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Substance Abuse And Addiction Treatment Market Trends, Top Companies, Share, Growth And Forecast 2033
Substance Abuse And Addiction Treatment Market Trends
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Substance Abuse And Addiction Treatment Market 2024 Key Insights:
• 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%.
• High Alcohol Prevalence Fuels Substance Abuse Treatment Market Expansion
• Emerging Trends In Substance Abuse Treatment Through Product Innovation
• North America was the largest region in the substance abuse and addiction market in 2023
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