Global Addiction Treatment Market to Reach over US$ 7.0 Billion by 2025; Growing Abuse of Prescription Drug to Fuel Market Growth, Observes Transparency Market Research
Transparency Market Research (TMR) has published a new report titled “Addiction Treatment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025”. According to the report, the global addiction treatment market was valued at approximately US$ 4.0 Bn in 2016 is projected to expand at a CAGR of over 6.0% from 2017 to 2025. The report suggests that growing abuse of prescription drugs and favorable reimbursements for smoking cessation therapy are likely to spur demand for addiction treatment market in the near future (2017 to 2025). North America and Western Europe are likely to account for dominant share of the global addiction treatment market due to introduction of new drugs by key players. Government initiative to spread awareness about drug addiction in emerging markets such as China and India is likely to boost the addiction treatment market in Asia Pacific. The market in the region is anticipated to expand at a CAGR of around 7.0% from 2017 to 2025.
Tobacco/Nicotine Addiction Treatment Dominates the Market Followed by Opioid Addiction Treatment
The report offers detailed segmentation of the global addiction treatment market based on treatment type, drug type, treatment center, and distribution channels. In terms of treatment type, the tobacco/nicotine addiction treatment segment accounts for a leading share of the global market during the forecast period. Higher share of the tobacco/nicotine addiction treatment segment is attributed to high adoption and wide availability of various over-the-counter nicotine replacement products used to combat tobacco and nicotine addiction. Opioid addiction treatment segment is likely to expand at a comparatively higher growth rate during the forecast period due to increase in usage of illicit drugs.
Varenicline Drugs to Lose Market Share
The report offers detailed segmentation of the global addiction treatment market based on drug type. The nicotine replacement products segment is poised to account for a leading share of the global market during the forecast period. Expansion of the segment is due to rise in the number of smokers across the globe and this has increased concerns about health risks for both smokers and passive smokers. The Varenicline drug segment is anticipated to lose market share during the forecast period due to side effects such as stomach pain, sleep disorder, and diarrhea. The segment accounted for market share of approximately 21.3% in 2016 and is expected to reach 21.2% by 2025.
Outpatient Treatment Center & Inpatient Treatment Center: Top Two Treatment Center of Addiction Treatment
Based on treatment center, the outpatient treatment segment is projected to hold a dominant share of global addiction market during the forecast period. It is likely to expand at a CAGR of more than 6.0% from 2017 to 2025. Outpatient treatment centers less restrictive and less expensive. These factors are likely to drive the segment during the forecast period. Additionally, in outpatient center, an addiction patient usually requires to spend less time in the center for treatment. This helps those who unable to give extended time for treatments. In terms of value, the inpatient treatment center segment accounted for more than 18.0% share of the global addiction treatment market in 2016. It is anticipated to account for approximately 19.0% share of the market by 2025.
Asia Pacific to Resister Exponential Growth and Offer Huge Incremental Opportunity
In terms of value, North America dominated the global addiction treatment market in 2016. Rise in awareness regarding different opioid treatment programs and increase in government initiatives to raise awareness about substance abuse, ill effects of drug, and importance of abuse treatment are propelling the addiction treatment market in North America. Rise in health care spending in emerging markets such as China and India is fueling the addiction treatment market in Asia Pacific. Economic growth in countries such as Brazil in Latin American is boosting health care expenditure through rise in private health insurance, entry of international drug manufacturers, and health care providers in the region. This is likely to propel the addiction treatment market in Latin America to expand at a CAGR of 7.1% from 2017 to 2025.
Key Players such as Pfizer Inc., Cipla Ltd., and Alkermes plc. are Likely to Continue to Lead the Global Addiction Treatment Market
The report also provides profiles of leading players such as Allergan plc, GlaxoSmithKline plc, Purdue Pharma L.P., Mallinckrodt, Hikma Pharmaceuticals PLC, Orexo AB, and Reckitt Benckiser (Indivior PLC) that operate in the global addiction treatment market. Expansion of addiction treatment portfolio through improving existing drugs and developing new drug molecules is one of the key strategy adopted by many key players. Moreover, company’s focuses on strategic partnership to expand their business in various regions. For instance, recently, Orexo AB plans to launch Zuvsolv in new markets through its partner MundiPharma.
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