Addictions Therapeutics Market by Type and Geography - Forecast and Analysis 2019-2023
Global Addictions Therapeutics Market: About this market
Technavio’s addictions therapeutics market analysis considers sales from alcohol addiction therapeutics, tobacco addiction therapeutics, and drug addiction therapeutics type. Our analysis also considers the sales of addictions therapeutics in Asia, Europe, North America, and ROW. In 2018, the alcohol addiction therapeutics segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the rise in alcohol addiction around the globe will play a significant role in the alcohol addiction therapeutics segment to maintain its market position. Also, our global addictions therapeutics market report looks at factors such as the high consumption of alcohol, tobacco, and opioid products, approval of new drugs and launch of digital therapeutics to treat addiction, and initiatives to increase awareness about and combat addiction. However, minimum insurance coverage for addiction treatment, stringent government policies and regulations, and social stigma among the drug-addicted population may hamper the growth of the addictions therapeutics industry over the forecast period.
Global Addictions Therapeutics Market: Overview
Initiatives to increase awareness about and combat addiction
There is an increase in the awareness about substance abuse and combat drug abuse due to the growing number of initiatives undertaken by federal departments and agencies. For instance, in India, drug abuse among the population is high, particularly in areas of Punjab, Haryana, and Uttar Pradesh. Therefore, the government of these states has undertaken special steps to combat drug abuse. They are providing information and resources to increase the understanding of addiction, drug and alcohol prevention, awareness about heroin/opioid epidemic, and more. Such initiatives will boost the demand for addiction therapeutics and lead to the expansion of the global addictions therapeutics market at a CAGR of over 5% during the forecast period.
Emergence of free state-run addiction treatment programs and facilities
Free treatment facilities and addiction treatment programs are available for those individuals struggling with substance use disorders who cannot otherwise afford the treatment. State-funded drug rehabilitation centers provide services such as free detox, inpatient facility stay, outpatient services, and other drug rehabilitation services. The availability of these treatment facilities is increasing the demand for addiction therapeutics. These free clinics and rehabilitation centers help people who are struggling with the physical, emotional, and financial costs of addiction. This is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global addictions therapeutics market during the forecast period 2019-2023, click here.
With the presence of several major players, the global addictions therapeutics market is moderately fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading addictions therapeutics manufacturers, that include Alkermes Plc, Amneal Pharmaceuticals Inc., Indivior Plc, Johnson & Johnson Services Inc., Mylan NV, Novartis AG, Novo Nordisk AS, Novo Nordisk AS, Pfizer Inc., and Teva Pharmaceutical Industries Ltd.
Also, the addictions therapeutics market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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