August 2022, Market Research Future has published a Report on the Global market for Substance Abuse Treatment.
Substance Abuse Treatment Market -Overview
The substance drug abuse treatment market is anticipated to reach USD 11.2 billion by 2030, growing at a CAGR of 11.9% over the prediction period. Due to reasons like growing public awareness of available therapies and an increase in the prevalence of substance addiction problems, the sector is expanding quickly. During the forecast period, it is anticipated that greater public awareness of the harmful effects of substance misuse, the launch of new initiatives, and an increase in the number of rehabilitation facilities will all fuel the expansion of the global market for substance addiction treatment. A bigger population will now have simple access to treatment thanks to the market's increasing number of treatment facilities holding alliances with private recovery facilities.
The primary drivers of the global market for addiction treatment include the rise in prescription drug use, government, and industry-led awareness initiatives, and the importance of addiction treatment. Additionally, over the projection period, the government's supportive initiatives, such as drug education and preventive measures, are predicted to fuel industry expansion. Substance abuse is the term used to describe using substances, prescription pharmaceuticals, over-the-counter remedies, or illicit drugs in excessive quantities. Addiction or even death can result from consuming addictive drugs or chemicals in a compulsive, euphoric, and self-destructive way. The global market for drug addiction treatment is propelled by rising patient awareness, a rise in the number of people seeking treatment, government participation, and incentives to reduce substance use in all countries.
The market contains segments for alcoholism and drug and tobacco abuse. Outpatient treatment facilities, residential treatment centers, and inpatient treatment centers are some of the end-users in this industry.
Detailed Regional Analysis
North America will dominate the international marketplace for treatment for substance abuse. Due to rising cigarette consumption and greater government initiatives aimed at decreasing drug abuse, the United States is anticipated to dominate the North American market. Counseling and group therapy are used in the treatment of alcohol abuse. Medication is frequently administered in addition to more basic alcohol addiction treatment methods, albeit this depends on the specifics. With one of the highest healthcare spending rates in the world, the United States has an established healthcare system. Additionally, it spends much money on research and development. These traits make it possible for a large population to receive the required care.
Additionally, both governmental and private groups in the region are continually working to raise awareness of the major risks of substance abuse and drug addiction, fostering regional market expansion. Over the forecast period, Asia-Pacific is expected to have the quickest CAGR. This can be ascribed to the geographic growth of major players in Asian nations and improving government attempts to increase the uptake of alcohol, nicotine, and drug addiction treatment. Due to these factors, the local market for substance abuse treatment is probably one of the largest and will grow.
Explore In-depth Market Details [Table of Content, List of Figures, List of Tables] of Substance Abuse Treatment Market Research Report
Prescription medication addiction is becoming more and more common. As a result, the rate of deaths from overdoses and the number of ER trips are rising. Prescription drug use outside of medicine is growing quickly. The high prevalence of comorbid conditions is to blame for older patients receiving inappropriate medications and developing a drug addiction. The requirement for drug misuse therapies is anticipated to expand steadily as prescription drug usage increases. Governments in both developed and developing nations are initiating campaigns to raise awareness of the harmful effects of substance abuse and convince people to seek treatment as soon as possible to reduce morbidity and mortality rates. Estimates indicate that the market will profit from the combined participation of the rivals, each of whom will contribute at a different growth rate. Future expansion will benefit from the upbeat market mood. The market is expected to see an increase in mergers and acquisitions. Innovation is anticipated to contribute increasingly more to success as the industry grows. Additionally, it is anticipated that better distribution and commerce policies will spur market expansion in the future. Government organizations are regarded as being essential to the market's expansion.
New treatment options are being introduced by significant participants in the market for substance addiction treatment, including Pfizer Inc., Alkermes Plc, Allergan, Mylan Laboratories, Reckitt Benckiser Pharmaceuticals, GlaxoSmithKline Plc, Purdue Pharma LP, Teva Pharmaceuticals, Forest Laboratories, and Accord Healthcare.