Substance Abuse Treatment Market Set to Witness an Uptick during 2023 to 2030Posted by Mrudula Anil Karmarkar on November 10th, 2023 San Francisco, 10-nov 2023: The ReportSubstance Abuse Treatment MarketSize, Share & Trends Analysis Report By Treatment Type (Tobacco/Nicotine & Vaping, Alcohol), By End-use (Rehabilitation Centers, Clinics, Hospitals), By Region, And Segment Forecasts, 2023 - 2030 The global substance abuse treatment market size is expected to reach USD 20.51 billion by 2030, expanding at a CAGR of 9.05% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth is attributed to the increasing demand for therapeutic options as a result of the rising prevalence of substance abuse cases. For instance, according to the UNODCWorld Drug Report, in 2020, 284 million individuals aged between 15 and 64 years used drugs globally. Alcohol and tobacco are among the most extensively consumed psychoactive substances. They are also regarded as the most harmful psychoactive substances globally and are the leading causes of morbidity and mortality. The tobacco epidemic alone is one of the world’s most prominent public health concerns. According to the WHO estimates, globally, there are 1.3 billion tobacco consumers, of which more than 8 million people die annually due to its consumption. Over 7 million tobacco deaths are the consequence of direct tobacco use, while about 1.2 million deaths are caused by passive smoking, where non-smokers are exposed to environmental tobacco smoke. Government initiatives to enable and advance healthcare settings to combat the rising concerns of substance abuse will drive market growth. For instance, in March 2020, researchers at Columbia University set up a new center due to the growing crisis associated with opioid and other substance use disorders. Various global initiatives spreading awareness about addiction treatment are among the major factors driving the industry growth. For instance, the WHO celebrates World No Tobacco Day on May 31st each year. In addition, in June 2021, DC Health launched the public education campaign, MyRecoveryDC, to help provide access to treatments and recovery services for substance abuse. In October 2022, Qnovia raised USD 17 million to fight against nicotine addiction. Furthermore, key players are focusing on collaborations and partnerships to develop novel therapeutics for drug addiction treatment and maintain their competitive position in the market. For instance, in November 2022, Opiant Pharmaceuticals, Inc. entered into a definitive agreement with Indivior PLC to strengthen its position as the leader in addiction treatment. The acquisition is expected to give rights of Opiant’s pipeline product, OPNT003, an opioid overdose treatment, after its approval and launch. Players are entering the drug addiction treatment market attributable to enhanced revenue generation possibilities in the treatment of drug addiction. For instance, in January 2023, Hikma announced the launch of its prefilled Naloxone Hydrochloride Injection, for the treatment of opioid overdose in the U.S. The growing need for effective drug addiction treatment in the U.S. and enhanced government support is expected to boost demand for drug addiction treatment. Request sample report of Substance Abuse Treatment Market @https://www.grandviewresearch.com/industry-analysis/substance-abuse-treatment-market-report/request/rs1 Substance Abuse Treatment Market Report Highlights
Substance Abuse Treatment Market Report Scope
List of Key Players in the Substance Abuse Treatment Market
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