by The addiction treatment market has witnessed significant growth in recent years on account of rising alcohol and drug abuse issues. Addiction treatment involves behavioral therapies and medications to help patients overcome addiction and prevent relapse. Substance abuse disorders have emerged as a critical public health problem affecting people from all socioeconomic backgrounds. The growing social acceptance of substance use and stress-related issues have significantly contributed to the increase in alcohol and drug addiction rates worldwide. Substance abuse puts individuals at higher risks of contracting diseases like cancer, neurological damage, cardiovascular problems, and psychiatric disorders over time. Effective addiction treatment helps individuals to cope with withdrawal symptoms and drug cravings. It provides tools to handle triggers and avoid relapsing into substance misuse. Advancements in medication-assisted treatment and development of new and improved relapse prevention medications have enhanced treatment outcomes.
The global Addiction Treatment Market is estimated to be valued at US$ 9199.79 Mn in 2024 and is expected to exhibit a CAGR of 29% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends witnessed in the addiction treatment market is the shift towards medication-assisted treatment (MAT). MAT involves the use of FDA-approved medications combined with behavioral therapies and counseling to provide comprehensive addiction treatment. Drugs such as methadone, buprenorphine, and naltrexone are being increasingly used to reduce cravings and block the euphoric effects of opioids and alcohol. MAT has proven highly effective for opioid use disorder (OUD) treatment. It helps address both medical and psychosocial needs of patients suffering from substance abuse disorders. Wider acceptance and availability of MAT regimens are expected to drive the overall growth of the addiction treatment market during the forecast period.
Porter’s Analysis
Threat of new entrants: The addiction treatment market faces moderate threat from new entrants due to the high costs associated with setting up treatment facilities and obtaining regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is moderate as addiction treatment providers offer a variety of treatment options and payment options to attract more patients.
Bargaining power of suppliers: The bargaining power of suppliers is low in this market as there are many suppliers for drugs and medical equipment suppliers in this industry.
Threat of new substitutes: The threat of substitutes is low as there are limited substitutes available for addiction treatment services.
Competitive rivalry: The competition in the market is high as major players focus on expanding their geographic presence and service offerings.
Key Takeaways
The Global Addiction Treatment Market Size is expected to witness high growth. The global Addiction Treatment Market is estimated to be valued at US$ 9199.79 Mn in 2024 and is expected to exhibit a CAGR of 29% over the forecast period 2023 to 2030.
Regional analysis covers- North America region currently dominates the market and is expected to continue its dominance during the forecast period. The large market share of North America is attributed to growing substance abuse disorders, increasing awareness regarding addiction treatment, and strong presence of leading players in the region. The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to growing substance abuse disorders, increasing awareness regarding addiction treatment, and rising healthcare expenditure in countries such as China and India.
Key players operating in the Addiction Treatment Market are: Alkermes plc, Pfizer Inc., Orexo AB, GlaxoSmithKline plc, and Reckitt Benckiser. Key players operating in the Addiction Treatment Market focus on enhancing their geographic presence and service offerings through mergers and acquisitions. For instance, in 2021, Pfizer Inc. acquired Global Blood Therapeutics to enhance its portfolio of medicines for rare hematologic diseases.
