LONDON–(BUSINESS WIRE)–#Biotechnology–The global addictions therapeutics market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Substance abuse is a serious health problem which not only increases an individual’s susceptibility to serious diseases such as hepatitis and HIV, but also severely impacts the individuals overall well-being. It leads to financial and economic loss, violence and antisocial behavior which affects the society at large. Therefore, several governments and agencies across the globe are involved in efforts to increase awareness about substance abuse. 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 have undertaken special steps to combat drug abuse. Such initiatives are expected to drive the growth of the global addiction therapeutics market during the forecast period.
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As per Technavio, the emergence of free state-run addiction treatment programs and facilities, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Addictions Therapeutics Market: Emergence of free state-run addiction treatment programs and facilities
Free addiction treatment clinics help individuals struggling with substance abuse disorders who cannot otherwise afford the treatment. These free clinics and rehabilitation centers help people who are struggling with the physical, emotional, and financial costs of addiction. Therefore, the emergence of free treatment facilities and state-funded drug rehabilitation centers will drive the market growth.
“Apart from the initiatives to increase awareness about combat addiction, other factors such as the increasing R&D of novel drugs, consolidation of rehabilitation centers, and launch of digital therapeutics are expected to drive the market growth during the forecast period,” says a senior analyst at Technavio.
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Global Addictions Therapeutics Market: Segmentation Analysis
This market research report segments the global addictions therapeutics market by type (alcohol addiction therapeutics, tobacco addiction therapeutics, and drug addiction therapeutics), and geographical regions (North America, Europe, Asia and ROW).
The North American region led the market in 2018, followed by Europe, Asia and ROW respectively. During the forecast period, the Asian region is expected to register the highest incremental growth due to the high consumption of alcohol, tobacco, opioids, and other illicit drugs in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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