Legalization of marijuana in certain states for medical use, technological developments in the diagnostic industry, and government initiatives and rise in awareness about drug addiction have resulted in boosting the Drug Addiction Treatment market.
Market Size – USD 19.35 Billion in 2020, Market Growth - CAGR of 6.70%, Market Trends – The rising demand for drug addiction treatment for marijuana addicts
The global drug addiction treatment market is forecast to reach USD 32.97 Billion by 2028, according to a new report by Reports and Data. Drug addiction can be defined as the condition that affects the behavior and brain of an individual. When an individual is addicted to a drug, he/she fails in controlling the urge to use it, in spite of knowing the harm related to the use of those drugs. The condition is not just about cocaine, heroin, or the use of other illegal drugs. Addiction to nicotine, opioid painkillers, alcohol, and other legal substances may also result in the condition. Continuous exposure to these drugs results in effecting the ability of the functioning of their brain, which leads to their lack of failure in controlling their urge to take the drug. The mentioned change in the functioning of the brain occurs over a period of time. It may result in losing self-control among individuals and lead to damaging behaviors. The extent to which an individual becomes addicted or how quick an individual gets addicted is dependent on the type of drug being consumed. Drugs like opioid painkillers have a higher risk and result in quick addiction as compared to the other types of drugs. The term drug addiction is often interchangeably used with drug abuse. Drug abuse is when an individual uses illegal or legal substances in ways in ways he/she shouldn’t. On the other hand, addiction is when an individual fails in stopping the consumption of these drugs. Thus, various supporting factors like the government initiatives and rise in awareness about drug addiction and technological developments in the diagnostic industry are boosting the growth of the market. In context to region, Europe can be seen to occupy a significant portion of the market. The market share held by the region is attributed to the continuously expanding healthcare market, increasing investments in the healthcare sector, and elevating focus on R&D activities, which are supporting the growth of the market in this region.
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The report puts an emphasis on the information regarding the key players with a special focus on their company profile, business overview, recent advancements, product catalog, and strategic business plans. It provides a comprehensive overview of the strategic alliances in the market under taken by the key players such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches, brand promotions, and corporate deals, among others.
Key companies operating in the market and profiled in the report include:
Pfizer, Indivior, Novartis, Alkermes, Cipla, Mylan, Dr. Reddy's Laboratorie, Glenmark, PLIVA (Odyssey), and Teva Pharmaceutical.
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The Drug Addiction Treatment market takes into account major geographical locations such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa to offer key insights into market growth, market size, market share, revenue growth, current and emerging trends, supply and demand ratio, import/export, consumer demand and behavior, and presence of key players in each region. The report offers an in-depth country wise analysis to impart better understanding of the market and its growth prospects.
Segments Covered in the report
Drug Type Outlook (Revenue, USD Billion; 2020-2028)
- Tobacco/Nicotine and Vaping
- Synthetic Cannabinoids
- Prescription and Over-the-Counter Medications
Treatment Outlook (Revenue, USD Billion; 2020-2028)
- Counseling and behavioral therapies
- Rehabilitation programs
- Self-help groups
End-user Outlook (Revenue, USD Billion; 2020-2028)
- Hospital and Clinics
- Residential treatment centers (non-hospital)
Key Regions Analyzed in the Report include:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Furthermore, it consists information about individual segment of the Drug Addiction Treatment market based on the types and application. The report also offers insights about the key segments expected to register significant revenue growth over the forecast period and primary trends influencing their growth. It also offers CAGR and market share values for each segment to provide clear understanding of demand and trend in the global market.
Further key findings from the report suggest
- The Drug Addiction Treatment market held a market share of USD 19.35 Billion in the year 2020 that is forecasted to grow at a rate of 6.70% during the forecast period.
- In context to Drug Type, the Marijuana segment is projected to witness the fastest growth rate of 7.8% during the forecast period, which is expected to hold, 14.9% of the market by 2028. The growth rate witnessed by the Marijuana segment is attributed to the legalization of the use of this drug for medical purposes in various nations across the globe, which is resulting in increasing exposure and use of this drug, which is contributing to the growth rate witnessed by this segment. As an instance, as of January 2019, the use of tis drug for medical purposes has been legalized in 33 states in the U.S.
- In context to Treatment, the Detoxification segment held the largest market share of 49.0% in 2020, with a growth rate of 6.4% during the forecast period. The fact that in the treatment of drug addiction, detoxification is the first line of treatment, contributes to the market share held by this segment. Furthermore, in this treatment, the main focus is on clearing the drug from the patient’s body and limit withdrawal reactions, which can be addressed with this treatment that also contributes to the market share held by this segment.
- In regards to End-user, the Residential treatment centers (non-hospital) segment is projected to witness the fastest CAGR of 7.4% during the forecast period, which is expected to occupy 31.0% of the market by 2028. The rising awareness about the adverse impact of consuming drugs and associated faster detection of the condition results in lowing the number of individuals with serious conditions requiring hospitalization, which contributes to the growth rate witnessed by this segment. The underlying reason being, identification of the condition in the initial stage results in increasing demand for elementary line of treatment that are available in residential treatment centers.
- In regards to the region, Asia Pacific is projected to witness the fastest growth rate of 8.2% during the forecast, which is expected to hold 0% of the market by 2028. The growth rate witnessed by the region is resultant of the expansion of the health care sector and rising incidence rate of alcohol & tobacco addiction, which is supporting the market growth in this region.
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