Addiction Treatment is Estimated to Witness High Growth Owing to Increasing Substance Abuse Cases

 

Addiction Treatment Market

Addiction treatment involves provision of therapies, counseling sessions and medication for patients suffering from substance or chemical dependency issues such as alcohol, tobacco, and drug addiction. Behavioral therapies help patients overcome addiction triggers and counselors provide support to start recovery process. Medications either alleviate withdrawal symptoms or manage relapses during the recovery phase. With increasing cases of substance abuse worldwide owing to various social and economic factors, demand for evidence-based addiction treatment services has grown significantly.

 

The Global Addiction Treatment Market Size is estimated to be valued at US$ 9,199.79 Mn in 2023 and is expected to exhibit a CAGR of 29% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

The addiction treatment market is expected to witness high growth owing to increasing substance abuse cases across the globe. According to World Drug Report 2022 by United Nations Office on Drugs and Crime, around 275 million people globally used drugs in 2020. Easy availability of illicit substances and growing experimentation among youth has augmented the patient pool for addiction treatment centers. Further, raising awareness about effectiveness of medical & psychosocial therapies and presence of favorable reimbursement structure in developed nations will also drive the market growth during forecast period. However, social stigma associated with addiction problems and high cost of advanced therapies, especially in developing countries may hamper the market growth.

 

 

SWOT Analysis

 

Strength: The addiction treatment market is witnessing high demand for effective drugs and therapies. Manufacturers are investing heavily in R&D to develop novel and targeted treatment options. Growing awareness among patients is also driving the market growth.

 

Weakness: High cost of advanced addiction treatment therapies is a major challenge. Lack of health insurance coverage and social stigma associated with addiction disorders limits the market penetration.

 

Opportunity: Emerging economies offer lucrative opportunities owing to increasing patient population and rapidly growing healthcare sectors. Telehealth and digital therapeutics present new avenues by improving the accessibility and adherence to addiction treatments.

 

Threats: Stringent regulatory framework for approval of new drugs delays the product launch. Substance abuse through unauthorized channels poses significant threats. unawareness in remote areas also limits the market reach.

 

 

Key Takeaways

 

The Global Addiction Treatment Market Size is expected to witness high growth over the forecast period. The market size is projected to reach US$ 9199.79 Mn by 2024 with a CAGR of 29% between 2023 and 2030.

 

Regional analysis: North America currently dominates the global market due to rising Alcohol and drug abuse disorders. However, Asia Pacific region is expected emerge as the fastest growing market led by factors such as increasing awareness, healthcare reforms, and expanding patient pool in major countries like China and India.

 

Key players: Key players operating in the addiction treatment market are Alkermes, Indivior, Pfizer, Novartis, and Mylan. Other prominent players include Teva Pharmaceutical, Dr. Reddy’s Laboratories, GlaxoSmithKline, Ranbaxy Laboratories.


Get More Insights Here

https://www.newswirestats.com/addiction-treatment-market-size-share-growth-outlook-2023/

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