The tobacco/nicotine treatment market segment is projected to be the most lucrative during the forecast period, capturing more than half of the global addiction treatment market.
Posted July 7,2020 in Other.
Research studies conducted on the safety of varenicline are promoting awareness amongst smoking addicts, stating that the medication is less likely to result in cardiovascular or neuropsychiatric hospitalization. As such, quit-smoking products are being approved by the U.S. Food and Drug Association (FDA). These improvements in medications are bolstering growth for the addiction treatment market, which is poised to register a favourable CAGR of 6.7% during the assessment period of 2020-2025.
“Companies are increasing their production capabilities for acamprosate (Campral) for alcoholism treatment. Advantages of the drug involve reduced mental dependence on alcohol, resulting in increased product uptake,” reports Fact.MR.
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Key Takeaways of the Addiction Treatment Market Study
Key Drivers: Addiction Treatment Market
Key Market Challenges: Addiction Treatment Market
Impact of COVID-19 on Addiction Treatment Market
Recent developments in the COVID-19 pandemic have led to increased drug addiction relapses. Hence, companies in the addiction treatment market are capitalizing on the demand for drugs and are increasing their production capabilities. However, many manufacturing units have been temporarily shut down which has led to supply shocks in most hospitals and retail pharmacies. Addiction treatment medications are deemed essential goods and hence governments are relaxing lockdown regulations to resume manufacturing in production units.
Individuals with opioid use disorder and methamphetamine use disorder are most vulnerable to acquire the Coronavirus infection since their pulmonary and respiratory systems are potentially weak. Though e-cigarettes reduce exposure to harmful combustion, the aerosols and nicotine in these cigarettes cause harm to human health, resulting in increased demand for addiction treatment medicines.
Competition Landscape of the Addiction Treatment Market
Some of the established companies profiled in this Fact.MR study include, but are not limited to Orexo AB, Alkermes, Recket Benckiser (Indivior), Teva Pharmaceuticals, and Purdue Pharma. Top tier companies in the addiction treatment market are focusing on expanding their distribution chains for acamprosate and varenicline. They are increasing their R&D activities to validate the safety of varenicline amongst smoking addicted patients. Medtech companies are innovating in very low nicotine content cigarettes to help individuals self-administer their cravings and bolster cessation rates.
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Emerging market players are increasing their production capabilities and complying with FDA (Food and Drug Association) guidelines to bolster their credibility in the addiction treatment market. They are increasing their availability if nicotine replacement products such as inhalers and nasal sprays to improve clinical numbers. Pharmaceutical companies are increasing awareness about an initial detox procedure before the acamprosate treatment to improve patient quality of life. They are educating individuals about combination treatments.
About the Report
This 170-page study offers in-depth commentary on the addiction treatment market. The study provides compelling insights on the addiction treatment market on the basis of treatment type (alcohol addiction treatment, tobacco/nicotine addiction treatment, opioid addiction treatment, other substances addiction treatment), drug type (Bupropion, Varencline, Acamprosate, Disufiram, Naltrexone, Methadone, Buprenorphine, Nicotine Replacement Products, Others) treatment centres (outpatient treatment centers, residential treatment centers, inpatient treatment centers) distribution channel ( hospital pharmacy, medical stores, others ) across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).