Global Addiction Treatment Market, by Drug Type (Opioid Addiction, Alcohol Addiction, Nicotine Replacement Therapies, and Non-Nicotine Medication), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 8,297.0 million in 2021 and is expected to exhibit a CAGR of 5.3% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Introduction of novel and efficient products for the treatment of addiction by market players play a key role in growth of the global addiction treatment market. In the recent past, key players in the market received approval and launched various products such as SUBLOCADE injection, Nicotac, Logic Pro, nicotine-containing e-cigarette, and Nicotinell. Increase in product approvals by regulatory authorities and product launches by key players in the market is expected to create a lucrative environment for the growth of the global addiction treatment market over the forecast period.
For instance, in April 2018, Sun Pharmaceutical Industries Limited one of the largest specialty generic pharmaceutical company received the U.S. FDA approval for Methadone Hydrochloride tablet in 10mg and 5mg formulations and it is used to treat the pain and opioid addiction.
Moreover, in March 2018, Indivior Plc. a global pharmaceutical company is working on development of medicines for the treatment of Substance Use Disorder (SUD) has launched its novel SUBLOCADE (buprenorphine extended-release) injection for subcutaneous use (CIII) in the U.S. In November 2017, SUBLOCADE is approved by the U.S. Food and Drug Administration (FDA) for the treatment of moderate to severe Opioid Use Disorder (OUD) in adult patients.
Global Addiction Treatment Market – Impact of Coronavirus (Covid-19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Epidemiological Update by the World Health Organization, on 25th November 2021, over 258,830,438 cases and 5,174,646 deaths due to Coronavirus (COVID-19) were reported up till July 25, 2021 across the globe.
The COVID-19 pandemic has negatively affected several markets across the globe and is also expected to hamper the demand and supply in global addiction treatment market.
The psychological and social risks associated with the pandemic can boost drug abuse.
COVID-19 and its preventive strategies such as isolation or social distancing have affected people’s mental and emotional health. The conditions of anxiety, irritability, boredom, or fear caused due to pandemic are known to trigger or intensify urge of consuming addictive substance.
Browse 22 Market Data Tables and 32 Figures spread through 276 Pages and in-depth TOC on “Addiction Treatment Market”- Global Forecast to 2028, by Drug Type (Opioid Addiction, Alcohol Addiction, Nicotine Replacement Therapies, and Non-Nicotine Medication), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the global addiction treatment market, click the link below:
Key players operating in the market are focusing on adoption of inorganic growth strategies such as mergers, collaborations, partnerships, and acquisitions, in order to strengthen their position in the global market. For instance, in March 2018, Biohit Oyj, a Finland based company, and Oriola Oya pharmaceutical wholesaler entered into an agreement for the distribution of Biohit’s smoking cessation product, Acetium lozenge, in Pharmacies and at other Oriola sales channels in Finland.
Key Takeaways of the Global addiction treatment Market: