The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s substance abuse and addiction treatment market report forecasts the substance abuse and addiction treatment market size to grow to $15.88 Billion by 2027, with a CAGR (compound annual growth rate) of more than 9%.

Learn More On The Substance Abuse And Addiction Treatment Market Report 2023 – https://www.thebusinessresearchcompany.com/report/substance-abuse-and-addiction-treatment-global-market-report

Substance Abuse And Addiction Treatment Market Size Forecast
The global substance abuse and addiction treatment market is expected to grow from $9.80 billion in 2022 to $10.90 billion in 2023 at a compound annual growth rate (CAGR) of 11.21%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The substance abuse and addiction treatment market size is expected to reach $15.88 billion in 2027 at a CAGR of 9.8%.

North America held the largest substance abuse and addiction treatment market share.

Key Substance Abuse And Addiction Treatment Market Driver ­– Increase In The Prevalence Of Alcohol Use
According to data given by RTI International, a non-profit organisation located in the United States, alcohol consumption in November 2020 was 39% greater than in February 2020 in August 2022. Furthermore, between February and April 2020, binge drinking grew by 26%, and by 30% between February and November 2020. As a result, the high prevalence of alcohol consumption is propelling the substance abuse and addiction treatment industry forward.

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Key Substance Abuse And Addiction Treatment Market Trend – New Product Innovation
To increase their market position, major players in the substance abuse and addiction therapy market are producing unique products. For example, Lyra Health, a US-based supplier of new mental healthcare benefits, will debut its first technology-integrated care solutions in September 2021. Virtual counselling to assist stop drinking or achieve sobriety, digital lessons, and medicine to battle cravings are all unique characteristics of integrated care solutions Lyra Reset, all of which aim to decrease the burden of stigma. This first technology, referred to as integrated care solutions, is intended to address serious mental health issues such as alcohol use disorder (AUD), suicidality, and other complex mental health diseases.

Substance Abuse And Addiction Treatment Market Segment
1) By Abuse Type: Alcohol Dependence, Tobacco or Nicotine Addiction, Other Abuse Types
2) By Treatment: Alcohol Addiction Treatment, Tobacco or Nicotine Addiction Treatment, Opioid Addiction Treatment, Other Treatments
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Other Distribution Channels

Substance Abuse And Addiction Treatment Market Major Players and Strategies
Major players in the substance abuse and addiction treatment market are Alkermes, Indivior Plc., Teva Pharmaceutical Industries Ltd., Pfizer Inc., Mallinckrodt Plc., GlaxoSmithKline Plc., Purdue Pharma LP., Allergan Plc., BioCorRx Inc., Accord Healthcare, Abbvie Inc., Cipla Ltd., Sanofi SA, Novartis AG (Sandoz), and Noramco.

Odyssey Behavioural Healthcare, a US-based mental health services company, acquired CIVIQ Health for an unknown sum in November 2021. This acquisition expands Odyssey’s ability to treat dual diagnoses and addiction, as well as provide detoxification treatments that can satisfy expanding market demand. CIVIQ Health is a healthcare company established in the United States that offers a long-term drug treatment programme to help people overcome the obstacles of addiction.

The Substance Abuse And Addiction Treatment Global Market Report 2023 covers regional data on substance abuse and addiction treatment market size, substance abuse and addiction treatment market trends and drivers, opportunities, strategies, and substance abuse and addiction treatment market competitor analysis. The countries covered in the substance abuse and addiction treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Substance abuse is defined as a compulsive substance use habit characterised by repeating significant social, occupational, legal, or interpersonal negative effects such as missed work or school, arrests, and marital issues. A psychological or physical dependence on alcohol or other drugs is classified as addiction. Substance abuse and addiction are defined as the use of illegal substances, prescription or over-the-counter pharmaceuticals, or alcohol for purposes other than those indicated or in excess.

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