Albany, NY -- (SBWire) -- 05/16/2018 --Addiction Treatment Markets: Snapshot
Addiction treatment is intended to help addicted individuals from compulsive seeking. Drug abuse and addiction treatments are provided in several different settings by using a number of behavioral and pharmacological approaches. The global addiction treatment market was valued at approximately US$ 4.0 Bn in 2016 and is anticipated to expand at a CAGR of over 6.0% from 2017 to 2025 to reach value of approximately US$ 7.0 Bn by 2025. Favorable reimbursements for smoking cessation therapy, growing abuse of prescription drugs, and rise in government initiatives to raise awareness about drug addiction are some factors driving the addiction treatment market from 2017 to 2025.
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Addiction is a growing concerns across the globe. According to the 2015 National Survey on Drug Use and Health (NSDUH), 15.1 million adults aged 18 year and above had alcohol use disorder, which included nearly 9.8 million men. About 1.3 million adults received treatment for AUD at a specialized facility in 2015. Over 16 million people in the U.S. are living with a diseases caused by smoking. According to CDC survey, tobacco use causes nearly 6 million deaths globally each year. Current trends indicate that tobacco use is likely to cause more than 8 million deaths annually by 2030. Drug abuse treatment providers and manufacturers of treatment products are focusing on raising awareness among people and drug store owners about adverse effects of drug abuse and importance of abuse treatment to increase the customer pool.
Moreover, companies are offering training for identification of potential drug abusers and alcohol abusers and use of drug abuse testing to law enforcement agencies. Awareness through television advertisements, information brochures, newspapers, and other media have proved to be effective in curbing substance abuse crisis.The global addiction treatment market has been segmented based on of treatment type, drug type, treatment centers, distribution channel, and geography. In terms of treatment type, tobacco/nicotine addiction treatment segment is projected to dominate the market and is expected to continue this trend during the forecast period followed by the opioid addiction treatment segment. Rise in demand for nicotine gum in developing markets is likely to propel the segment.
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Nicotine gum is fast-acting, relatively less expensive, and can be consumed as per user's choice, these advantages are expected to propel the segment. Based on drug type, nicotine replacement products was the leading revenue generating segment in 2016 and it is likely to continue its dominance during the forecast period. In terms of treatment centers, outpatient treatment center segment is likely to gain market share during the forecast period as it cost lesser than residential or inpatient treatment centers and can be suitable for those who are unable to take extended leaves from work or personal obligations. Based on distribution channels, hospital pharmacies was the leading distribution channel in 2016 and is likely to account for dominant share of the market during the forecast period.
Geographically, North America accounted for a substantial share of the global cardiovascular drugs market in 2016. This is due to rise in the number of smokers in the U.S. has increased concerns regarding health risks for both smokers and passive smokers. The market in Asia Pacific is projected to gain market share during the forecast period and is likely to generate considerable revenue in the near future. Initiatives by local governments to attain self-sufficiency in manufacturing pharmaceuticals and incentives for the production of generics in countries such as Brazil, South Africa, and Saudi Arabia are likely to boost the market in Latin America and Middle East & Africa.
Key companies operating in the global addiction treatment market and profiled in the report include Cipla Ltd., Allergan plc, Alkermes plc, Pfizer Inc., Orexo AB, GlaxoSmithKiline plc, Purdue Pharma L.P, Mallinckrodt, and Reckitt Benckiser. These players adopt organic and inorganic growth strategies to expand their product offerings, strengthen their geographical reach, increase customer base, research & development activity, and garner market share. For instance, in September 2015, the Purdue Pharma L.P. collaborated with Rhodes Pharmaceuticals for the development of methylphenidate extended-release tablets for adults.
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Addiction Treatment Market to Reach US $7.0 Bn by 2025