It is estimated that more than 8 million people die due to tobacco consumption. Cigarette smoking is the leading cause of lung cancers and various cardiovascular diseases. Increased cigarette smoking has prompted governments to initiate awareness campaigns to desist individuals from the habit. Moreover, introduction of de-addiction methods have greatly helped curb the menace of smoking. On the back of this, the global addiction treatment market is anticipated to expand healthily, growing 1.5X at a CAGR of 6.7% in the forecast period (2020-2025).
The COVID-19 pandemic shall stimulate the addiction treatment market. As addicts tend to share water pipes and cigarettes while smoking and vaping in communal and social settings, the risk of the virus spreading compounds, resulting in increased cases of infection. Moreover, addicts already suffer from bronchial problems owing to the damage inflicted upon their lungs while consuming tobacco and marijuana.
Specialized Drug Development for De-addiction to be Key Strategy of Market Players
The global addiction treatment market consists of the following players: Alkermes, Purdue Pharma, Recket Benckiser (Indivior), Orexo AB and Teva Pharmaceuticals. These companies are involved in the production of de-addiction drugs and other formulae to assist patients in reducing their dependence on substances.
For example, Alkermes manufactures VIVITROL, which is used for treating alcohol dependence among patients. This drug is typically designed for outpatient settings where patients are able to abstain from alcohol consumption without the need for constant supervision.
Another market player, Allergan plc, manufactures Campral which contains Acamprosate and helps in alcohol de-addiction. It works by restoring the natural balance of chemicals in the brain.
Asia-Pacific to Expand Rapidly, North America to Remain Most Lucrative
North America is the most attractive region for the expansion of the addiction treatment market. Rising adoption of addiction treatment products, particularly for eradicating tobacco consumption and an established healthcare infrastructure are set to boost market prospects. The region is anticipated to hold over two-fifths of the global addiction treatment market, expanding 1.4x during the forecast period.