Addiction Treatment Market Analysis Forecast for Next 5 Years | Alkermes, Cipla, GlaxoSmithKline
Updated · May 19, 2023
Published Via 11Press : According to HTF MI Report, The Global Addiction Treatment Market is expected to see a growth rate of 6.4% & may see a market size of USD 10.81 Billion by 2028, currently pegged at USD 8.28 Billion.
Addiction is a situation where there is an uncontrollable urge to frequently possess or engage in something. Addicts are incapable of controlling their behaviour. Despite being aware of the risks associated with drugs, alcohol, or other substances, they have a strong desire for them. An addictive substance’s consumption cost is directly correlated with the harm to the brain that it does. Addiction is a bad illness with significant societal repercussions and a disproportionately high death rate. Many organisations, including the Ministry of Public Health in Tunisia, Public Health England, and the Centres for Disease Control and Prevention, have taken steps to raise awareness about de-addiction, a process that enables addicted people to stop smoking with the help of products like Chantix and Zyan.
The Covid-19 pandemic outbreak is to blame for the rise in the market for addiction therapy. Smoking accessories, like water pipes, frequently include the sharing of mouthpieces and hoses, which helps spread the innovative Covid in social and team contexts. Patients are at risk because these conditions leave them vulnerable to real lung infections like pneumonia by increasing the body’s need for oxygen or reducing its capacity to utilise it effectively. Growing Awareness of Addiction Treatment is the main factor influencing this growth.
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Addiction Treatment Market Key Players
Below are the most prominent enterprise Addiction Treatment industry players.
- Alkermes plc (Ireland),
- Cipla Ltd. (India),
- GlaxoSmithKline plc (United Kingdom),
- Pfizer, Inc. (United States),
- Mallinckrodt (United Kingdom),
- Hikma Pharmaceuticals PLC (United Kingdom),
- Orexo AB (Sweden),
- Titan Pharmaceuticals, Inc. (United States),
- Teva Pharmaceutical Industries Ltd (Israel),
- Indivor Plc. (United States)
Addiction Treatment Market Key Business Segments
By Product Type
- Alcohol Addiction Treatment,
- Tobacco/Nicotine Addiction Treatment,
- Opioid Addiction Treatment,
- Other Substance Addiction Treatment
By End Use Application
- Medical Stores
Market Growth Drivers
- Growing Interested in Treatment for Addiction The public’s access to addiction treatment centres and drug-focus campaigns is significantly fostering market expansion. One of the important elements contributing to the expansion of the market for addiction treatment is awareness campaigns and the accompanying anticipation packages.
- This includes increasing patient attention, a higher medication-chasing rate with increased government intervention, and assistance to manage substance medical drugs in some countries. For instance, in December 2021, the Indian government launched the “Medication Free India” campaign and provided guidance for preventing ongoing drug use among Indians.
- Additionally, in October 2021, the Centres for Disease Control and Prevention (CDC) launched 4 reciprocal education initiatives designed to reach young adults between the ages of 18 and 34 who are interested in preventing drug overdose deaths.
- The missions include information on the prevalence and risks of fentanyl, the dangers and effects of drug mixing, the life-saving power of naloxone, and the importance of reducing the stigma around drug use to support medical treatment and recovery.
- Such initiatives are raising awareness of the need for substance abuse treatment among the general public, which is contributing to the growth of the addiction treatment industry.
- Governmental programmes, funding, and an increase in industry mergers and acquisitions Governments in developed and developing nations are running awareness programmes on the negative effects of substance misuse and encouraging people to select early treatment in an effort to reduce mortality and morbidity rates.
- The National Health Service (NHS) administers a number of publicly and privately financed programmes for the treatment of substance addiction in foreign countries like the U.K. Additionally, businesses use the merger and acquisition strategy to expand into new markets, add new products and services to existing platforms, or do both at once.
