Substance Abuse Treatment Market to Record an Exponential CAGR by 2026

Posted by Aman Jaiswar on September 24th, 2019

Substance abuse is the use of psychoactive substances, including alcohol and illicit drugs. Use of psychoactive substances can lead to dependence syndrome (a combination of behavioral, cognitive, and psychological phenomenon, which forces the individual to use alcohol, nicotine, and illicit drugs). However, expansion of the global substance abuse treatment market is expected to be hampered during the forecast period, owing to low awareness about addiction treatment products in developing countries and legal obligations for addiction treatment products.

The global Substance Abuse Treatment Market was valued at approximately US$ 8,000.0 Mn in 2017. It is anticipated to reach a value of nearly US$ 16,000 Mn by 2026, expanding at a CAGR of about 8% from 2018 to 2026. Awareness about initiatives by manufacturers and governments and rise in abuse of prescription drugs are likely to fuel the global substance abuse treatment market from 2018 to 2026.

Several unmet needs in the global substance abuse treatment market offer lucrative opportunities to existing players and new entrants, globally. Examples of recent developments in the field include submission of provisional patent application to the USPTO (United States Patent and Trademark Office) for proprietary pure cannabidiol compositions, by Normaco in October 2018, approval of SUBLOCADE, by the FDA, launched in the U.S. in March 2018, and U.S. FDA approval for the ANDA for methadone hydrochloride (5 mg and 10 mg) tablets for Glenmark Pharmaceuticals and its strategic partner Elite Pharmaceuticals, Inc in August 2018.

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The global substance abuse treatment market has been extensively analyzed on the basis of the treatment type, distribution channel, and geography. Based on treatment type, the market has been classified into alcohol addiction treatment, nicotine addiction treatment, and drug abuse treatment. Furthermore, the alcohol treatment type segment has been sub-segmented into Acamprosate, Disulphirum, Naltrexone, and Benzodiazepines (BZD).

Moreover, the nicotine addiction treatment segment has been further split into total NRT therapy, Varenicline, and Bupropion. The drug abuse treatment segment has been further sub-segmented into Methadone, Buprenorphine, and Naltexone. High market attractiveness of the drug abuse and nicotine addiction segments is due to the availability of different nicotine replacement products over-the-counter in order to combat tobacco and nicotine addiction and the increase in adoption of prescription opioids or illicit drugs. Multiple side-effects associated with the use of methadone and innovations in other types of drugs that are used for addiction treatment hamper the use of methadone. On the other hand, availability of innovative buprenorphine products in the form of pills, sublingual films, and implants is improving the treatment methods, thereby boosting the buprenorphine sub-segment during the forecast period.

Furthermore, in terms of distribution channel, the global substance abuse treatment market has been categorized into hospital pharmacies, retail pharmacies and drug stores, and others (online sales). Expansion of the hospital pharmacies segment can be attributed to the rise in prescription filling at hospital pharmacies, availability of certified physicians in hospital pharmacies, advice for use of the drugs from certified physicians, and authenticity of quality and price of medicines.