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Addiction Treatment Market Report Up to 2031
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COVID-19 Impact on Addiction Treatment Market
COVID-19 impact through different recovery models such as V-shaped, U-shaped, W-shaped, and L-shaped; has been taken into consideration while estimating and forecasting the Addiction Treatment market. Different recovery scenarios are also included in the report for all the segments and regions/nation. The recovery scenarios based on which market has been forecasted and analysed herein the report are mentioned below:
Market Drivers
Increasing Consumptions of Tobacco Products
Consumptions of tobacco are significantly increasing and expected to continuously rise over the forecast period. The increase in the consumptions of tobacco creates a huge demand for the addiction treatment products giving an opportunity to the manufacturer to come up with innovative and cost effective product to cater the high demand. According to U.S. Department of Health & Human Services, 5.6 million of Americans younger than 18 will die early from a smoking-related illness.
Market Opportunities
Government Initiative and Awareness Program
Governments in various developed and developing nations are increasing their initiatives to increase awareness regarding repercussions associated with the consumption of tobacco/ nicotine, alcohol dependence, marijuana, synthetic cannabinoids, drug abuse consumption. Further, Governments and private authority across the developed & developing countries are focusing to increase the number of addiction treatment centres with new approval of addiction treatment drugs. For Instance: U.S. Department of Health & Human Services has launched tobacco control programs by featuring national and local campaigns and events, linking to state and community resources, producing guidelines, and compiling data.
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Technological Advancements and the modernization in addiction treatment
Researchers and manufacturers from all over the world are increasing research and development activities for new advancements in the addiction treatment especially in tobacco/ nicotine, alcohol dependence, marijuana, synthetic cannabinoids, drug abuse helps to increase adoption of novel technologies in the addiction treatment arena. New research and development activities are expected to create competitive advantages by increasing advancements in the product which will create new opportunities in the market.
Competitive Landscape
Top companies (Cipla Ltd., GlaxoSmithKline plc, Pfizer Inc., Novartis AG, Sanofi, Dr. Reddy’s Laboratories Ltd, Teva Pharmaceutical Industries Ltd., Mylan N.V. and Axsome Therapeutics, Inc.) constitute more than XX% share of the global addiction treatment market. Other company's profile in the report include: – Mallinckrodt Plc., Hikma Pharmaceuticals plc, Orexo AB, Indivior PLC, Hager Biosciences, LLC, ADDEX THERAPEUTICS, Omeros Corporation, Sosei Group Corporation, CV Sciences, Inc., Astraea Therapeutics LLC, Altria Group, Inc., Johnson & Johnson Services, Inc., Novartis AG and Sanofi among others. Some of the key developments are listed below:
• In 2019, Omeros Corporation has published positive results from OMS527 program Phase 1 study, a inhibitors for the treatment of addictions. Through this development company will widened their market focused product portfolio.
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