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Substance Abuse And Addiction Treatment Market Outlook Report 2024 | Size, Trends, Insights, Outlook By 2033
Substance Abuse And Addiction Treatment Market
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.
Market Overview -
Substance abuse is referred to as a habit of compulsive substance use characterized by recurring substantial social, occupational, legal, or interpersonal negative outcomes such as missed work or school, arrests, and marriage problems. Addiction is defined as a psychological or physical dependence on alcohol or other drugs. Substance abuse and addiction are the use of illegal substances, prescription or over-the-counter medications, or alcohol for purposes other than those intended or in excessive quantities.
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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
Emerging Trends In Substance Abuse Treatment Through Product Innovation
New product innovation has emerged as the key trend gaining popularity in the substance abuse and addiction treatment market. Major companies operating in the substance abuse and addiction treatment market are developing innovative products to strengthen their position in the market. For instance, in September 2021, Lyra Health, a US-based provider of innovative mental healthcare benefits, launched its first technology-integrated care solutions. The unique features of integrated care solutions Lyra Reset include virtual counseling to help stop drinking or achieve sobriety, digital lessons, and medication to combat cravings, all of which serve to reduce the impact of stigma. This first technology-integrated care solutions-is designed to address major mental health concerns like alcohol use disorder (AUD), suicidality, and other complicated mental health conditions.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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