The global Addiction Treatment Market is estimated to be valued at US$ 9199.79 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Addiction treatment involves medication, counseling and behavioral therapies to help patients overcome substance abuse disorders. Addiction medications work to normalize brain chemistry and reduce withdrawal symptoms, making it easier for patients to cease substance misuse. Addiction counseling helps patients recognize negative thought patterns enabling them to change destructive habits and avoid future substance use. Group and individual therapies are often combined to treat both substance use and underlying psychological conditions.
Market key trends:
Increasing prevalence of substance abuse disorders : As per WHO estimates, around 38 million people globally suffer from drug use disorders. Changes in social norms coupled with rising stress have contributed to higher substance abuse rates in recent years. This has augmented demand for advanced addiction treatment.
Focus on medication-assisted treatment: Medication-assisted treatment which involves use of FDA approved drugs along with counseling is gaining prominence for treatment of opioid addiction. Drugs like buprenorphine, methadone help reduce drug craving and prevent relapse. Leading players are focusing on development of novel MAT drugs and formulations. This trend is expected to continue over the forecast period supporting market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. The addiction treatment market requires substantial investments in clinical trials and receiving regulatory approvals which make market entry difficult for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of a wide range of treatment options. Buyers can easily switch between products depending on factors like price and availability.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Major suppliers in this market include pharmaceutical companies, treatment centers, and medical technology companies. Suppliers have somewhat lower bargaining power due to the availability of alternative suppliers.
Threat of new substitutes: The threat of substitutes is low as there are limited treatment product substitutes available for the core addiction treatment needs. However, alternative treatment approaches can be considered as substitutes.
Competitive rivalry: The competitive rivalry is high owing to the presence of many global and regional players offering a variety of treatment options. Players compete based on product differentiation, pricing, and pipeline strengths.
Key Takeaways
The Global Addiction Treatment Market Share is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period 2023 to 2030, due to increasing healthcare expenditure and rising substance abuse across regions.
The North America region currently dominates the Addiction Treatment Market and is expected to remain the highest revenue generating region during the forecast period. Favorable government initiatives and growing awareness regarding addictive disorders are boosting market growth in the region.
Europe is projected to be the fastest-growing region in the Addiction Treatment Market owing to heavy consumption of opioids and rising cannabis addiction rates among youth populations.
Key players operating in the Addiction Treatment market include Alkremes Plc., Teva Pharmaceutical Industries Ltd., Glenmark Pharmaceuticals, Titan Pharmaceuticals, Inc., Pfizer, Inc., GlaxoSmithKline plc., Johnson & Johnson, Perrigo Company plc., Cipla Limited, Hikma Pharmaceuticals Plc., Dr. Reddy’s Laboratories Limited, Indivior Inc., and Mylan N.V. Major players are focusing on new product launches and acquisitions to strengthen their position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
