Addictions Therapeutics Market Is Expected To Grow At A Rate Of 6% With Escalating Consumption Of Alcohol Globally As Per The Business Research Company’s Addictions Therapeutics Global Market Report 2023
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
LONDON, Dec. 14, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s Addictions Therapeutics Global Market Report 2023, the global addictions therapeutics market is poised for substantial growth, with expectations to increase from $6.12 billion in 2022 to $6.56 billion in 2023, reflecting a robust Compound Annual Growth Rate (CAGR) of 7.1%. Looking ahead, the addictions therapeutics market is forecasted to reach $8.29 billion in 2027, driven by a steady CAGR of 6%.
Rising Alcohol Consumption Prompts Demand
The addictions therapeutics market is set to experience significant growth due to the escalating consumption of alcohol globally. Alcohol addiction remains a substantial health concern, demanding effective therapeutic interventions. Addictions therapeutics play a crucial role in treating alcohol addiction by mitigating alcohol cravings, alleviating withdrawal symptoms, and promoting a balance between neurotransmitters. With notable increases in alcohol sales reported in various regions, the demand for addiction therapeutics is expected to surge, contributing to market expansion.
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Product Innovations Reshape Treatment Landscape
A key trend in the addictions therapeutics market is the focus on product innovations by major industry players. Noteworthy advancements aim to enhance treatment efficiency and address the evolving needs of patients. For instance, Hikma Pharmaceuticals plc introduced Naloxone Hydrochloride Injection, USP, 2 mg/2 mL, in a prefilled syringe for the emergency treatment of known or suspected opioid overdose. This ready-to-use solution enhances treatment speed, safety, and precision in critical situations.
Market Segmentation
- By Drug Type:
- Buprenorphine
- Naltrexone
- Bupropion
- Disulfiram
- Nicotine Replacement Products
- Varenicline
- Other Drugs
- By Treatment Type:
- Opioid Addiction Treatment
- Alcohol Addiction Treatment
- Nicotine Addiction Treatment
- Other Substance Addiction Treatment
- By Treatment Center:
- Inpatient Treatment Center
- Residential Treatment Center
- Outpatient Treatment Center
- By Distribution Channel:
- Hospital Pharmacies
- Medical Stores
- Other Distribution Channel
- By Application:
- Public
- Private
- Government
North America Takes the Lead; Innovations Drive Growth
North America emerged as the largest region in the addictions therapeutics market in 2022, with projections to maintain this leadership. The region’s emphasis on advanced healthcare solutions, coupled with ongoing product innovations, positions it as a key contributor to the market’s expansion.
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This comprehensive report on the addictions therapeutics market not only anticipates significant growth but also delves into key drivers and emerging trends. Stakeholders, ranging from pharmaceutical leaders to healthcare investors, can leverage this information for strategic decision-making, gaining insights into market dynamics, and capitalizing on emerging opportunities. As the demand for addiction therapeutics escalates, stakeholders stand to benefit from actionable insights, contributing to improved patient outcomes and the advancement of addiction treatment globally.
Addictions Therapeutics Global Market Report 2023 by The Business Research Company provides insights on the addictions therapeutics market size, addictions therapeutics market segments, addictions therapeutics market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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