The addiction treatment market is expected to grow by a 6.7 percent compound annual growth rate and reach a $50 million potential by 2032, according to a Fact.MR study.
This growth is mainly driven by the following factors:
- A rise in cigarette smoking, which would boost the tobacco and nicotine addiction treatment market
- Production of new addiction treatment drugs, therapies and technologies
- Higher rates of substance abuse
- Growing awareness and acceptance of addiction as a disease requiring treatment
- Increased government investment in addiction treatment services
- Wider insurance coverage for treatment
- Reduced stigma of addiction
- Telemedicine becoming more common
- Data analytics to improve treatment outcomes
- Peer support programs becoming more popular
- Behavioral health services being used more often alongside addiction treatment
- Holistic and tailored treatment approaches becoming more common
Companies profiled in the report producing addiction treatment drugs include:
- Alkermes
- Cipla
- GlaxoSmithKline
- Pfizer
- Mallinckrodt
- Hikma Pharmaceuticals
- Orexo AB
- Titan Pharmaceuticals
- Teva Pharmaceutical Industries
- Indivor
The report also notes that North America is the most attractive area for growth in the addiction treatment market, according to a March 20 press release.