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Global Addictions Therapeutics Market Industry Analysis, Business Development, Size, Forecast To 2033
Global Addictions Therapeutics Market
The Business Research Company offers in-depth market insights through Addictions Therapeutics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The addictions therapeutics market size has grown strongly in recent years. It will grow from $6.56 billion in 2023 to $7.01 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased use of addictive substances such as alcohol, tobacco, and drugs, rising awareness and escalating prevalence of substance abuse disorders, legalization of marijuana in various states, increased funding and support for addiction treatment initiatives.
The addictions therapeutics market size is expected to see strong growth in the next few years. It will grow to $8.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to rising drug awareness campaigns, emergence of synthetic drugs and new psychoactive substances, changing lifestyles and stress factors, expanding rehabilitation facilities, integration of telehealth services in addiction treatment. Major trends in the forecast period include technological advancements in diagnostics, neuroscientific advances, partnerships and collaborations between pharmaceutical companies and other stakeholders to address addiction issues, innovative drug launch for addictions therapeutics.
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Market Segmentation:
The addictions therapeutics market covered in this report is segmented -
1) By Drug Type: Buprenorphine, Naltrexone, Bupropion, Disulfiram, Nicotine Replacement Products, Varenicline, Other Drugs
2) By Treatment Type: Opioid Addiction Treatment, Alcohol Addiction Treatment, Nicotine Addiction Treatment, Other Substance Addiction Treatment
3) By Treatment Center: Inpatient Treatment Center, Residential Treatment Center, Outpatient Treatment Center
4) By Distribution Channel: Hospital Pharmacies, Medical Stores, Other Distribution Channel
5) By Application: Public, Private, Government
Major Driver - Rising Alcohol Consumption Drives Growth In The Addiction Therapeutics Market
Increasing consumption of alcohol is expected to propel the growth of the addiction therapeutics market going forward. Alcohol consumption refers to the process of drinking beverages containing ethyl alcohol. Addiction therapeutics are used to treat addiction concerning alcohol that encourage individuals to consume less alcohol by preventing the depressive effects of alcohol and promoting the balance between the excitatory and inhibitory neurotransmitters glutamate and gamma-aminobutyric acid in an individual that reduces alcohol cravings and alleviates symptoms and suppresses symptoms such as insomnia, anxiety, and restlessness reading alcohol withdrawal. For instance, in February 2023, according to a report published by Statistics Canada, a Canada-based national statistical agency, alcoholic beverage sales at retail establishments and liquor authorities totaled $26.1 billion in the fiscal year ending on March 31, 2022, marking a 2.4% uptick from the previous year. Wine sales saw a 2.1% increase, reaching $8.1 billion in the same period. In terms of the overall composition, beer constituted 34.9% of the total alcohol sales value in 2021-2022, trailed by wine at 31.3%, spirits at 25.8%, and ciders and coolers at 8.0%. Therefore, increasing consumption of alcohol is propelling the addiction therapeutics market.
Competitive Landscape:
Major companies operating in the addictions therapeutics market report are Pfizer Inc., Novartis AG, GlaxoSmithKline plc, Gilead Sciences Inc., Novo Nordisk A/S, Teva Pharmaceutical Industries Ltd., Mylan N.V., Bausch Health Companies Inc., Sun Pharmaceutical Industries Limited, Perrigo Company plc, Purdue Pharma L.P., Dr. Reddy's Laboratories Ltd., Cipla Inc., Hikma Pharmaceuticals plc, Amneal Pharmaceuticals Inc., Mallinckrodt Plc, Alkermes plc., Glenmark Pharmaceuticals Limited, Indivior plc., Lannett Company Inc., BioDelivery Sciences International Inc., Insys Therapeutics Inc., Camurus AB, Orexo AB, Elite Pharmaceuticals Inc., Alchem International Ltd, Avalo Therapeutics Inc., Braeburn Inc., Titan Pharmaceuticals Inc., BioCorRx Inc.
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Top Trend - Innovative Breakthroughs In Addiction Therapeutics Market
Major companies operating in the addiction therapeutics market are developing innovative products such as drugs for cocaineusedisorders (CUD) to meet larger customer bases, more sales, and increase revenue. Drugs for cocaineusedisorders (CUD) are medications designed to help individuals who are struggling with cocaineaddiction or dependence. For instance, in January 2023, Tempero Bio, a US-based biopharmaceutical company, announced the U.S. Food and Drug Administration (FDA) approval for the TMP-301. The distinguishing characteristic of TMP-301, the Company's investigational candidate, lies in its role as a metabotropic glutamate receptor 5 (mGluR5) negative allosteric modulator (NAM). Specifically tailored for a prominent role in treating cocaineusedisorders (CUD), TMP-301 stands out for its potency, selectivity, and oral availability, all aimed at effectively curbing the overactive glutamate signaling associated with CUD.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Addictions Therapeutics Market Characteristics
3. Addictions Therapeutics Market Trends And Strategies
4. Addictions Therapeutics Market - Macro Economic Scenario
5. Addictions Therapeutics Market Size And Growth
…..
27. Addictions Therapeutics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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