U.S. Substance Abuse Treatment Market Is Expected to Boom by 2024 and Will Be Worth More Than US $12.43 Bn
Albany, NY -- (SBWire) -- 04/17/2019 --U.S. Substance Abuse Treatment Market: Snapshot
In the U.S. Substance abuse has become a major cause of concern. People in this country are increasingly getting addicted to a variety of drugs, affecting their health and their family life to a large extent. With prolonged drug and alcohol abuse, the prevalence of mental illness and various chronic diseases, such as diabetes and cardiovascular disorders, have increased substantially among consumers, creating a high economic burden on the nation. To control this situation, the U.S. government is focusing on adopting the early intervention as well as prevention strategies, which is expected to drive significant demand for substance abuse treatments, reflecting impressively on the U.S. substance abuse treatment market.
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Currently, all medications used in the treatments of people struggling with substance abuse have been thoroughly examined by the FDA and found to be highly efficient when used properly, under the direction of the prescribing physician. The market is also anticipated to gain remarkably from this in the near future. In 2015, the market was worth US$4.42 bn. Estimated to expand at a CAGR of 12.40% between 2016 and 2024 and reach a value of US$12.43 bn by the end of 2024.
Drug Abuse Treatment Dominates U.S. Substance Abuse Treatment Market
Alcohol dependence, tobacco/nicotine addiction, and opioid addiction are the main types of substance addiction, a number of U.S. citizens have fallen prey to. With around 15% of the overall population in the U.S. addicted to smoking, the tobacco/nicotine addiction takes the lead among the types of substance abuse taking place in the U.S.
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The key treatments for substance abuse, applied in the U.S., are alcohol addiction treatment, tobacco or Nicotine addiction treatment and drug abuse treatment. Drug abuse treatment reports a higher demand from end users than other substance abuse treatments. Analysts expect this scenario to remain same over the next few years. Methadone, buprenorphine, and naltrexone are the main types of drug abuse treatments utilized in this country. Product innovation in buprenorphine pills and film, and the recent launch of buprenorphine implants is likely to boost the drug abuse treatment segment remarkably in the near future.
Disulfiram, acamprosate, and naltrexone are the most widely preferred drugs for the treatment of patients struggling with alcohol addiction. Acamprosate is expected to account for the most prominent share among these drugs over the forthcoming years. Nicotine replacement treatment and non-nicotine medications have emerged as the most effective treatments for tobacco or nicotine addiction.
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Thanks to Increasing Popularity of Outpatient Rehab, Outpatient Treatment Centers to Remain Lead among End Users
Outpatient treatment centers, residential treatment centers, and inpatient treatment centers have surfaced as the key end users of the substance abuse treatment in the U.S. Among these, the demand for these treatments is higher in outpatient treatment centers and is anticipated to remain so over the coming years, thanks to the rising popularity of outpatient rehab across the country.
The U.S. substance abuse treatment market is highly fragmented with a large number of companies operating in it. The prominent ones in them are Mallinckrodt, Purdue Pharma L.P., Sanofi, Dr. Reddy's Laboratories Ltd., Pfizer Inc., GlaxoSmithKline Plc, Cipla Ltd., Allergan Plc, and Alkermes.
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