise in concern about prescription treatment services and an increase in government efforts to raise awareness about substance misuse, drug side effects, and the importance of alcohol treatment. Drug addiction treatment in Europe is funded by both public and private entities and includes a wide variety of treatments. Furthermore, since the beginning of 2010, the availability of outpatient care and funding for treatment services has improved significantly. Furthermore, the substance abuse care industry in Europe is projected to be driven by government efforts to raise concerns about the use of cannabis and its harmful consequences. Electric cigarettes are also contributing to the widespread use of tobacco in both developing and developed countries. Despite the general public's belief that E-cigarettes are less risky, tests have shown that E-cigarette use leads to a number of severe health problems linked with tobacco use.
Global Addiction Treatment Market: Covid-19 Analysis
Related to the increased stress levels caused by the COVID-19 epidemic, there has been a rise in drug misuse. Fear of losing one's career, financial insecurity, and uncertainty are all causes that have contributed to the rise of drug addiction. This factor would aid in the market's expansion for drug addiction care. During the tight lockout, healthcare facilities and opioid processing were permitted to operate. As a result, the pandemic has had little effect on the drug addiction care industry.
Global Addiction Treatment Market: Competitive Players
Some of the key players in the addiction treatment market are Cipla, Alkermes, Novartis AG, Pfizer, Inc., Reckitt Benckiser Pharmaceuticals, Inc, GlaxoSmithKline plc, Allergan PLC, Mallinckrodt plc, Indivior PLC, BioCorRx, Inc., Noramco, Glenmark Pharmaceuticals Ltd., Teva Pharmaceutical Industries Ltd, Mylan, and Astraea Therapeutics LLC among others.
Addiction Treatment Market: Regional Segment Analysis