NEWARK, Del, July 25, 2024 (GLOBE NEWSWIRE) -- The global substance use disorder treatment market is poised for significant growth, with sales projected to reach USD 40.3 billion in 2024. Over the forecast period from 2024 to 2034, the market is expected to expand at a compound annual growth rate (CAGR) of 5.3%, culminating in a market size of USD 67.6 billion by the end of 2034.
Several key factors are driving the demand for substance use disorder treatments. The rising prevalence of substance abuse disorders and increasing awareness of available treatments are critical contributors. Government initiatives, such as drug awareness campaigns and prevention programs, are also playing a crucial role. Additionally, the increasing prevalence of opioid use disorders and the growing adoption of Nicotine Replacement Therapy (NRT) are boosting market growth. Technological advancements in therapies and a surge in the launch of awareness programs further support the market’s expansion.
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Government efforts to combat drug use problems and the introduction of favorable regulations are pivotal in driving the industry. These initiatives aim to enhance access to treatment and support services for individuals with substance use disorders. As awareness of substance use disorders increases and efforts to destigmatize addiction gain momentum, more individuals are seeking treatment, thereby expanding the patient base for treatment providers.
The growing use of telemedicine and virtual care presents additional opportunities to extend access to substance use disorder treatment, particularly in rural areas where access to traditional treatment centers may be limited. This technological advancement is expected to play a significant role in the future growth of the market.
Key Takeaways: Substance Use Disorder Treatment Market
- The global market for substance use disorder treatment is expected to reach USD 67.6 billion by 2034, growing at a CAGR of 5.3%.
- India is projected to have the fastest growth (CAGR of 5.1%) due to increased awareness and reduced stigma surrounding addiction. Public awareness campaigns are encouraging people to seek help.
- The UK market is expected to grow at a CAGR of 1.6%, driven by the adoption of telemedicine and virtual care solutions. Telemedicine offers increased accessibility and improved patient outcomes.
- The US market is expected to grow at a CAGR of 1.4%. Collaboration between pharmaceutical companies, healthcare providers, and research institutions is leading to improved treatment options and access. Public-private partnerships are also playing a significant role.
Competitive Landscape:
The substance use disorder (SUD) treatment market is highly competitive and rapidly evolving, driven by increasing demand for effective treatment options. Pharmaceutical companies, rehabilitation centers, and specialized clinics offer a variety of therapies, including medication-assisted treatment (MAT), behavioral therapies, and holistic approaches.
Leading companies in the SUD treatment market are strengthening their positions through mergers and acquisitions. Venture capital and private equity funds are also targeting innovative SUD treatment options, making significant investments in telehealth and digital health companies to mitigate market risks.
Rehabilitation centers promote comprehensive therapy, incorporating medical detox, counseling, and aftercare programs. The introduction of telehealth services has created new competitors, such as BetterHelp, which provides remote counseling and support. Innovation and regulatory changes have a substantial impact, with ongoing research into novel drugs and therapeutic procedures enhancing treatment efficacy.
Recent Developments:
- March 2023: Indivior plc announced the acquisition of Opiant Pharmaceuticals, Inc., strengthening Indivior’s addiction treatment portfolio with OPNT003, an investigational opioid overdose treatment aimed at addressing the current wave of opioid overdoses in the United States.
- January 2023: BioCorRx Inc., a developer of innovative treatment programs for substance use and related disorders, provided an update on the Phase I clinical trial of BICX104, an implantable biodegradable naltrexone pellet for the treatment of opioid use disorder (OUD) being developed by BioCorRx Pharmaceuticals, Inc.
Key market players of the substance use disorder treatment market:
- Teva Pharmaceutical Industries Ltd.
- Reckitt Benckiser Pharmaceuticals Inc.
- GlaxoSmithKline plc
- Pfizer Inc.
- Cipla Limited
- Intas Biopharmaceuticals
- Alkermes
- Allergan plc
- Alkermes plc.
- Indivior plc
- Noramco
- Mallinckrodt plc
- BioCorRx Inc.
- Glenmark Pharmaceuticals Ltd.
- Dr. Reddy’s Laboratories
- Purdue Pharma L.P.
- Orexo AB
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Key Segments of the Report:
By Type:
The segment is classified into alcohol abuse treatment, nicotine abuse treatment and drug abuse treatment.
By Treatment:
Based on treatment type, the industry is classified into detoxification, counseling & behavioral therapy, medication and support group.
By Region:
Analysis of the substance use disorder treatment market has been carried out in key countries of North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe and Middle East & Africa.
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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