Substance Abuse Treatment Market Share, Trends and Size Analysis By Abuse Type (Alcohol Dependence, Tobacco & Drug Abuse, Treatment (Alcohol Addiction (Disulfiram, Acamprosate), Nicotine Addiction & Drug Abuse))), End User – Global Forecast Till 2023
Global Substance Abuse Treatment Market size is estimated to demonstrate a spectacular growth and rising at a significant double-digit CAGR of 11.6% over the forecast period (2018 – 2023) says Market Research Future (MRFR). The global substance abuse treatment market is rising pervasively, mainly due to the augmented demand for substance cessation therapeutics. Over the past few years, cases of substance abuse and addictions, including alcohol and illicit drugs, are growing at an alarming rate. Often, the use of these harmful psychoactive substances leads to causing aggressive behavior and mental imbalance in the addicts.
Although today’s heady lifestyle is the root cause of substance abuse, factors such as the family history of addiction, mental health disorder, peer pressure, lack of family involvement, early use, and others can’t be ignored too. The good news is that the riddance from substance abuse or addiction cessation is very much possible. There have been several breakthrough therapies & treatments developed. An alarming increase in the incidences of drug abuse is prompting the demand for novel treatments. Therefore, the market for substance abuse treatment is increasing rapidly.
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Evidently, technological advances transpired into the field of medical science are providing impetus to the market growth. However, market players that are continually bringing improvements and innovative devices and medicines for the treatment are the main driving force turning the tables in the substance abuse sector. Government initiatives are playing a major role in market development, spreading awareness among people.
Additionally, various prevailing addictions such as alcohol, narcotics, etc. are contributing to the market growth. Extensive R&D activities transpired in the field, led by the public, and private funding support is fostering the market growth significantly. The rising demand by physicians and patients is also propelling the market to a great extent.
On the other hand, large unmet needs and high cost of treatment, alongside the lack of medical infrastructure and awareness in certain regions, are the factors anticipated to hamper the growth of the market. Nevertheless, rising patient awareness about substance abuse treatment, increasing rates of treatment, and healthcare infrastructure would support the growth of the market.
Substance Abuse Treatment Market Segmentations
Substance Abuse Treatment Market is segmented into Abuse Type, Treatment Type and End User
substance abuse treatment market is segmented by Abuse Type into Alcohol Dependence, Tobacco & Drug Abuse, and others.
substance abuse treatment market is segmented by Treatment Type into Alcohol Addiction Treatment (Disulfiram, Acamprosate, Naltrexone, others), Tobacco/Nicotine Addiction Treatment {nicotine replacement treatment (nicotine patch, nicotine gum, nicotine lozenge, nicotine spray, nicotine inhaler, others)}, Non-Nicotine Medication (Bupropion, Varenicline, others), Drug Abuse Treatment (Methadone, Buprenorphine, Naltrexone), and others.
substance abuse treatment market is segmented by End-user into Outpatient Treatment Centres, Residential Treatment Centres, Inpatient Treatment Centres, and others.
Substance Abuse Treatment Market Regional Analysis
substance abuse treatment market is segmented into Regions: Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World. North America dominates the global substance abuse treatment market. The significant share of the market attributes to the presence of major market players and raising awareness about substance abuse treatment in the region. Additionally, various initiatives and programs run by private organizations and the government to spread awareness about substance abuse are impacting the regional market growth to an extent.
Besides, factors such as advances in medical technology, high healthcare expenses, the burgeoning healthcare industry, and the availability of many treatment centers drive the growth of the regional market. The North American substance abuse treatment market is further expected to increase colossally, registering a fabulous CAGR during the forecast period.
Europe accounts for the second-largest market for substance abuse treatment on a global level. Increasing emphasis on providing new effective treatments that can bring greater outcomes in people affected with substance abuse act as a major driving force for the market growth. The European substance abuse treatment market is projected to grow at a considerable CAGR in the next three years.
The Asia Pacific region has emerged as the fastest-growing market for substance abuse treatments. The market growth can be attributed to the rising research and development programs that are fostered with huge investments. Furthermore, factors such as the increasing incidences of tobacco addiction and quadrupling technological advances in the field are boosting the APAC substance abuse treatment market.
Substance Abuse Treatment Market Competitive Analysis
The global substance abuse treatment market appears to be fiercely competitive with the several well-established players operating in the market. To gain a larger share in this market, innovation, mergers & acquisitions, expansion, brand reinforcement, and product/ technology launch remain the key trends. Top players invest heavily in R&D and clinical trials to develop effective therapeutics and medicines.
Substance Abuse Treatment Market Key Players:
Players leading the global substance abuse treatment market include Alkermes Plc, Pfizer Inc., GlaxoSmithKline Plc., Allergan, Purdue Pharma LP, Mylan Laboratories, Teva Pharmaceuticals, Reckitt Benckiser Pharmaceuticals, Forest Laboratories, Inc., Amphastar Pharmaceuticals, Accord Healthcare, Apotex, Cipla, BioCorRx, Glenmark, LFB Group, INSYS Therapeutics, Lupin, Opiant Technologies, Sanquin, Sanofi Aventis, Sterinova, and Sun Pharmaceuticals, among others.
Substance Abuse Treatment Industry/Innovation/ Related News:
Mind Medicine, Inc. (Mindmed – the US), a leading neuro-pharmaceutical company focused on discovering & developing medicines based on psychedelics, announced that it has finalized the acquisition of the 18-MC drug development program Savant HWP Inc. (the US), a provider of medications to improve health, maintain wellness and prevent disease. The 18-MC drug is an anti-addictive molecule based on the natural psychedelic ibogaine intended for addressing the opioid crisis and other forms of addiction.
Discovery Behavioral Health (the US), a nationwide leader in mental health services, announced the acquisition of one of the leading providers of addiction and mental health services in the Northwest – Associated Behavioral Health Care (ABHC). The deal, which took place on December 31, 2019, caps a banner year for DBH, during which it acquired four additional treatment center brands.
DBH acquired Casa Palmera, a nationally recognized facility providing evidence-based treatment for adults dealing with drug and alcohol addiction. These acquisitions include October 22, 2019’s deal announced by DBH confirming the acquisition of – New Life Addiction Counselling & Mental Health Services, an OPD facility, providing evidence-based treatment for drug and alcohol addiction in adults as well as treatment of co-occurring mental health issues including anxiety, depression, and bipolar disorder.
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