LONDON, May 01, 2023 (GLOBE NEWSWIRE) -- The Business Research Company's research on the substance abuse and addiction treatment market forecasts the market to experience significant growth, increasing from $9.8 billion in 2022 to $10.9 billion in 2023 at a CAGR of more than 11%. Furthermore, global market for substance abuse and addiction treatment size is expected to reach $15.8 billion in 2027 at a CAGR of more than 9%. This growth can be attributed to the high prevalence of alcohol use, which has led to an increase in the number of individuals seeking treatment.
North America was the largest region in the substance abuse and addiction market in 2022.In August 2022, data published by RTI International, a US bases non-profit organization, indicated that alcohol consumption in November 2020 was 39% higher than in February 2020. Additionally, binge drinking increased by 26% between February and April 2020 and by 30% between February and November 2020. This high prevalence of alcohol use is driving the growth of the substance abuse and addiction treatment market.
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Major players operating in the global substance abuse and addiction treatment market include Alkermes, Indivior Plc., Teva Pharmaceutical Industries Ltd., Pfizer Inc., Mallinckrodt Plc., GlaxoSmithKline Plc., Purdue Pharma LP., Allergan Plc., BioCorRx Inc., Accord Healthcare, Abbvie Inc., Cipla Ltd., Sanofi SA, Novartis AG (Sandoz), and Noramco.
Companies in this market are developing new innovative products to strengthen their position in the market. For instance, in September 2021, Lyra Health launched its first technology-integrated care solutions. This product, known as Lyra Reset, offers virtual counselling to help individuals achieve sobriety or stop drinking, digital lessons, and medication to combat cravings. It is designed to address major mental health concerns such as alcohol use disorder, suicidality, and other complicated mental health conditions while reducing the impact of stigma.
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The global substance abuse and addiction treatment market is segmented as:
1) By Abuse Type: Alcohol Dependence, Tobacco or Nicotine Addiction, Other Abuse Types
2) By Treatment: Alcohol Addiction Treatment, Tobacco or Nicotine Addiction Treatment, Opioid Addiction Treatment, Other Treatments
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Other Distribution Channels
The Business Research Company's Substance Abuse And Addiction Treatment Global Market Report 2023 provides a comprehensive analysis of the global market, including key trends, drivers, and challenges that are shaping the industry. The report provides valuable information for investors, policymakers, and industry players to make informed decisions and capitalize on growth opportunities in the market.
Substance Abuse And Addiction Treatment Global Market Report 2023 by The Business Research Company provides insights on the substance abuse and addiction treatment market size, substance abuse and addiction treatment market segments, substance abuse and addiction treatment market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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