Substance Abuse Treatments Market: Strict Approval Process for New Therapies Offsets Market Growth to an Extent
Rising awareness about the substance abuse in the US and rising initiatives from the government are key factors influencing positively on the growth of the substance abuse treatment market. For instance, recently in 2018, the Community Action Council for Lexington-Fayette, Harrison, Bourbon, and Nicholas Counties, Inc. has announced that they have awarded with US$2 mn federal grant for five years to serve at least 40 homeless people in 16 Kentucky counties. These initiatives by the US government is boosting the adoption of the substance abuse treatments and likely to fuel the growth of the substance abuse treatment market.
Owing to such initiatives from the past few years, the US substance abuse treatment market is expected to attain a value of US$12.43 bn by the end of 2024 from the value of US$4.42 bn in 2015. The market is expected to grow with a CAGR of 12.40% over the forecast period from 2016 to 2024.
The substance abuse treatment market is segmented on the basis of abuse type into alcohol dependence, tobacco/nicotine addiction, and opioid addiction.
Alcohol Dependence: The alcohol dependency is a common problem in the country due to higher disposable income and changing the lifestyle of people. Rising number of alcoholic people in the country is increasing need for the treatment which is likely to fuel the growth of the substance abuse treatment market.
Tobacco/nicotine Addiction: Among patient’s tobacco and nicotine addiction is higher. These cigarettes, tobacco, and nicotine are dangerous for health. The rising health consciousness among people is fuelling adoption of substance abuse treatments and likely to fuel the growth of the substance abuse treatment market.
TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough, Request for Custom Research - https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=21773
Drug Addiction: Among these three, drug addiction is dominating the substance abuse treatment market owing to higher demand from end-users to reduce addiction of drugs. The drugs such as methadone, buprenorphine, and naltrexone are widely used and the substance abuse treatments treat the addiction to these drugs. Additionally, the US government is taking initiatives to reduce the addition of these drugs among young people. Growing need for these treatments is fuelling the growth of the substance abuse treatment market.
Drug Abuse Treatment Dominates U.S. Substance Abuse Treatment Market
Alcohol dependence, tobacco/nicotine addiction, and opioid addiction are the main types of substance addiction, a number of U.S. citizens have fallen prey to. With around 15% of the overall population in the U.S. addicted to smoking, the tobacco/nicotine addiction takes the lead among the types of substance abuse taking place in the U.S.
The key treatments for substance abuse, applied in the U.S., are alcohol addiction treatment, tobacco or Nicotine addiction treatment and drug abuse treatment. Drug abuse treatment reports a higher demand from end users than other substance abuse treatments. Analysts expect this scenario to remain same over the next few years. Methadone, buprenorphine, and naltrexone are the main types of drug abuse treatments utilized in this country. Product innovation in buprenorphine pills and film, and the recent launch of buprenorphine implants is likely to boost the drug abuse treatment segment remarkably in the near future.
Request Brochure of Report - https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=21773
Disulfiram, acamprosate, and naltrexone are the most widely preferred drugs for the treatment of patients struggling with alcohol addiction. Acamprosate is expected to account for the most prominent share among these drugs over the forthcoming years. Nicotine replacement treatment and non-nicotine medications have emerged as the most effective treatments for tobacco or nicotine addiction.
Thanks to Increasing Popularity of Outpatient Rehab, Outpatient Treatment Centers to Remain Lead among End Users
Outpatient treatment centers, residential treatment centers, and inpatient treatment centers have surfaced as the key end users of the substance abuse treatment in the U.S. Among these, the demand for these treatments is higher in outpatient treatment centers and is anticipated to remain so over the coming years, thanks to the rising popularity of outpatient rehab across the country.
The U.S. substance abuse treatment market is highly fragmented with a large number of companies operating in it. The prominent ones in them are Mallinckrodt, Purdue Pharma L.P., Sanofi, Dr. Reddy’s Laboratories Ltd., Pfizer Inc., GlaxoSmithKline Plc, Cipla Ltd., Allergan Plc, and Alkermes.
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.”
Transparency Market Research
90 State Street,
Albany NY - 12207
USA - Canada Toll Free: 866-552-3453