Rockville , March 20, 2023 (GLOBE NEWSWIRE) -- The market for addiction treatment was anticipated to grow at a CAGR of 6.7% throughout the anticipated time frame. Over the next ten years, there will be a $50 million potential due to the anticipated significant uptake in business settings.
Sharing mouthpieces and hoses while using smoking devices like water pipes frequently enhances the spread of the new coronavirus in social and communal situations. Patients are put in danger because they become more susceptible to life-threatening lung infections like pneumonia due to conditions that increase the body's need for oxygen or decrease its capacity to use it efficiently.
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Report Attributes | Details |
| Forecast Period | 2022 - 2032 |
| Value Projection (2032) | US$ 50 Million |
| Growth Rate (2022-2032) | 6.7% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 30 Tables |
| No. of Figures | 92 Figures |
Competition:
Several new medications have been approved by the FDA for the treatment of opioid addiction, including Sublocade, an extended-release injectable buprenorphine, and Lucemyra, a non-opioid medication that reduces withdrawal symptoms.
There have been several new digital health solutions launched for addiction treatment, such as Sober Grid, an app that connects people in recovery, and Pear Therapeutics' reSET and reSET-O, the first FDA-cleared digital therapeutics for substance abuse disorders.
Many addiction treatment providers are now integrating behavioral health services into their programs, to address co-occurring mental health issues.
- For example, Hazelden Betty Ford Foundation has launched its Mental Health Center to provide integrated mental health and addiction treatment.
- In June 2021, AELIS FARMA, a biotechnology organization working in the ailment of cerebrum issues, declared essential cooperation and choice permit concurrence with INDIVIOR PLC to address the serious results of weed use problems (CUD), including marijuana prompted psychosis (CIP).
- In June 2021, Terveystalo Healthcare has procured 72% of shareholding in Feelgood Svenska AB and unveils a suggested required deal of SEK 5.7/share.
Overall, these launches demonstrate the ongoing innovation and evolution in the addiction treatment market, with a focus on personalized, integrated, and holistic approaches to treatment.
Key Takeaways from Market Study
- The global addiction treatment market is set to expand at a CAGR of 6.7% during the forecast period.
- The rising prevalence of cigarette smoking boosts the prospects for the tobacco and nicotine addiction treatment market.
- North America is the most attractive region for the expansion of the addiction treatment market.
- Production of de-addiction drugs and other formulae to assist patients remains the key growth strategy of the market players.
Drug Education Programs to Improve Market Prospects
Addiction treatment facilities and drug awareness programmes have a big impact on the market's expansion. Furthermore, increasing patient consciousness and support for the regulation of substance use in several countries are directly attributable to awareness campaigns and related anticipation programmes. For instance, the Indian government launched the "Medication Free India" campaign in December 2021 and provided guidelines for reducing chronic medication use among Indians.
Also, the Centers for Disease Control and Prevention (CDC) sent off four reciprocal training initiatives in October 2021 that were intended to reach young adults between the ages of 18 and 34 and were intended to stop drug overdose deaths. The missions provide information on the prevalence and risks of fentanyl, the risks and results of mixing drugs, the effectiveness of naloxone in saving lives, and the relevance of reducing stigma surrounding drug use to aid in treatment and recovery. Such initiatives are growing and supporting the growth of the market for addiction treatment.
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Key Companies Profiled in Addiction Treatment Market report
- Alkermes plc
- Cipla Ltd.
- GlaxoSmithKline plc
- Pfizer, Inc.
- Mallinckrodt
- Hikma Pharmaceuticals PLC
- Orexo AB
- Titan Pharmaceuticals, Inc.
- Teva Pharmaceutical Industries Ltd
- Indivor Plc.
Key Drivers of Addiction Treatment industry:
- There is a growing awareness and acceptance of addiction as a disease that requires treatment, rather than a moral failing. This has led to an increased demand for addiction treatment services.
- Moreover, the prevalence of substance abuse, including opioids, alcohol, and other drugs, has been on the rise in recent years. This has led to an increase in demand for addiction treatment services.
- Governments are increasingly investing in addiction treatment programs and policies, which is driving growth in the addiction treatment market.
- There have been significant advances in addiction treatment options in recent years, including new medications, therapies, and technologies, which are driving growth in the market.
- Insurance coverage for addiction treatment has been improving in recent years, making it more accessible and affordable for people to seek treatment.
- Stigma associated with addiction has reduced in many societies, encouraging more people to come forward and seek help.
- The COVID-19 pandemic has accelerated the adoption of telemedicine for addiction treatment services, which is driving growth in the market.
Restraints:
There are also several key restraints that may impact the addiction treatment market, including:
- Addiction treatment can be expensive, and many people may not be able to afford it without insurance coverage or government subsidies. This can limit the market's growth potential.
- Many people living in rural or remote areas may not have access to addiction treatment services due to a lack of infrastructure or trained professionals in their area
- Despite the reduction in stigma, many people may still feel ashamed or embarrassed about seeking treatment for addiction, which can deter them from seeking help.
- Although insurance coverage for addiction treatment has been improving, many insurance plans still do not cover all necessary services or have high out-of-pocket costs.
- Addiction treatment providers may have limited resources, such as staff, facilities, and funding, which can limit the availability and quality of services.
Key trends:
- Growing trend towards personalized treatment is witnessed, where treatment plans are tailored to the individual needs and circumstances of the patient.
- The use of digital health solutions, such as mobile apps, telemedicine, and virtual reality, is increasing in addiction treatment to improve access, reduce costs, and increase engagement.
- Inclination towards holistic approaches to addiction treatment is witnessed, which focuses on treating the whole person, including their mental, emotional, and physical well-being.
- The integration of behavioral health services with addiction treatment is becoming more common, as many people with addiction also have mental health issues that need to be addressed.
- Peer support programs, such as 12-step groups, are an increasingly popular form of addiction treatment, providing social support and a sense of community for people in recovery.
- Medication-assisted treatment (MAT) is becoming more widely used, particularly for opioid addiction, as it has been shown to improve outcomes and reduce relapse rates.
- Data analytics is being increasingly used to improve addiction treatment outcomes, by identifying high-risk patients, predicting relapse, and optimizing treatment plans.
Overall, these trends are shaping the addiction treatment market and are likely to continue to drive growth and innovation in the industry in the coming years.
Key Segments Profiled in the Addiction Treatment Industry research
Fact.MR has studied the global addiction treatment market with detailed segmentation on the basis of treatment type, drug type, treatment centers, distribution channel, and key regions.
- By Treatment Type :
- Alcohol
- Tobacco/Nicotine
- Opioid
- Other Substances
- By Drug Type :
- Bupropion
- Varenicline
- Acamprosate
- Disulfiram
- Naltrexone
- Methadone
- Buprenorphine
- Nicotine Replacement Products
- Others
- By Treatment Centers :
- Outpatient Treatment Centers
- Residential Treatment Centers
- Inpatient Treatment Centers
- By Distribution Channel :
- Hospital Pharmacy
- Medical Stores
- Others
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