High Adoption of Telecommuting in Healthcare Sector to Improve Quality of Addiction Treatment
While the global population is currently at war with the novel COVID-19 pandemic, addiction is another major threat to the public health that continues to affect millions of individuals worldwide. Substance abuse, tobacco, alcohol, and drug addiction are on the rise at the global level, particularly in developing nations such as China and India. Each year, nearly 6 million people across the world succumb to tobacco addiction and the numbers continue to rise at a consistent pace. The steady rise in the number of annual tobacco-related deaths across the world has led to considerable regulatory and market pressure to minimize tobacco consumption and addiction.
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At present, apart from tobacco addiction, the global number of alcohol and drug addiction cases continue to move in the upward trajectory due to which, the demand for addiction treatment is increasing. In the current scenario, the adoption of new technological advancements such as telecommuting within the healthcare sector is on the rise. At present, the number of collaborations between application developers and healthcare experts is growing at a rapid pace and the trend is expected to continue during the forecast period.
As per the National Institute of Drug Abuse, nearly 54% of the addicts are below the age of 18 in the U.S. The alarming statistics in other regions of the world as well have compelled government authorities to raise awareness regarding addiction treatment– another factor that is expected to provide an impetus for growth of the global addiction treatment market. At the back of these factors and continual focus on research and development activities, the global addiction treatment market is expected to attain a market value of ~US$ 12 Bn by the of 2030.
Emphasis on Creating Addiction Treatment Laboratories to Boost Market Growth
The global addiction crisis over the past decade has amplified the need to invest in integrated research and development activities that focus on addiction treatment and the recovery process. Although the number of research activities pertaining to issues related to addiction has increased at an impressive pace, stakeholders operating in the current addiction treatment market landscape are increasingly finding new methods to implement these findings into the real-world care delivery.
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At present, the addiction treatment market is marred with a host of challenges such as discovering new solutions to improve the quality of addiction treatment worldwide. Several experts are of the opinion that creating addiction treatment laboratories that work in-sync with recovery and treatment centers is a promising solution to attain the objective efficiently. This approach is likely to provide a considerable boost to the translation of cutting-edge science discoveries into actionable addiction treatment techniques– a factor that is likely to provide an drive the global addiction treatment market.
Growing Adoption of Data Analysis Techniques to Improve Medical Care
While research and development activities continue to play an imperative role in pointing out the efficacy of addiction treatment in controlled settings, the implementation of these findings remains a major challenge. For instance, a majority of the programs provide a range of addiction treatments. However, there is little evidence on the overall impact of the multidimensional programs on the patients. As market participants involved in the addiction treatment market continue to address these challenges, data analysis has emerged as an effective role that offers tremendous promise in enhancing the quality of addiction treatment. At present, the demand for real-time data collection to streamline addiction treatment and curate tailor-made treatment programs is rising due to which, the development of cutting-edge clinical informatics platforms is likely to gain considerable momentum.
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Addiction Treatment Gains ‘Essential Service’ Status Worldwide
The effects of the COVID-19 pandemic can be felt across a host of core industrial sectors and the markets related to them. On the other hand, the healthcare sector across the world is overburdened with the huge influx of patients that require immediate medical assistance due to the COVID-19 virus. Despite stringent containment measures implemented by government authorities worldwide, the demand for addiction treatment is likely to witness steady growth. National lockdowns imposed by governments, along with disruptions in the supply chain are expected to cause obstacles in terms of acquiring a substance due to which, the demand for addiction treatment is expected to grow in 2020. In addition, as addiction treatment has gained the essential service status across the world, outpatient treatment centers, inpatient treatment centers, and residential treatment centers are likely to remain functional during the COVID-19 pandemic due to which, the addiction treatment market is expected to experience a minimal impact during the ongoing health crisis.
The global addiction treatment market is expected to grow at a healthy CAGR of ~6% during the forecast period. The novel COVID-19 pandemic is likely to have a negligible impact on the overall prospects of the addiction treatment market, as the demand for addiction treatment continues during the ongoing COVID-19 event. Other factors that are projected to accelerate the growth of the global market for addiction treatment include rising investments in research and development, increasing government support to curb addiction, development of new addiction treatment laboratories that co-exist with patient care settings, and surging addiction cases worldwide.
Addiction Treatment Market: Overview
The global addiction treatment market for the historical period 2018–2019 and forecast period 2020–2030, the global addiction treatment market is driven by awareness initiatives by manufacturers and governments and growing abuse of prescription drugs. Moreover, growth of the market can be attributed to favorable reimbursements for smoking cessation therapy.
According to the report, the global addiction treatment market was valued at US$ 6.2 Bn in 2019 and is anticipated to expand at a CAGR of ~6% from 2020 to 2030
Awareness Initiatives by Manufacturers & Governments and Favorable Reimbursements for Smoking Cessation Therapy: Key Drivers
In order to increase the customer pool, drug abuse treatment providers and manufacturers of drug abuse treatment products are focusing on creating awareness among people and drug store owners about adverse effects of drug abuse and importance of abuse treatment
Awareness through television advertisements, information brochures, newspapers, and other media has proved to be effective in curbing the substance abuse crisis to a certain extent
Favorable reimbursements have motivated addicts to take smoking cessation therapy. Reimbursements are provided for prescription drugs such as Zyban and Chantix. However, some insurance companies refuse to cover costs incurred for NRT products such as nicotine patches, nicotine gum, sprays, inhalers, and lozenges.
