Press release
Addictions Therapeutics Market 2024 - By Size, Share, Trends And Growth Prospects 2033
Addictions Therapeutics Market
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.
Market Overview -
Addiction therapeutics refers to medication, treatment, and management of various forms of addiction to help individuals overcome substance use disorders (SUDs) and other forms of addiction. It involves group and individual therapy sessions to prevent substance misuse.
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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.
Innovative Breakthroughs In Addiction Therapeutics Market
Major companies operating in the addiction therapeutics market are developing innovative products such as drugs for coc*aine use disorders (CUD) to meet larger customer bases, more sales, and increase revenue. Drugs for coc*aine use disorders (CUD) are medications designed to help individuals who are struggling with coc*aine addiction 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 coc*aine use disorders (CUD), TMP-301 stands out for its potency, selectivity, and oral availability, all aimed at effectively curbing the overactive glutamate signaling associated with CUD.
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Key Segments -
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
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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