The 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 managing withdrawal symptoms from drugs or alcohol and helping a person stay sober. It includes both medication and counseling or behavioral therapies to help address the reasons why someone abuses substances and to modify their attitudes and responses related to substance use. Addiction treatment aims to help people quit their addiction and stay drug-free for the long term. Market key trends: Opioid addiction is a major public health concern globally. According to the National Institute on Drug Abuse, over 11 million people in the US misused opioid pain relievers in 2018. In response, several companies are developing new non-opioid treatment therapies for pain management. For instance, in 2019, Teva Pharmaceutical Industries Ltd. received FDA approval for a new drug SPRIX to treat pain related to arthritis and dental surgery procedures. SPRIX uses a different mechanism of action than opioids and has shown efficacy in reducing post-surgical pain. Also, the rising awareness about addiction treatments combined with government support in the form of favorable reimbursement policies is positively impacting the growth of the addiction treatment market. Porter's Analysis Threat of new entrants: The threat of new entrants is moderate due new capital requirement and established distribution channels. Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes and standardized products. Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of alternative suppliers. Threat of new substitutes: The threat of new substitutes is high due to availability of generic drugs. Competitive rivalry: High due to established players. SWOT Analysis Strength: Wide range of treatment options and globally established brands and distribution network. Innovation in drug delivery systems offers improved treatment outcomes. Weakness: Risk of drug abuse and addiction during treatment. High cost of R&D for new drug development. Opportunity: Increasing awareness about substance abuse disorders boosts market growth. Growing healthcare expenditure in emerging nations. Threats: Stringent regulations for drug approval. Social stigma associated with addiction treatment limits patients. Key Takeaways The Global Addiction Treatment Market Share is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing prevalence of substance abuse disorders globally. The market size for addiction treatment was valued at US$ 9199.79 Mn in 2023. Regional analysis Addiction treatment market in North America dominates currently due to growing substance abuse in the region. The Asia Pacific market is expected fastest growing market owing to initiatives to increase awareness and availability of affordable treatment options in major countries like India and China. Key players operating in the addiction treatment market are 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. Read more https://www.ukwebwire.com/addiction-treatment-market-size-share-growth-outlook-2023/
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