In Canada, around 50% of the public sector organizations and around 35% of the private sector organizations provide reimbursements for nicotine gum, lozenges, and patches
Government Initiatives and Funding and Rise in Mergers & Acquisitions in Industry: Key Trend
In order to reduce mortality and morbidity rate, governments in the developed and developing countries are conducting awareness campaigns regarding the ill-effects of substance abuse and to encourage people to opt for early treatment
In countries such as the U.K., the National Health Service (NHS) runs various public and privately funded programs for the treatment of substance addiction
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Moreover, companies adopt merger & acquisition strategy to expand market presence in new geographies or add new products and services or both to existing platforms
For instance, in December 2015, Acadia Healthcare acquired Priory Group, a leading provider of behavioral care services in the U.K. This acquisition was intended to expand Acadia Healthcare’s capacity and geographic presence in the U.K.
Addiction Treatment Market: Competition Landscape
This report profiles major players in the global addiction treatment market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global addiction treatment market is highly fragmented, with the presence of a number of international as well as regional players
Leading players operating in the global drugs of abuse testing market include
- Alkermes plc
- Cipla Ltd.
- GlaxoSmithKline plc
- Pfizer, Inc.
- Hikma Pharmaceuticals PLC
- Orexo AB
- Titan Pharmaceuticals, Inc.
- Teva Pharmaceutical Industries Ltd,
- Indivor Plc
Key Questions Answered in Global Addiction Treatment Market Report
- What is the scope of growth of product companies in the global addiction treatment market?
- What will be the Y-o-Y growth of the global addiction treatment market between 2020 and 2030?
- What is the influence of changing trends in treatment procedures on the global addiction treatment market?
- Will North America continue to be the most profitable market for addiction treatment providers?
- Which factors are anticipated to hamper the growth of the global addiction treatment market during the forecast period?
- Which are the leading companies in the global addiction treatment market?
Addiction Treatment Market – Segmentation
- Alcohol Addiction Treatment
- Tobacco/Nicotine Addiction Treatment
- Opioid Addiction Treatment
- Other Substances Addiction Treatment
- Nicotine Replacement Products
- Outpatient Treatment Centers
- Residential Treatment Centers
- Inpatient Treatment Centers
- Hospitals Pharmacies
- Medical Stores
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
TABLE OF CONTENT
Chapter 1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
Chapter 2. Assumptions and Research Methodology
Chapter 3. Executive Summary: Global Addiction Treatment Market
Chapter 4. Market Overview
4.1.1. Product Overview
4.2. Market Dynamics
4.2.4. Key Trends
Chapter 5. Key Insights
5.1. Pipeline Analysis – Addiction Treatment Market
5.2. Global Addiction Treatment Market – Prevalence of Alcohol Dependence
5.3. Global Addiction Treatment Market – Prevalence of Tobacco Smoking
5.4. Regulatory Scenario
5.5. Key Industry Events
Chapter 6. Global Addiction Treatment Market Analysis and Forecast, by Treatment Type
6.1. Key Findings / Developments
6.2. Introduction & Definition
6.3. Market Value Forecast, by Treatment Type, 2018–2030
6.3.1. Alcohol Addiction Treatment
6.3.2. Tobacco/Nicotine Addiction Treatment
6.3.3. Opioid Addiction Treatment
6.3.4. Other Substance Addiction Treatment
6.4. Market Attractiveness, by Treatment Type
Chapter 7. Global Addiction Treatment Market Analysis and Forecast, by Drug Type
7.1. Key Findings / Developments
7.2. Introduction & Definition
7.3. Market Value Forecast, by Drug Type, 2018–2030
7.3.8. Nicotine Replacement Products
7.4. Market Attractiveness, by Drug Type
Chapter 8. Global Addiction Treatment Market Analysis and Forecast, by Treatment Center
8.1. Key Findings / Developments
8.2. Introduction & Definition
8.3. Market Value Forecast, by Treatment Center, 2018–2030
8.3.1. Outpatient Treatment Centers
8.3.2. Rehabilitation Treatment Centers
8.3.3. Inpatient Treatment Centers
8.4. Market Attractiveness, by Treatment Center
Chapter 9. Global Addiction Treatment Market Analysis and Forecast, by Distribution Channel
9.1. Key Findings / Developments
9.2. Introduction & Definition
9.3. Market Value Forecast, by Distribution Channel, 2018–2030
9.3.1. Hospital Pharmacies
9.3.2. Medical Stores
9.4. Market Attractiveness, by Distribution Channel
Chapter 10. Global Addiction Treatment Market Analysis and Forecast, by Geography/Region
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