Apr 11, 2020
Global Addiction Treatment Market Set to Expand 1.5x, on Back of Tobacco Consumption and Increased Complications due to COVID-19, Concludes Fact.MR
by Team Fact.MR
It is estimated that more than 8 million people die due to tobacco consumption. Cigarette smoking is the leading cause of lung cancers and various cardiovascular diseases. Increased cigarette smoking has prompted governments to initiate awareness campaigns to desist individuals from the habit. Moreover, introduction of de-addiction methods have greatly helped curb the menace of smoking. On the back of this, the global addiction treatment market is anticipated to expand healthily, growing 1.5X at a CAGR of 6.7% in the forecast period (2020-2025).
The COVID-19 pandemic shall stimulate the addiction treatment market. As addicts tend to share water pipes and cigarettes while smoking and vaping in communal and social settings, the risk of the virus spreading compounds, resulting in increased cases of infection. Moreover, addicts already suffer from bronchial problems owing to the damage inflicted upon their lungs while consuming tobacco and marijuana.
Key Takeaways of Global Addiction Treatment Market Study:
- The tobacco/nicotine treatment market segment is projected to be the most lucrative during the forecast period, capturing more than half of the global addiction treatment market. Availability of over the counter nicotine replacement products such as Varenicline to treat tobacco and nicotine addiction are anticipated to drive growth.
- The nicotine replacement therapy products segment is poised to capture more than one-third of the global addiction treatment market. Availability of over the counter nicotine gum, transdermal patches, lozenges, nasal and oral sprays, inhalers and sublingual tablets are anticipated to drive the segment.
- By treatment centers, the outpatient treatment segment is poised to capture around three-fifths of the global addiction treatment market, expanding 1.5x during the forecast period. Low cost compared to residential treatment and greater flexibility for people unable to take prolonged leaves from their daily obligations are projected to boost the segment.
- By distribution channel, the hospitals segment is anticipated to be the most attractive, capturing more than half of the global addiction treatment market. This is attributed to reliability on hospital pharmacies by patients. Also, there is adequate supply of medicines in a hospital pharmacy.
- North America is poised to capture more than two-fifths of the global addiction treatment market. This is attributed to rising adoption of addiction treatment, especially for tobacco addiction, as well as a robust healthcare infrastructure. Asia-Pacific shall grow the fastest, at a CAGR of 6.9%, due to increased government initiatives to curb drug abuse and smoking. For example, the Municipal government in Xi’an, China, allocated a massive proportion of its budget to construct smoke-free cities in 2016.
- Amidst the COVID-19 pandemic, the global addiction treatment market shall experience an upsurge, attributed to increasing number of cigarette smokers and drug consumers experiencing complications who have contracted the disease. To address this issue, the American Society of Addiction Medicine (ASAM) has established a panel of leading experts in the field of addiction treatment to produce comprehensive resources tailored to address addiction problems.
- Leading addiction treatment drug manufacturing companies are also accelerating their efforts to combat the COVID-19 disease. Alkermes, for example, is engaged in identifying new drug administrators which also include retail pharmacies and clinics. It is collaborating with various healthcare providers and other players to address potential challenges arising for patients undergoing treatment. The support mechanism involves improving access to treatment drugs. Moreover, it has also updated its VIVITROL and ARISTADA websites with information on providers and injection sites.
“The global addiction treatment market has immense scope for expansion, driven primarily by increasing efforts to mitigate incidences of tobacco and nicotine consumption. Key manufacturers are investing in the production of deaddiction drugs in order to expand their market presence,” concludes a Fact.MR analyst.
Global Addiction Treatment Market: Competition Landscape:
The global addiction treatment market consists of the following players: Alkermes, Purdue Pharma, Recket Benckiser (Indivior), Orexo AB and Teva Pharmaceuticals. These companies are involved in the production of de-addiction drugs and other formulae to assist patients in reducing their dependence on substances. For example, Alkermes manufactures VIVITROL, which is used for treating alcohol dependence among patients. This drug is typically designed for outpatient settings where patients are able to abstain from alcohol consumption without the need for constant supervision. Similarly, Allergan manufactures Campral Acamprosate which helps in alcohol deaddiction by restoring the natural chemical balance in the brain.
Looking for More Information?
The research study on the global addiction treatment market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global addiction treatment market over 2020-2025. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2025. Market statistics have been presented on the basis of Treatment Type (Alcohol Addiction Treatment, Tobacco/Nicotine Addiction Treatment, Opioid Addiction Treatment and Other Substances Addiction Treatment), Drug Type (Bupropion, Varenicline, Acamprosate, Disulfiram, Naltrexone, Methadone, Buprenorphine, Nicotine Replacement Products and Others) and Treatment Centers (Outpatient Treatment Centers, Residential Treatment Centers and Inpatient Treatment Centers) across five major regions.
>>> To Get more insights on addiction treatment market, visit- https://www.factmr.com/report/4712/addiction-treatment-market
Fact. MR’s Domain Knowledge in Healthcare
Fact .MR’s healthcare and research professionals guide organizations at each step of their business strategy by helping you understand how contemporary influencers impact transformation in the healthcare sector. Our expertise in recognizing the challenges and trends affecting the global healthcare industry provides valuable insight and support, helping identify critical issues and construct relevant solutions.