- For instance, Acadia Healthcare acquired Priory Group in December 2015; Priory Group is a major provider of behavioural health services in the United Kingdom. It was originally intended for this acquisition to increase Acadia Healthcare’s potential and geographic reach in the UK.
- Opioid Addiction Treatment Medical Devices As a result of digital technologies like the “Reset Application,” a mobile medical software system that provides cognitive behavioural therapy in patients suffering from substance use disorder, keeping patients in the opioid de-addiction programme has become much easier.
- Because the medical administration of the treatment is more practical, these technologies are beneficial to both patients and doctors. This is anticipated to have a fantastic impact on the market.
- As an illustration, the U.S. Food & Drug Administration (FDA) approved the promotion of the first mobile clinical software to help with substance use disorders (SUD) in 2017. SUD occurs when a person’s continuous use of drugs and/or alcohol results in clinically and functionally significant intellectual and physical impairment.
- The ‘Reset application’ is meant to be used in conjunction with outpatient treatment to control alcohol, cocaine, marijuana, and stimulant substance use disorder (SUD).
- Government and industry awareness campaigns, as well as favourable reimbursement policies for smoking cessation therapy Drug abuse treatment providers and manufacturers of drug addiction therapy products, are concentrating on raising awareness of the negative effects of drug misuse and the importance of abuse treatment among people and drug store owners in order to increase the customer base.
- It has been shown that raising awareness through television advertising, informational booklets, newspapers, and other media has been quite effective in containing the drug usage crisis to some degree.
- Addicts have been encouraged to enrol in smoking cessation therapy by favourable reimbursements. Reimbursements are given for prescription medications like Chantix and Zyban.
- However, some insurance companies refuse to pay for the costs associated with NRT products including nicotine patches, gum, sprays, inhalers, and lozenges. Around 50% of public sector organisations and around 35% of private sector organisations in Canada offer reimbursements for nicotine gum, lozenges, and patches.
- Legalisation and Growing Cannabis Adoption Legalisation of cannabis in North America appears to be progressing more quickly every day, especially among younger adults and for use in powerful hashish products. Suicides and hospitalisations have also been linked to a rise in people with psychiatric problems, according to reports.
- Additionally, legalisation has increased tax receipts while often lowering arrest costs for hashish use. The majority of people seeking treatment for drug use disorders are mostly suffering from hashish use disorders in various international areas in Africa, South and Central America, and the Caribbean. Humans seeking treatment for opioid use disorders are most typically found in Eastern and South-Eastern Europe and Central Asia.
- Overdose deaths continue to set records in the United States and Canada, primarily due to an epidemic of fentanyl abuse for non-medical purposes. More than 107,000 drug overdose deaths are predicted to occur in the United States in 2021, up from almost 92,000 in 2020, according to preliminary projections.
- Seizures have increased in North America and South-East Asia, the two largest markets for methamphetamine. In North America, they increased by 7% from the previous year, and in both regions, they increased by 30%, reaching record highs. Methamphetamine seizures reported from South-West Asia were also considered to be excessive, rising by 50% in 2020 from 2019.
- The availability of prescription opioids for scientific use still exhibits significant disparity. In comparison to West and Central Africa, North America had 7,500 more doses of controlled pain medication per million people in 2020.
Major Development in the Addiction Treatment Market
|Market Forecast (2029)||USD 10.81 Bn|
|Current Market Size (2022)||USD 8.28 Bn|
|Dominating Segment||Alcohol Addiction Treatment,|
|Major Players Profiled||Cipla Ltd. (India), GlaxoSmithKline plc (United Kingdom), Pfizer, Inc. (United States), Mallinckrodt (United Kingdom), Hikma Pharmaceuticals PLC (United Kingdom), Orexo AB (Sweden), Titan Pharmaceuticals, Inc. (United States), Teva Pharmaceutical Industries Ltd (Israel), Indivor Plc. (United States), Alkermes plc (Ireland),|
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