According to the latest market report published by Credence Research, Inc. “Substance Abuse Treatment Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025” the global Substance abuse treatment market was valued at US$ 13.22 Bn in 2016, and is expected to reach US$ 27.91 Bn by 2025, expanding at a CAGR of 8.7% from 2017 to 2025.
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Substance abuse is a compulsive, excessive, and self-damaging use of habit forming drugs or substances; leading to addiction, dependence, serious physiological injury, psychological harm or death. Factors such as growing patient awareness, higher treatment seeking rate, increased government intervention and encouragement to curb substance abuse in all countries are driving the growth of substance abuse treatment market globally. For the purpose of study, global substance abuse treatment market is segmented on the basis of treatment such as alcohol addiction treatment, nicotine addiction treatment and drug abuse treatment. It is observed that, in the base year 2016, nicotine addiction treatment market held largest market share because higher number of tobacco addicted population, rising number of approved medication and increased use of nicotine with other stimulants are influencing the growth of nicotine addiction treatment market globally. Substance abuse treatment market is currently dominated by North America due to factors such as higher cost of therapy, better reimbursement policies and higher number of addicted population are fueling the market growth in North America. However, it is anticipated that Asia pacific would grow at highest CAGR due to factors such as developing treatment awareness, developing economic condition and rising treatment awareness are expected to drive the market growth in Asia Pacific during forecast period 2017-2025.
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Market Competition Assessment:
The substance abuse treatment market is observed to be highly competitive and comprises large number of players. However, the market is currently dominated by few players such as Alkermes Plc., Allergan, Inc., GlaxoSmithKline Plc., Mylan Laboratories, Pfizer Inc., Purdue Pharma LP, Reckitt Benckiser Pharmaceuticals, Teva Pharmaceuticals and other.
Key Market Movements:
– Factors such as growing number of opioid prescriptions written by physicians, increased government intervention and encouragement to curb substance abuse in all countries are driving the growth of substance abuse treatment market globally.
– Due to the high unmet needs, vendors in the market are focusing on innovation and technological advances in treatment, this would further influence the growth of substance abuse treatment market.
– However, poor treatment compliance in some region would negatively impact the growth of substance abuse treatment market globally.
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