Legalization of marijuana in certain states for medical use, technological developments in the diagnostic industry, and government initiatives and rise in awareness about drug addiction have resulted in boosting the Drug Addiction Treatment market.
Market Size – USD 19.35 Billion in 2020, Market Growth – CAGR of 6.70%, Market Trends – The rising demand for drug addiction treatment for marijuana addicts
The global drug addiction treatment market is forecast to reach USD 32.97 Billion by 2028, according to a new report by Reports and Data. Drug addiction can be defined as the condition that affects the behavior and brain of an individual. When an individual is addicted to a drug, he/she fails in controlling the urge to use it, in spite of knowing the harm related to the use of those drugs. The condition is not just about cocaine, heroin, or the use of other illegal drugs. Addiction to nicotine, opioid painkillers, alcohol, and other legal substances may also result in the condition. Continuous exposure to these drugs results in effecting the ability of the functioning of their brain, which leads to their lack of failure in controlling their urge to take the drug. The mentioned change in the functioning of the brain occurs over a period of time. It may result in losing self-control among individuals and lead to damaging behaviors. The extent to which an individual becomes addicted or how quick an individual gets addicted is dependent on the type of drug being consumed. Drugs like opioid painkillers have a higher risk and result in quick addiction as compared to the other types of drugs. The term drug addiction is often interchangeably used with drug abuse. Drug abuse is when an individual uses illegal or legal substances in ways in ways he/she shouldn’t. On the other hand, addiction is when an individual fails in stopping the consumption of these drugs. Thus, various supporting factors like the government initiatives and rise in awareness about drug addiction and technological developments in the diagnostic industry are boosting the growth of the market. In context to region, Europe can be seen to occupy a significant portion of the market. The market share held by the region is attributed to the continuously expanding healthcare market, increasing investments in the healthcare sector, and elevating focus on R&D activities, which are supporting the growth of the market in this region.
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Technological advancements and rapid digitization have streamlined the daily operations of the pharmaceutical industry. Increasing spending on medicine due to growing geriatric populace, rising incidence of chronic diseases, increasing number of product launches, and growing number of R&D activities are some key factors contributing to revenue growth of the market. Increasing focus on patient engagement solutions, rising focus to cater to growing unmet clinical demand, adoption of advanced technologies to streamline workflows in healthcare sector, and availability of skilled healthcare professionals has been positively impacting the pharma & healthcare industry. The emergence of COVID-19 pandemic has further increased focus on healthcare facilities, teleconsultation and telemedicine, and increased burden on the healthcare industry compelling governments and companies to invest heavily to cater to the growing global demand.
Top Companies operating in the Market and Profiled in the Report include:
Pfizer, Indivior, Novartis, Alkermes, Cipla, Mylan, Dr. Reddy’s Laboratorie, Glenmark, PLIVA (Odyssey), and Teva Pharmaceutical.
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Drug Addiction Treatment Market Segmentation:
Drug Type Outlook (Revenue, USD Billion; 2020-2028)
- Tobacco/Nicotine and Vaping
- Synthetic Cannabinoids
- Prescription and Over-the-Counter Medications
Treatment Outlook (Revenue, USD Billion; 2020-2028)
- Counseling and behavioral therapies
- Rehabilitation programs
- Self-help groups
End-user Outlook (Revenue, USD Billion; 2020-2028)
- Hospital and Clinics
- Residential treatment centers (non-hospital)
The report discusses in detail the top companies in the market along with their recent initiatives such as mergers and acquisitions, joint venture, partnerships, corporate and government deals, collaborations, and brand promotions and product launches among others. The report further discusses the companies’ initiatives and investments in key regions across the globe such as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
Region analysis Covers:
- North America (U.S.A., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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In conclusion, the report offers a comprehensive analysis of the factors expected to drive the global Drug Addiction Treatment market growth over the forecast period of 2021-2028. The report is an all-inclusive document covering the market landscape and a futuristic perspective on its growth and progress. The report also provides an analysis of the entry-level driving and restraining factors for the new entrants contributing to the market. The report also offers strategic recommendations to the established players as well as new entrants to help them gain a strong foothold in the market.
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