Global Addiction Treatment Market to Show Robust Growth, Driven by Rise in Tobacco Consumption
Addiction to various substances has been a major problem across the world. Abuse of substances such as alcohol, marijuana, cocaine, prescription medicine, tobacco, and others inflict debilitating damage to the human body. Out of these, tobacco consumption, mostly in the form of cigarette smoking, is a leading cause of death in the world.
Cigarette smoking has increased the prevalence of lung cancers and cardiovascular diseases. More than 8 million people die annually as a result of tobacco consumption.
Fortunately, governments have recognized this threat and have taken concrete steps to limit the casualties arising out of substance addiction. Awareness about hazards has prompted patients to opt for smoking cessation therapy, which is one of the drivers for the global addiction treatment market.
On the back of this, the global addiction treatment market is poised to expand at a CAGR of 6.7% during the forecast period (2020-2025). Abuse of prescription drugs and the measures taken by governments to curb the same shall also drive the market’s growth.
Tobacco/Nicotine Addiction Market Shows Lucrative Prospects, on Back of Nicotine Replacement Therapy
The increased prevalence of cigarette smoking has boosted the prospects for the tobacco and nicotine addiction treatment market. Moreover, the wider availability of nicotine replacement products and drugs to combat tobacco and nicotine addiction shall also drive market growth.
Examples of such products are Varenicline, Bupropion, and Nortriptyline. The tobacco and nicotine addiction treatment segment is anticipated to capture more than half of the global addiction treatment market, expanding at a CAGR of 6.3%.
On the back of this, the nicotine replacement therapy products segment is set to account for more than one-third of the global addiction treatment market, expanding at a CAGR of 6.4%.
Availability of over-the-counter nicotine gum, transdermal patches, lozenges, nasal and oral sprays, inhalers, and sublingual tablets are anticipated to drive the segment.
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Asia-Pacific to Expand Rapidly, North America to Remain Most Lucrative
North America is the most attractive region for the expansion of the addiction treatment market. Rising adoption of addiction treatment products, particularly for eradicating tobacco consumption and an established healthcare infrastructure are set to boost market prospects. The region is anticipated to hold over two-fifths of the global addiction treatment market, expanding 1.4x during the forecast period.
Asia-Pacific is anticipated to expand the fastest, at a robust CAGR of 7.9% during the forecast period. This is because governments in these countries are taking several initiatives to address issues related to drug addiction. Also, initiatives such as the establishment of smoke-free cities in countries like China are also projected to drive the growth of the addiction treatment market.
Specialized Drug Development for De-addiction to be Key Strategy of Market Players
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.
Another market player, Allergan plc, manufactures Campral which contains Acamprosate and helps in alcohol de-addiction. It works by restoring the natural balance of chemicals in the brain.
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COVID-19 Market Insights:
The global addiction treatment market is anticipated to witness a significant uptick during the COVID-19 pandemic. The novel corona virus has life-threatening implications, especially for people addicted to smoking and vaping. Since tobacco and marijuana already cause irreparable damage to the lungs, an infection from the COVID-19 can result in massive fatalities.
Smoking products such as water pipes often involve the sharing of mouthpieces and hoses, which facilitates transmission of the novel coronavirus in communal and social settings. Conditions which increase oxygen needs or reduce the ability of the body to use it properly jeopardize patients by making them vulnerable to serious lung infections like pneumonia.
In response to the pandemic, the American Society of Addiction Medicine (ASAM) have convened the Caring for Patients during the COVID-19 Task Force (CPDC). This forum includes a national panel of experts in addiction medicine to produce comprehensive resources tailored to addiction medicine treatment within the context of COVID-19. Simultaneously, leading market players are ensuring basic precautionary measures to contain the spread of the pandemic amongst their employees.
They are also capitalizing on the current scenario to boost production of certain drugs. For instance, Alkermes is in the process of identifying new providers who are currently available to administer injections of their medicines, including appropriate retail pharmacies and clinics.
The company is working in close proximity with healthcare providers, pharmacies and other market players to help navigate new challenges which may arise for patients in accessing their prescribed medications. In addition, the company has also updated its VIVITROL and ARISTADA websites with new information on providers and injection sites.
Global Addiction Treatment: Market Segmentation
Fact.MR has studied the global addiction treatment market with detailed segmentation on the basis of treatment type, drug type, treatment centers, distribution channel, and key regions.
- Alcohol Addiction Treatment
- Tobacco/Nicotine Addiction Treatment
- Opioid Addiction Treatment
- Other Substances Addiction Treatment
- Nicotine Replacement Products
- Outpatient Treatment Centers
- Residential Treatment Centers
- Inpatient Treatment Centers
- Hospital Pharmacy
- Medical Stores
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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Global Addiction Treatment Market- Scope of the Report
The recent study by Fact.MR on global addiction treatment market offers a 5-year forecast between 2020 and 2025. The study analyzes crucial trends that are currently determining the growth of the global addiction treatment market. This report explicates on vital dynamics such as the drivers, restraints and opportunities for key market players along with key stakeholders as well as emerging players associated with the provision of addiction treatment. The study also provides dynamics that are responsible for influencing the future status of the global addiction treatment market over the forecast period.
A detailed assessment of the global addiction treatment market value chain analysis, business execution, and supply chain analysis across the regional markets has been covered in the report. A list of prominent companies operating in the global addiction treatment market along with their product portfolio enhances the reliability of this comprehensive research study.
Global Addiction Treatment Market: Report Summary
The study offers a comprehensive analysis of diverse features including production capacities, demand, product developments, revenue generation, and sales in the global addiction treatment market across the globe.
A comprehensive estimate of the global addiction treatment market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of the global addiction treatment market during the forecast period. Price point comparison by region with the global average price is also considered in the study.
Global Addiction Treatment Market: Analysis on Market Size Evaluation
The global addiction treatment market has been analyzed for each market segment, in terms of value (US$ Mn).
Market estimates at global and regional levels for addiction treatment is available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent addiction treatment market segments, along with market attractiveness evaluation has been incorporated in the report.
Global Addiction Treatment Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the global addiction treatment report, which have helped to deliver projections on the regional markets. These chapters include the regional macros (economic, and business environment outlook), which are expected to have a momentous influence on the growth of the global addiction treatment market during the forecast period.
Country-specific valuation on demand for addiction treatment has been offered for each regional market, along with the market scope, estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Global Addiction Treatment Market: In-depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of global addiction treatment along with their detailed profiles. Essential and up-to-date data information related to the market performers, who are principally engaged in the production of global addiction treatment, has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit the report readers to take preemptive steps in advancing their businesses.
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