Increasing Cases of Lifestyle Changes Stokes Demand in Addiction Treatment Market to reach US$7.0 bn by 2025, TMR
Addiction to a substance or a habit exists in a variety of forms – drug addiction, alcohol addiction, and food addiction, to name a few. Addiction habits literally might tear down a person’s life if not controlled in the early stages. Moreover, it might cause an addicted person to be susceptible to various serious healthcare issues, thus leading to a deteriorated health over time.
Such issues have led to distinctive Addiction Treatment Market to exist from a global perspective. The global addiction treatment market comprises a variety of factors that includes drivers, challenges, competitive dynamics, and others.
As per expert analysts, the global addiction treatment market had registered growth of US$4.0 bn in 2016. This revenue is expected to reach about US$7.0 bn by 2025. Such growth is expected to expand at a healthy CAGR of 6.0% during the forecast period ranging from 2017 to 2025.
Increasing Cases of Substance Abuse Stokes Expansion in Addiction Treatment Market
Substance abuse is one of the most prolific additions existing all over the globe. Rising consumption of tobacco in different forms is one of the major factors driving growth in the global addiction treatment market. This is mainly due to the fact that tobacco is likely to cause more than 8 million deaths annually. Such a high mortality rate demands provision of appropriate treatments, thereby stoking growth in the global addiction treatment market.
With increasing awareness regarding the need to get treatment for addictions, the market is expected to grow at a rapid pace. In addition, several companies are coming up with new ways to identify alcohol as well as drug abusers. Such awareness is spreading through the extensive use of newspapers, T.V. advertisements, social media, and other platforms. Lastly, with several lifestyle changes coupled with increasing levels of stress and pressure, many people resort to drug abuse. This too has led to an increasing requirement for availing necessary practices to curb such abuse.
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High Treatment Costs Exist as a Bummer for the Market’s Growth
However, in spite of these driving factors, some of the therapies needed to curb addiction might be substantially expensive. This is a key factor restraining growth in the global addiction treatment market. Moreover, several necessary therapies might be difficult to access for people staying in remote and underdeveloped regions.
This too could be a major aspect existing as a challenge for growth in the global addiction treatment market. In addition, few regions too depict low awareness about the need for availing treatment against substance and drug abuse. Until this is not overcome, the global addiction treatment market will experience a few speed bumps in the near future.
Nonetheless, several companies as well as governments are working towards improving the geographical spread of their initiatives coupled with treatment awareness. This could certainly offset most restraints affecting the global addiction treatment market from a global perspective.
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Asia Pacific Comes out as Leader in the Global Treatment Addiction Market
From a geographical perspective, the global addiction treatment market is spread across North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Of these, the predominance of high substance abuse in countries such as India, China, and Malaysia makes the global addiction treatment market growth rampantly in Asia Pacific.
Key players are taking initiatives to make a different in the global addiction treatment market are Cipla Ltd., Allergan plc, Alkermes plc, Pfizer Inc., Orexo AB, GlaxoSmithKiline plc, Purdue Pharma L.P, Mallinckrodt, and Reckitt Benckiser. Increasing product offerings, focusing on research and development, and regulating product costs are major strategies used by the players operating in the global addiction treatment market.
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