Pune, India, Feb. 09, 2022 (GLOBE NEWSWIRE) -- The global addiction treatment market size is projected to experience dynamic expansion in the forthcoming years owing to the increasing prevalence of drug dependency among the people around the world, finds Fortune Business Insights™ in its report, titled “Addiction Treatment Market, 2021-2028”.
The addiction treatment is a medical procedure which helps in the prevention of consuming drugs such as heroin, cannabis, alcohol, cocaine, and others. This type of treatment can be a long-term process in case of some people and may require continuous monitoring. There has been an increasing prevalence of drug dependency among the people across the world owing to the rising consumption of alcohol, drugs, and other hazardous substances that can prove fatal to human health. Thus, this is a major factor contributing to the growth of this market.
However, the lack of physical and mental stability of patients during the treatment is projected to hamper the growth of this market.
Due to the constant growth in the consumption of alcoholic beverages and drugs by the majority of the world population, there is a high demand for addiction treatment across several regions even during the outbreak of the COVID-19 pandemic. Thus, the COVID-19 pandemic acts as a driving factor for the growth of this market.
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Industry Development:
November 2018: Sandoz International GmbH (Novartis division) and Pear Therapeutics, Inc., announced the commercial launch of reSET for patients with Substance Use Disorder (SUD).
Market Segmentation:
On the basis of type, this market is categorized into alcohol addiction treatment, tobacco/nicotine addiction treatment, opioid addiction treatment, and others. Based on drug type, the market is divided into bupropion, varenicline, acamprosate, disulfiram, naltrexone, methadone, buprenorphine, nicotine replacement products, and others. By treatment centers, the market is classified into residential treatment centers, outpatient treatment centers, and inpatient treatment centers. In terms of distribution channel, the market is categorized into retail pharmacy, hospital pharmacy, and online pharmacy. By geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights/Summary:
This research report offers an in-depth study of the driving factors, restraints and trends influencing the growth of the market. In addition, this report offers a detailed evaluation of the market segments and regional developments in the market. Further, this report also incorporates a comprehensive analysis of the strategies adopted by market players to strengthen their position.
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Rising Number of Deaths due to Drug Overdose to Fuel the Market
In recent years, there has been a considerable increase in the number of deaths across the world due to the increasing use of drugs and its overdose, which is anticipated to fuel the growth of this market. For instance, as per the report released by the World Health Organization (WHO), tobacco consumption has caused more than 8 million deaths every year and out of that there are more than 7 million deaths due to the direct use of tobacco.
Increasing Usage of Illicit Drugs to Boost the North America Market Growth
North America region is anticipated to witness substantial growth in the addiction treatment market share on account of the increasing usage of illicit drugs and rising number of smokers in this region.
European region is projected to grow at a decent pace in this market owing to the increasing number of tobacco consumers and rising number of alcohol addiction in this region.
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Rising Research and Development Activities in the Addiction Treatment to Feed Competition
The leading companies in the addiction treatment market are focusing on increasing the research and development activities in the addiction treatment in order to provide high quality treatment to the people addicted to drugs. This has resulted in the increasing competition among key companies which will enable them to widen their business portfolio and broaden their market presence.
List of Key Players Covered in the Addiction Treatment Market Report:
Cipla Inc., Allergan, Alkermes, Pfizer Inc., Orexo AB, GlaxoSmithKline plc., Sandoz International GmbH, Reckitt Benckiser Group plc., Teva Pharmaceutical Industries Ltd., Novartis AG, Indivior PLC.
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