July 15, 2024
Addiction Treatment Market

The Increase In Substance Abuse Disorders Drives Growth Opportunities In Addiction Treatment Market

The 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:

The addiction treatment market deals in treating substance and process addictions through medication and counseling. Key products include opioid painkillers, generic buprenorphine, and naltrexone implants for alcohol and opioid dependence. With rising health awareness, behavioral therapy combined with medication is becoming mainstream for sustained recovery from addiction.

Market Dynamics:

Growing substance abuse is a key driver for this market. According to WHO, around 275 million people globally use drugs, and over 36 million have drug use disorders. The misuse of opioids, cocaine, and amphetamine-type stimulants is concerning. Likewise, high-risk alcohol consumption is on the rise. As substance dependence leads to severe health, social, and economic consequences, governments are allocating more resources to addiction treatment and prevention programs.

Another driver is the advent of novel therapies. Researchers are developing long-acting implants and injection formulations of FDA-approved drugs to improve medication compliance. Digital therapeutics are also supplementing in-person counseling. For example, smartphone apps help in continuing care at home. Such innovations make treatment more accessible and personalized to individual needs. With growing awareness and new treatment options, the addiction treatment market is expected to grow steadily.

Segment Analysis

The global addiction treatment market is dominated by the alcohol addiction treatment segment. Alcohol addiction is one of the most prevalent forms of substance abuse disorder worldwide. For instance, according to the National Institute on Alcohol Abuse and Alcoholism (NIAAA), an estimated 95 million people in the US consume alcoholic beverages. Excessive and long-term consumption of alcohol significantly impacts health and social life. Therefore, the alcohol addiction treatment segment accounts for over 30% share of the global addiction treatment market.

PEST Analysis

Political: Governments across various countries have implemented various policies and programs to increase awareness about substance abuse disorders and enhance access to addiction treatment services. For example, the Mental Health Parity and Addiction Equity Act in the US aims to eliminate health insurance limitations on mental health and substance abuse treatment coverage.

Economic: The growing healthcare spending on substance abuse disorder treatment is fueling the market growth. Various therapies and drug types available to manage withdrawal symptoms and cravings are also driving the treatment costs.

Social: Changing social trends and rising acceptability of seeking professional help for behavioral health issues have positively impacted the market. Furthermore, growing consumption of illicit drugs and alcohol is increasing the patient pool requiring treatment.

Technological: E-health tools and digital therapeutics are transforming the delivery of addiction care. Virtual support groups, online therapy, and remote monitoring enable continuous care and improve treatment engagement.

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 about risks of substance abuse and availability of novel treatment approaches. The market size for 2023 is estimated to be US$ 9199.79 Mn.

Regional analysis: North America dominates the global addiction treatment market owing to rising prevalence of opioid addiction, favorable reimbursements, and availability of specialized treatment facilities in the region. For example, the US accounts for over 40% share of the North America addiction treatment market.

Key players analysis: 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 players are focused on developing novel treatment formulations and digital solutions for enhanced drug adherence and remote monitoring.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it