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Substance Abuse And Addiction Treatment Market Demand, Growth Factors, Size, Share And Insights Report 2024 To 2033
Substance Abuse And Addiction Treatment Market
Market Size And Growth Forecast:
The substance abuse and addiction treatment market size has grown rapidly in recent years. It will grow from $10.54 billion in 2023 to $11.67 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to growing awareness and destigmatization, government initiatives and funding, changing healthcare policies, advancements in therapeutic approaches, integration of mental health and addiction treatment.
The substance abuse and addiction treatment market size is expected to see rapid growth in the next few years. It will grow to $17.4 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to rising substance abuse cases, focus on personalized treatment plans, expanding access to treatment services, telehealth and remote services, mental health advocacy. Major trends in the forecast period include preventive education and awareness programs, collaboration with mental health professionals, remote interventions and support for families, expansion of outpatient treatment services, research on innovative therapeutic approaches.
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Market Segmentation:
The substance abuse and addiction treatment market covered in this report is segmented -
1) By Abuse Type: Alcohol Dependence, Tobacco or Nicotine Addiction, Other Abuse Types
2) By Treatment: Alcohol Addiction Treatment, Tobacco or Nicotine Addiction Treatment, Opioid Addiction Treatment, Other Treatments
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Other Distribution Channels
Major Driver - High Alcohol Prevalence Fuels Substance Abuse Treatment Market Expansion
A high prevalence of alcohol use is expected to boost the growth of the substance abuse and addiction treatment market going forward. Alcohol use refers to consuming ethyl alcohol-containing beverages. The increased prevalence of alcohol use disorders causing substance use disorders, which increased the demand for substance abuse and addiction treatment. For instance, in August 2022, according to data published by RTI International, a US-based non-profit organization, alcohol consumption in November 2020 was 39% higher than in February 2020. As well, binge drinking increased by 26% between February and April 2020 and by 30% between February and November 2020. Therefore, the high prevalence of alcohol use is driving the growth of the substance abuse and addiction treatment market.
Competitive Landscape:
Major companies operating in the substance abuse and addiction treatment market report are Pfizer Inc., AbbVie Inc., Novartis AG, Sanofi S.A., GlaxoSmithKline plc, Allergan plc, Teva Pharmaceutical Industries Ltd., Purdue Pharma LP, Mallinckrodt Pharmaceuticals plc, Cipla Limited, The Priory Group, Alkermes Inc., Promises Behavioral Health, Indivior PLC, American Addiction Centers Holdings Inc., Accord Healthcare Inc., Hazelden Betty Ford Foundation, The Caron Foundation, Noramco Inc., Recovery Centers of America, Elements Behavioral Health LLC, Cirque Lodge, Foundations Recovery Network, The Kusnacht Practice, Ocean Breeze Recovery, Behavioral Health Group Inc., BioCorRx Inc., MAP Health Management, Seabrook, Phoenix House
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Top Trend - Substance Abuse Market Giants Embrace Virtual Treatment Innovations
Major companies operating in the substance abuse and addiction treatment market are focusing on developing innovative solutions such as virtual addiction treatment programs. Virtual addiction treatment programs refer to therapeutic interventions and support services for individuals struggling with addiction that are delivered through online platforms or digital technologies. For instance, in January 2023, The Wellness Community, a US-based healthcare technology company launched the 'Primary Addiction Treatment at Home (PATH) Program'. The PATH Program is a recently launched initiative that involves undergoing drug screenings, engaging in discussions with counselors, and collaborating with behavioral health coaches. The mission is to extend its reach to rural communities and decrease the incidence of overdose deaths within the state.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Substance Abuse And Addiction Treatment Market Characteristics
3. Substance Abuse And Addiction Treatment Market Trends And Strategies
4. Substance Abuse And Addiction Treatment Market - Macro Economic Scenario
5. Substance Abuse And Addiction Treatment Market Size And Growth
…..
27. Substance Abuse And Addiction Treatment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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