Pune, India, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The Substance Abuse Treatment Market Size is growing significantly as it benefits businesses to accelerate their speed by interacting with the environment. The global substance abuse treatment market size is expected to gain momentum owing to increasing prevalence of drug abuse incidence across the globe.
Fortune Business Insights™ has examined these responses in a research report titled, “Substance Abuse Treatment Market, 2022-2029.”
Industry Developments:
In November 2018, Sandoz, a subsidiary of Novartis AG, and Pear Therapeutics, Inc., launched reSET for patients with Substance Use Disorder (SUD).
In May 2018, US WorldMeds, LLC., received the U.S. Food and Drug Administration approval for Lucemyra (lofexidine hydrochloride), the first ever non-opioid based treatment used for management of opioid withdrawal symptoms in adults.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/substance-abuse-treatment-market-102109
Report Scope of Substance Abuse Treatment Market:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Base Year | 2021 |
| Historical Data for | 2018 to 2020 |
According to a report by Addiction Center, the U.S.-based non-profit organization, it is estimated that around 700,000 people were reported death owing to drug abuse in the United States for the past two decades. Substance abuse is defined as the adoption of any type of harmful substance consumed for altering the mood of a person. Additionally, a substance includes several types of drugs and alcohol and its rampant adoption can lead to severe psychological, cognitive, and behavioral problems. Moreover, according to the Global Drug Survey (GDS), the consumption of Cannabis is at an all-time high across the globe, followed by MDMA and Cocaine.
What does the Report Include?
The Substance Abuse Treatment Market report includes an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/substance-abuse-treatment-market-102109
Driving Factors:
Increasing Consumption of Tobacco Products to Drive the Market
Long time exposure to tobacco products has an adverse effect on the human body. It contains nicotine that results in the fragile state of the immune system and high consumption leads to cancer, lung diseases, and heart disease, among others. The most common form of consumption of tobacco is smoking cigarettes. According to the World Health Organization (WHO), it is estimated that over 80% of the 1.3 billion tobacco users across the globe reside in low and middle-income countries. In addition to this, it is reported that over 8 million people die owing to excessive consumption of tobacco. Therefore, increasing consumption of tobacco and its by-products is expected to drive the global substance abuse treatment market growth during the forecast period.
Market Segmentation:
| Segmentation of Substance Abuse Treatment Market | By Treatment
|
By Distribution Channel
| |
By Geography
|
Pre Book: https://www.fortunebusinessinsights.com/checkout-page/102109
Regional Insights:
Increasing Incidence of Drug Addiction in North America to Favor Growth
Among the regions, the market in North America is expected to remain dominant and register the highest global substance abuse treatment market revenue during the forecast period. This is ascribable to factors such as increasing cases of drug addiction among the population in the region. Furthermore, government initiatives to curb the rising cases of drug abuse will favor growth in the region. Europe, on the other hand, will witness substantial growth backed by increasing cases of drug abuse in countries such as the UK, Germany, and France. The market in Asia-Pacific is likely to gain momentum during the projected horizon. This is attributable to factors such as increasing focus by the government on the implementation of several programs to limit drug abuse cases across countries such as India and China between 2019 and 2026.
Competitive Landscape:
Expansion Strategies by the Companies to Augur Demand
In June 2020, St Joseph Recovery Center, UK, announced its launch of a mobile clinic program for treating substance abuse cases across eight rural counties. The center has allotted two renovated RV’s along with the program staff to address people who are suffering from disorders owing to rampant substance abuse. Furthermore, mobile clinics will be offering substance abuse therapy, drug screenings, referrals, and telehealth. Moreover, amid the widespread effect of COVID-19, the center is poised to attend drug abusers following several social distancing norms. Adoption of strategies such as product expansion, collaboration, and novel product launches by the companies will bode well for the market growth during the forecast period.
List of the Companies in the Market:
- Cipla Ltd.
- Alkermes plc
- Allergan plc
- Pfizer Inc.
- GlaxoSmithKline plc
- Orexo AB
- Mallinckrodt
- Purdue Pharma L.P
- Reckitt Benckiser Group plc
- Intas Pharmaceuticals Ltd.
- Among others
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/customization/substance-abuse-treatment-market-102109
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
