by The global Addiction Treatment Market is estimated to be valued at US$ 9199.79 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Addiction treatment includes counselling and medications to help people recover from substance abuse disorders. Treatment aims to help people overcome cravings through behavioural therapies and medications.
Market key trends:
One of the key trends driving the Addiction Treatment Market growth is the increasing awareness regarding addiction disorders. Various government and non-government organizations are undertaking initiatives to educate people on the signs, symptoms and management of addiction disorders. For instance, the Substance Abuse and Mental Health Services Administration (SAMHSA), a branch of the U.S. Department of Health and Human Services, conducts campaigns targeted towards adolescents and adults to raise awareness about substance abuse and the available treatment options through their National Helpline. Such awareness initiatives are helping in reducing the stigma associated with addiction disorders and promoting timely treatment seeking, thereby boosting the market growth.
SWOT Analysis
Strength: The addiction treatment market is driven by the increasing awareness regarding addictive disorders and the availability of various treatment options. There is also an increasing government support for research and development of novel drugs for addiction treatment.
Weakness: Low treatment rates for addictive disorders due to social stigma and lack of adequate healthcare infrastructure and resources in developing nations. High cost of new drug development acts as a barrier.
Opportunity: Emergence of digital therapeutics and innovative treatment delivery methods. Rising focus on prevention of substance use disorders.
Threats: Limited understanding of the neurobiology of addictive disorders posing challenges for development of effective treatments. Non-medical use of prescription drugs continues to be a major public health threat.
Key Takeaways
The Global Addiction Treatment Market Share is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing awareness regarding substance abuse disorders and the availability of generic drugs.
Regional analysis: North America dominated the addiction treatment market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to high treatment rates supported by favorable reimbursement policies and ongoing drug development activities in the region. Asia Pacific is anticipated to exhibit the fastest growth during the forecast period owing to rising affordability, availability of generic drugs, and increasing healthcare expenditure in developing countries of the region.
Key players operating in the addiction treatment market are Alkremes Plc., Teva Pharmaceutical Industries Ltd., Glenmark Pharmaceuticals, Titan Pharmaceuticals, Inc., Pfizer, Inc., GlaxoSmithKline plc., Johnson & Johnson, Perrigo Company plc., Cipla Limited, Hikma Pharmaceuticals Plc., Dr. Reddy’s Laboratories Limited, Indivior Inc., and Mylan N.V. These companies are focused on strengthening their product portfolios through partnerships and acquisitions to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
