Addiction Treatment Market: Leading Participants to Focus on Innovation

With a few leading players acquiring most of the shares, the global market for addiction treatment demonstrates a consolidated and a competitive business landscape, states a new research report by Transparency Market Research (TMR). The market is majorly led by Cipla Ltd., Alkermes plc, Allergan plc, Pfizer Inc., GlaxoSmithKiline plc, Orexo AB, Mallinckrodt, Purdue Pharma L.P, and Reckitt Benckiser. These market participants are likely to focus on innovation and technological advancements in their offerings in order to gain a competitive edge over their peers, notes the market study.

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According to the research report, the global addiction treatment market offered an opportunity worth US$4.33 bn in 2016. Rising at a CAGR of 6.60% during the period from 2017 to 2025, the market is estimated to reach a value of US$7.70 bn by the end of the period of the forecast. In terms of the type of the treatment, the demand for tobacco/nicotine addiction treatment is remarkably high across the world. With the increasing number of smokers, this segment is likely to remain on the top throughout the forecast period.

For similar reasons, the demand for nicotine replacement products is also projected to surge over the next few years. Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa have surfaced as the main regional segments of the worldwide market for addiction treatment. Among these, North America is expected to acquire the leading position in the years to come, states the research report.

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The market for addiction treatment is witnessing a tremendous rise across the world. “The growing number of smokers and drug addicts is the main factor behind this rise,” says the author of this research study. The rising abuse of prescription drugs is also adding substantially to the growth of this market.

Over the coming years, this market is likely to be driven by the increasing government support, such and rising number of initiatives to augment the awareness level of consumers regarding drug addiction and deploying favorable reimbursement policies for smoking cessation therapy. The continual introduction of innovative therapies and drugs for addiction treatment is also expected to propel this market over the next few years, reports the market study.

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Although the future of the worldwide addiction treatment market looks thriving, it may face several challenges in the years to come. The lengthiness of treatment procedures that need time-to-time monitoring and multiple interventions, is projected to hamper the growth trajectory of this market over the forthcoming years, states the research report.

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