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Addictions Therapeutics Market Growth Analysis, Trends, Share, Market Size And Forecast To 2033
Addictions Therapeutics Market Overview
Addictions Therapeutics Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $8.83 billion In 2028 At A CAGR Of 6.0%.
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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Addictions Therapeutics Market Major 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 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.
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Addictions Therapeutics Market Players
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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Largest And Fastest Growing Region In The Market
North America was the largest region in the addictions therapeutics market in 2023. The regions covered in the addictions therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Addictions Therapeutics Market Report Structure
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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