June 17, 2024

Addiction Treatment Market Is Estimated To Witness High Growth Owing To Advancements In Digital Therapies

Various therapies adopted for addiction treatment include medication therapy, cognitive-behavioral therapy, family therapy, and group therapy. Medication therapies include antidepressants, anti-epileptics, and disulfiram. Addiction treatment helps addicts overcome their addiction with counseling and medications, which minimizes withdrawal symptoms and prevents relapse. Advances in digital therapies like mobile applications and online platforms have enabled remote monitoring and easy access to counseling and group support, fueling the market growth.

The global addiction treatment market is estimated to be valued at US$ 10598.16 Bn in 2024 and is expected to exhibit a CAGR of 29% over the forecast period between 2024 to 2030.

Key Takeaways

Key players operating in the addiction treatment market are Alkremes Plc., Teva Pharmaceutical Industries Ltd., Glenmark Pharmaceuticals, Titan Pharmaceuticals, Inc., Pfizer, Inc., GlaxoSmithKline plc., Johnson & Johnson, Perrigo Company plc., Cipla Limited, Hikma Pharmaceuticals Plc., Dr. Reddy€TMs Laboratories Limited, Indivior Inc., and Mylan N.V.

Key players are focused on developing advanced digital therapies and combination treatments to expand their portfolios. Emerging technologies like virtual reality are being explored for addiction treatment. Remote delivery of therapies through digital means is opening up access to addiction support in areas with limited infrastructure and specialist care. Advancements in neuroscience, genetic engineering, and pharmacology are aiding the development of effective medications for addiction disorders.

Digital therapies delivered using smartphones, computers, sensors, and virtual reality are revolutionizing addiction treatment. Popular digital solutions include web/mobile applications for cognitive-behavioral therapy, remote monitoring, electronic diaries, and online mutual support groups. Such solutions enable continuous care and improve treatment adherence. Advancements in AI and machine learning are aiding the development of personalized treatment algorithms.

The primary drivers boosting the addiction treatment market growth are the high prevalence of substance abuse disorders, government initiatives to boost available therapies, technology enhancements, and rising awareness about available treatments. According to the National Survey on Drug Use and Health, around 21.7 million Americans battled a substance use disorder in 2019 with nearly 25% receiving any form of treatment.

Current challenges in Addiction Treatment Market:

The addiction treatment market faces various challenges like lack of awareness among people, social stigma associated with addiction, high cost of treatment, shortage of medical professionals in addiction treatment field etc. Many addicts avoid seeking treatment due to fear of being judged by family and society. Lack of awareness is also a major roadblock as many people are not aware about the treatment options available. Providing affordable and accessible addiction treatment services to all remains a challenge.

SWOT Analysis
Strength: Availability of variety of treatment options like medication, counseling, behavioral therapy etc. Allows customizing treatment as per individual needs.

Weakness: Social stigma discourages people from seeking timely treatment. Shortage of trained medical professionals in some regions.

Opportunity: Growing awareness about substance abuse disorders creates demand. Increasing health insurance coverage improving accessibility.

Threats: Easy availability of illicit drugs. Co-occurrence of addiction with mental illnesses complicates treatment.

Geographical regions with high market concentration:
North America accounts for the largest share of global addiction treatment market currently. Developed healthcare infrastructure and awareness levels support high market value in the region.

Fastest growing region:
Asia Pacific region is expected to witness fastest growth during forecast period owing to improving healthcare standards, growing substance abuse among youth, rising disposable incomes in developing countries and expanding health insurance coverage.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it