The substance abuse treatment market is estimated to experience prominent growth opportunities in the upcoming years. This market growth has been on the back of a rising count of cases of drug abuse due to the COVID-19 outbreak. The pandemic has increased the level of stress among individuals related to instability, financial insecurities, and fear of job loss. These factors serve as the crucial factors to accelerate substance abuse. Owing to these factors, the market is likely to experience noticeable growth prospects in the upcoming years.
Drug production and healthcare services have been allowed to function even in the period of a pandemic while following strict lockdown. So, the market has not been impacted at a larger scale because of the pandemic.
As per the research report by Transparency Market Research, the substance abuse treatment market has been estimated to expand at a CAGR of 8% and reach the valuation of US$ 16,000 Mn. during the forecast period from 2018 to 2026. Increasing awareness about the initiatives taken by the governments and manufacturers is likely to propel growth opportunities in the market. Further, a significant rise in the abuse of prescription drugs is also propelling growth avenues in the market.
Growing Use of Nicotine Due To Stressful Life Projected to Boost Growth Avenues in Substance Abuse Treatment Market
There has been a noticeable increase in the use of nicotine and some other addictive substances. The consumption of drugs, cigarettes, and alcohol are also increasing at a rapid pace around the world because of the stressful style of living among the larger count of individuals globally. So, in order to tackle this problem, various government and non-government organizations have started initiatives and campaigns. Owing to these factors, the substance abuse treatment market has been predicted to experience significant growth opportunities in the upcoming years.
People across the world are inclining to live a healthy and drug-free life. In addition to this, government bodies from countries around the world are putting efforts to reduce the menace of drugs among their citizens. Designing novel initiatives, conducting awareness drives, and formation of special committees are some of the factors that are likely to put a direct or indirect influence on the growth prospects in the substance abuse treatment market.
Underdeveloped economies have also observed the increasing cases of substance abuse because of the lack of awareness among different individuals related to the treatment options. The manufacturers from the substance abuse treatment market are concentrating to develop awareness to increase their influence among these countries. Owing to these factors, the substance abuse treatment market is estimated to enjoy noteworthy growth opportunities in the years to come.
Some of the key players operating in the substance abuse treatment market include Glenmark Pharmaceuticals Ltd., BioCorRx, Inc., Mallinckrodt Plc, GlaxoSmithKline Plc., Pfizer, Inc., Noramco, Indivior PLC, and Alkermes.
Increasing Government Initiatives in Asia Pacific Region To Boost Expansion Avenues in Substance Abuse Treatment Market
The substance abuse treatment market has been spread across different geographical areas such as North America, Asia Pacific, the Middle East & Africa, Europe, and Latin America. Out of these, the Asia Pacific region has been estimated to grow at a significant rate during the forecast period. This market dominance is on the back of increasing initiatives by different countries in order to address various cases that are related to drug abuse. In addition to this, government bodies have also been spending a noticeable amount of money in order to boost awareness related to the prevention and treatment of drug addiction. For example, the Federal Government of Australia has spent US$ 300 Mn. in the year 2015 for the improvement of the treatment methods against crystal or ice methamphetamine addiction.
The absence of stringent medical regulatory standards to prescribe drugs along with reduced awareness related to substance abuse has been estimated to curtail the growth opportunities in the market in the Middle East & Africa and Latin America during the forecast period.
The global substance abuse treatment market is divided into:
- Global Substance Abuse Treatment Market, by Treatment Type
- Drug Abuse Treatment
- Nicotine Addiction Treatment
- Total NRT Therapy
- Alcohol Addiction Treatment
- Drug Abuse Treatment
- Global Substance Abuse Treatment Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies and Drug Stores
- Others (Online Sales)
- Global Substance Abuse Treatment Market, by Region
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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