Wilmington, Delaware, United States, July 12, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc.: The value of the global substance abuse treatment market stood at US$ 10.2 Bn in 2021. The market is likely to develop at a CAGR of 8.5% during the forecast period, from 2022 to 2031. The global substance abuse treatment market is estimated to surpass value of US$ 23.1 Bn by 2031. The global market for substance abuse treatment is projected to expand due to the increasing awareness of the harmful consequences of substance misuse, the launch of innovative programs, and a rising number of rehabilitation facilities worldwide. Additionally, an increasing number of treatment institutions that have collaborations with private recovery facilities are coming into the market, giving a wider population simple and quick access to treatment.
Over 36 million people worldwide suffer from drug use disorders, and over 275 million people took drugs in the previous year, as per the 2021 World Drug Report published by the United Nations Office on Drugs and Crime (UNODC). According to the research, the global population expansion and other factors contributed to a 22% rise in drug users from 2010 to 2019. According to the estimate, the number of drug users worldwide is likely to climb up to 11% by 2030, with a major increase of 40% in Africa owing to its rapidly growing and youthful population.
The global substance abuse treatment market is being driven by an increase in drug awareness programs, rise in population addiction rates, and measures for substance abuse treatment prevention. Substance abuse treatment market demand analysis estimate that the rise in drug awareness programs and related preventative actions is one of the main drivers of the market expansion. This entails appealing to governments in various nations to prevent various drug abuse types and raise patients' understanding of their disease.
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Key Findings of Market Report
- In 2018, the World Bank projected that worldwide each person consumed 6.18 litres of hard liquor on average. Additionally, the global market is being driven by a surge in recovery centers and knowledge about alcohol use disorder.
- As businesses expand their clientele, drug abuse treatment professionals and product makers are concentrating on raising public knowledge about the negative consequences of drug misuse and the significance of abuse treatment amongst consumers and drug shop owners.
- Prescription drug addiction is becoming more and more common, which is likely to benefit key players in the substance abuse treatment. In turn, this is raising the number of overdose deaths and emergency department visits. Prescription medication use for purposes other than treating illness is quickly expanding. Prescription medication abuse and incorrect prescriptions among the elderly are caused by the high prevalence of comorbid conditions. The need for drug misuse therapies is anticipated to expand steadily as prescription medication usage increases.
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Global Substance Abuse Treatment Market: Growth Drivers
- In terms of distribution channel, the segment of hospital pharmacies held a significant market share for substance abuse treatment in 2021, accounting for almost 50% of it. The category is projected to be driven by rising demand for prescription filling at various hospital pharmacies and the availability of licensed doctors. In addition to that, recommendations from licensed doctors for drug usage, and reliability of the cost and quality of the medications are also expected to drive growth.
- In 2021, North America led the worldwide market for drug and alcohol treatment. The regional market is projected to expand at a CAGR of 9.2% during the forecast period. Due to rising tobacco usage and an increase in government measures targeted at preventing drug misuse, the U.S. is predicted to lead the North America market.
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Global Substance Abuse Treatment Market: Key Players
Some of the key market players are
- Teva Pharmaceutical Industries Ltd.
- Glenmark Pharmaceuticals Ltd.
- Indivior plc.
- GlaxoSmithKline plc.
- BioCorRx, Inc.
- Allergan plc
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Global Substance Abuse Treatment Market: Segmentation
Treatment Type
- Drug Abuse Treatment
- Nicotine Addiction Treatment
- Alcohol Addiction
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