Substance Abuse Treatment Market: Alcohol addiction treatment segment to expand at significantly high growth rate
Global Substance Abuse Treatment Market - Snapshot
Substance abuse is the use of psychoactive substances, including alcohol and illicit drugs. Use of psychoactive substances can lead to dependence syndrome (a combination of behavioral, cognitive, and psychological phenomenon, which forces the individual to use alcohol, nicotine, and illicit drugs). However, expansion of the global substance abuse treatment market is expected to be hampered during the forecast period, owing to low awareness about addiction treatment products in developing countries and legal obligations for addiction treatment products.
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The global substance abuse treatment market was valued at approximately US$ 8,000.0 Mn in 2017. It is anticipated to reach a value of nearly US$ 16,000 Mn by 2026, expanding at a CAGR of about 8% from 2018 to 2026. Awareness about initiatives by manufacturers and governments and rise in abuse of prescription drugs are likely to fuel the global substance abuse treatment market from 2018 to 2026.
Several unmet needs in the global substance abuse treatment market offer lucrative opportunities to existing players and new entrants, globally. Examples of recent developments in the field include submission of provisional patent application to the USPTO (United States Patent and Trademark Office) for proprietary pure cannabidiol compositions, by Normaco in October 2018, approval of SUBLOCADE, by the FDA, launched in the U.S. in March 2018, and U.S. FDA approval for the ANDA for methadone hydrochloride (5 mg and 10 mg) tablets for Glenmark Pharmaceuticals and its strategic partner Elite Pharmaceuticals, Inc in August 2018.
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The global substance abuse treatment market has been extensively analyzed on the basis of the treatment type, distribution channel, and geography. Based on treatment type, the market has been classified into alcohol addiction treatment, nicotine addiction treatment, and drug abuse treatment. Furthermore, the alcohol treatment type segment has been sub-segmented into Acamprosate, Disulphirum, Naltrexone, and Benzodiazepine (BZD). Moreover, the nicotine addiction treatment segment has been further split into total NRT therapy, Varenicline, and Bupropion. The drug abuse treatment segment has been further sub-segmented into Methadone, Buprenorphine, and Naltexone. High market attractiveness of the drug abuse and nicotine addiction segments is due to the availability of different nicotine replacement products over-the-counter in order to combat tobacco and nicotine addiction and the increase in adoption of prescription opioids or illicit drugs. Multiple side-effects associated with the use of methadone and innovations in other types of drugs that are used for addiction treatment hamper the use of methadone. On the other hand, availability of innovative buprenorphine products in the form of pills, sublingual films, and implants is improving the treatment methods, thereby boosting the buprenorphine sub-segment during the forecast period.
Furthermore, in terms of distribution channel, the global substance abuse treatment market has been categorized into hospital pharmacies, retail pharmacies and drug stores, and others (online sales). Expansion of the hospital pharmacies segment can be attributed to the rise in prescription filling at hospital pharmacies, availability of certified physicians in hospital pharmacies, advice for use of the drugs from certified physicians, and authenticity of quality and price of medicines.
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North America (NA) accounted for a prominent share of the global substance abuse treatment market in 2017, followed by Europe. Rise in awareness regarding opioid treatment programs and increase in government initiatives to raise awareness about substance abuse, ill-effects of drugs, and the importance of abuse treatment are key factors propelling the substance abuse treatment market in North America. In Europe, drug addiction treatment is supported by government and private bodies with a diverse range of interventions. Additionally, the provision of outpatient treatment and support for treatment programs have increased considerably since the beginning of 2010. Moreover, government initiatives to spread awareness about the increasing use of cannabis and its negative effects are expected to drive the substance abuse treatment market in Europe.
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The substance abuse market in Asia Pacific region is anticipated to expand at a notable CAGR during the forecast period. Several countries in Asia Pacific are taking prominent initiatives to address issues related to drug abuse. Additionally, various government bodies are spending significant amounts of money to promote awareness about the prevention and treatment of drug addiction. For instance, in 2015, the Federal Government of Australia spent US$ 300 Mn to improve treatment methods for ice or crystal methamphetamine addiction. Lack of stringent medical regulatory standards for prescription drugs and low awareness about substance abuse are likely to hamper the substance abuse treatment market in Latin America and Middle East & Africa during the forecast period.
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Key companies operating in the global substance abuse treatment market and profiled in the report include Alkermes, Allergan PLC, Indivior PLC, Noramco (part of SK Capital Partners), Teva Pharmaceutical Industries Ltd, Pfizer, Inc., GlaxoSmithKline plc, Mallinckrodt plc, BioCorRx, Inc., and Glenmark Pharmaceuticals Ltd.
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