Addiction Treatment plays a vital role in treating various addictions such as drug addiction, alcohol addiction, among others. Addiction Treatment helps individuals recover from substance abuse and achieve long-term abstinence. The rising prevalence of substance abuse disorder has increased the demand for effective addiction treatments such as medication-assisted treatment, cognitive-behavioral therapy, relapse prevention, and others.
The global Addiction Treatment Market is estimated to be valued at US$ 9199 million in 2023 and is expected to exhibit a CAGR of 29% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for substance abuse treatments is one of the key trends driving the growth of the Addiction Treatment Market. According to the World Drug Report 2022 by the United Nations Office on Drugs and Crime, around 5.5% of the global population aged between 15 and 64 had used drugs at least once in 2020. The rising drug and alcohol consumption has increased healthcare costs related to substance abuse disorders. For instance, according to the National Institute on Drug Abuse, the total cost of substance use was estimated to be over $740 billion in the U.S. in 2020. This has increased the need for effective and affordable addiction treatment options for long-term recovery. As a result, more individuals are seeking medication-assisted treatments and digital therapeutics to curb substance abuse, thereby accelerating the adoption of addiction treatments.
Segment Analysis
The global addiction treatment market can be segmented into opioid addiction treatment and tobacco/nicotine addiction treatment. The opioid addiction treatment segment currently dominates the market due to increasing cases of opioid addiction. Easy availability of opioid drugs and growing acceptance of opioid-based painkillers have significantly contributed to the growth of this segment.
Key Takeaways
The global addiction treatment market size is expected to witness high growth over the forecast period of 2023 to 2030. The global Addiction Treatment Market is estimated to be valued at US$ 9199 million in 2023 and is expected to exhibit a CAGR of 29% over the forecast period 2023-2030.
North America is currently the largest as well as the fastest growing regional market for addiction treatment. High awareness regarding addiction treatment and favorable reimbursement policies are the major factors driving the growth of this regional market. The existence of prominent players and new product launches are also supporting the market growth in North America.
Key players
Key players operating in the addiction treatment market are Indivior, Pfizer, Alkermes, Novartis, and Mylan. Indivior dominates the opioid addiction treatment market with its buprenorphine-based drugs for opioid dependence. Pfizer has a strong product portfolio of smoking cessation drugs.
Get more insights on this topic: https://www.newsstatix.com/addiction-treatment-market-share-and-opportunity-analysis-2023-2030/
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