The "Addictions Therapeutics Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Treatment Type; Drug Type; Treatment Center; Distribution Channel and Geography" report has been added to ResearchAndMarkets.com's offering.
The market was valued at US$ 6,691.01 million in 2019 and is projected to reach US$ 10,735.94 million by 2027, it is expected to grow at a CAGR of 6.2% from 2020 to 2027.
Nicotine Addiction Treatment Segment to Register Highest CAGR in Addictions Therapeutics Market during 2020-2027.
Based on treatment type, the global addictions therapeutics market is segmented into nicotine addiction treatment, alcohol addiction treatment, opioid addiction treatment, and other substance addiction treatment. The nicotine addiction treatment segment held the largest share of the market in 2019.
Also, the same segment is estimated to register the highest CAGR in the market during the forecast period. The market growth for this segment is attributed to the increasing consumption of cigarette and tobacco products. As per the WHO, tobacco consumption is adversely affecting ~people's health, which creates substantial burden on healthcare facilities
In North America, the US is the most affected country due to the pandemic of the COVID-19 outbreak. The country has marked the highest number of COVID-19 positive cases. Across the nation, various healthcare research centers are working on the COVID-19 therapeutics. The demand for addictions therapeutics is reduced due to lockdown and supply chain disruptions across the region, which hinders the growth of the addictions therapeutics market.
The addictions therapeutics market growth is attributed to rising addiction among the general populace and increasing awareness campaigns. However, the steep costs of drug development hinder the market growth.
Cipla Ltd, Indivior Plc, Pfizer Inc, Orexo Ab, Glaxosmithkline Plc, Purdue Pharma L.P, Alvogen, Bausch Health, Camurus Ab, and Hikma Pharmaceuticals Plc are among the companies operating in the global addictions therapeutics market.
Key Market Dynamics
Rising Addiction Among General Populace
Conduction of Awareness Campaigns
Steeping Costs of Drug Development
Rising Demand for R&D from Contract Organizations
Consistent Launch of Therapeutics
Purdue Pharma L.P
Hikma Pharmaceuticals Plc
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