Substance Abuse Treatment Market Overview
The substance abuse treatment market is expected to grow significantly over the forecast period. It is projected to grow at a CAGR of 11.6% over the forecast period.
Teenage smoking habits are one of the major factors driving the Substance Abuse Treatment industry. Increased drug awareness campaigns and accompanying preventive initiatives are one of the key factors driving the substance abuse treatment market growth. It involves increasing patient knowledge, an increase in treatment seeking as a result of increased government participation, and incentives in various countries to control substance usage. Additionally, a rising number of treatment centers are entering the market in conjunction with private recovery facilities, assisting in the extension of treatment access to a larger segment of society. Drug addiction therapy was established in response to an increase in the number of diseases associated with substance use. As the prevalence of drug addiction increases, technological innovation in the diagnostics industry will also contribute to substance abuse treatment market expansion.
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However, insufficient treatment compliance in some countries and individuals’ reluctance to seek treatment may restrain substance abuse treatment market growth throughout the forecast period. As a result of the Covid-19 pandemic, rehabilitation facilities have taken initiatives to improve the prognosis of patients with co-occurring disorders like as chronic obstructive pulmonary disease, cardiovascular disease, and other respiratory ailments. Additionally, a sizable number of people in the United States are affected by substance abuse each year. Due to the lockout, some substance abuse treatment facilities have postponed or cancelled appointments until the crisis passes. Additionally, the federal government has eased limits on the use of telemedicine to prescribe restricted drugs. Additionally, substance abuse treatment market expansion is being fueled by growing drug awareness campaigns and preventive activities, as well as a high addict population.
Substance Abuse Treatment Market Segmental Analysis
The global market for substance addiction treatment is categorized by abuse type, kind of therapy, end user, and geography.
The global market for substance abuse therapy is classified into three segments based on the kind of abuse: alcoholism, tobacco/nicotine addiction, and drug abuse.
The substance abuse treatment market is categorized by treatment type as follows: alcoholism therapy, tobacco/nicotine addiction treatment, and substance abuse treatment.
Outpatient treatment centers, residential treatment centers, and inpatient treatment centers are the substance abuse treatment market segments based on end user.
Substance Abuse Treatment Market Regional Overview
The Americas dominated the global market for drug addiction treatment, owing to the region’s concentration of key market participants and growing awareness of the need for substance abuse treatment. Various corporate and public groups have started campaigns and seminars in recent years to raise awareness about substance misuse. The United States has a developed healthcare system and one of the highest per capita healthcare costs. Additionally, it makes significant investments in research and development. As a result of these circumstances, a sizable population can receive the necessary treatment. As a result of these reasons, the regional substance abuse treatment market for substance abuse treatment is predicted to be one of the largest and will continue to develop in the future.
Europe was predicted to be second in the global substance abuse treatment market in 2017. This can be linked to increased expenditure in research and development.
In 2017, Asia Pacific was expected to be the fastest expanding region. Factors such as rising tobacco addiction rates and rapid technological improvements within the region are strengthening the Asia Pacific region’s regional marketplaces.
On the other side, the Middle East and Africa accounted for the smallest percentage of the global market for substance addiction treatment, owing to low per capita income, particularly in the African region.
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Substance Abuse Treatment Market Competitive Dynamics
Some of the key players in the global substance abuse treatment market are Pfizer Inc., Alkermes Plc, GlaxoSmithKline Plc., Purdue Pharma LP, Allergan, Mylan Laboratories, Reckitt Benckiser Pharmaceuticals, Teva Pharmaceuticals, Forest Laboratories, Inc., Accord Healthcare, Amphastar Pharmaceuticals, Apotex, BioCorRx, Cipla, Glenmark, INSYS Therapeutics, LFB Group, Lupin, Opiant Technologies, Sanofi Aventis, Sanquin, Sterinova, Sun Pharmaceuticals, and others.
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