Telehealth is fastest growing segment fueling the growth of Addiction Treatment Market
Addiction Treatment Market |
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
various therapies, medications, counseling sessions and behavioral therapies to
treat substance abuse and prevent relapse. These products help in controlling
craving and withdrawal symptoms. With rising cases of substance abuse, need for
effective treatment has increased significantly.
Market key trends:
One of the major trends in the
addiction treatment market is the increasing adoption of telehealth and digital
therapies. With the covid-19 pandemic driving virtual care adoption, various
players in this market are focusing on developing digital therapeutic and
telehealth based treatment programs. These virtual treatment options provide
remote counseling and assistance which help in improving accessibility of
treatment. They also allow personalized treatment approaches based on patient
needs. This shift towards virtual and digital treatment models is expected to
support the growth of addiction treatment market during the forecast period.
Segment Analysis
The global addiction treatment
market is segmented based on treatment into addiction therapy, and medication
assisted therapy. Among these, addiction therapy dominated the market with a
share of over 50% in 2021. Addiction therapy involves therapeutic and
behavioral treatments to help overcome addictive disorders. These therapies are
generally cost-effective and target the root cause of addiction by improving
social functioning and relationships, coping skills, and self-esteem.
Key Takeaways
The Global
Addiction Treatment Market Share was valued at US$ 9,199.79 million in
2023 and is expected to grow at a CAGR of 5.3% over the forecast period. The
increasing prevalence of substance abuse disorders due to changing lifestyle
and rising stress levels is a key growth driver for the market.
Regional Analysis
North America accounted for a
dominant share of the global addiction treatment market in 2021, due to
increasing adoption of advanced treatment options and presence of major players
in the region. Countries like the US are also focused on expanding access to
addiction treatment through healthcare reforms. Asia Pacific exhibits the
fastest growth and is expected to witness a CAGR of around 6.5% during the
forecast period. Rising healthcare spending, evolving service infrastructure,
and growing awareness on addiction are boosting market growth in Asia Pacific.
Key Players
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. Pfizer, Inc., GlaxoSmithKline plc., Johnson & Johnson
are currently the leading players offering a comprehensive portfolio of
medications and therapies to treat various types of addictions.
Read more
https://www.dailyprbulletin.com/addiction-treatment-market-size-share-growth-outlook-2023/
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