Addiction Treatment Market in the Region is Anticipated to Expand at a CAGR of A
Posted by Sachin Darakhe on October 4th, 2019
Transparency Market Research (TMR) has published a new report titled “Addiction Treatment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025”. According to the report, the global addiction treatment market was valued at approximately US$ 4.0 Bn in 2016 is projected to expand at a CAGR of over 6.0% from 2017 to 2025. The report suggests that growing abuse of prescription drugs and favorable reimbursements for smoking cessation therapy are likely to spur demand for addiction treatment market in the near future (2017 to 2025).
North America and Western Europe are likely to account for dominant share of the global addiction treatment market due to introduction of new drugs by key players. Government initiative to spread awareness about drug addiction in emerging markets such as China and India is likely to boost the addiction treatment market in Asia Pacific. The market in the region is anticipated to expand at a CAGR of around 7.0% from 2017 to 2025.
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In terms of value, North America dominated the global addiction treatment market in 2016. Rise in awareness regarding different opioid treatment programs and increase in government initiatives to raise awareness about substance abuse, ill effects of drug, and importance of abuse treatment are propelling the addiction treatment market in North America. Rise in health care spending in emerging markets such as China and India is fueling the addiction treatment market in Asia Pacific. Economic growth in countries such as Brazil in Latin American is boosting health care expenditure through rise in private health insurance, entry of international drug manufacturers, and health care providers in the region. This is likely to propel the addiction treatment market in Latin America to expand at a CAGR of 7.1% from 2017 to 2025.
The report also provides profiles of leading players such as Allergan plc, GlaxoSmithKline plc, Purdue Pharma L.P., Mallinckrodt, Hikma Pharmaceuticals PLC, Orexo AB, and Reckitt Benckiser (Indivior PLC) that operate in the global addiction treatment market. Expansion of addiction treatment portfolio through improving existing drugs and developing new drug molecules is one of the key strategy adopted by many key players. Moreover, company’s focuses on strategic partnership to expand their business in various regions. For instance, recently, Orexo AB plans to launch Zuvsolv in new markets through its partner MundiPharma.
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About the AuthorSachin Darakhe
Joined: August 12th, 2019
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