The Addictions Therapeutics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Addictions Therapeutics Global Market Report 2024, The addictions therapeutics market size has grown strongly in recent years. It will grow from $6.56 billion in 2023 to $7.01 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased use of addictive substances such as alcohol, tobacco, and drugs, rising awareness and escalating prevalence of substance abuse disorders, legalization of marijuana in various states, increased funding and support for addiction treatment initiatives.
The addictions therapeutics market size is expected to see strong growth in the next few years. It will grow to $8.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to rising drug awareness campaigns, emergence of synthetic drugs and new psychoactive substances, changing lifestyles and stress factors, expanding rehabilitation facilities, integration of telehealth services in addiction treatment. Major trends in the forecast period include technological advancements in diagnostics, neuroscientific advances, partnerships and collaborations between pharmaceutical companies and other stakeholders to address addiction issues, innovative drug launch for addictions therapeutics.
Increasing consumption of alcohol is expected to propel the growth of the addiction therapeutics market going forward. Alcohol consumption refers to the process of drinking beverages containing ethyl alcohol. Addiction therapeutics are used to treat addiction concerning alcohol that encourage individuals to consume less alcohol by preventing the depressive effects of alcohol and promoting the balance between the excitatory and inhibitory neurotransmitters glutamate and gamma-aminobutyric acid in an individual that reduces alcohol cravings and alleviates symptoms and suppresses symptoms such as insomnia, anxiety, and restlessness reading alcohol withdrawal. For instance, in February 2023, according to a report published by Statistics Canada, a Canada-based national statistical agency, alcoholic beverage sales at retail establishments and liquor authorities totaled $26.1 billion in the fiscal year ending on March 31, 2022, marking a 2.4% uptick from the previous year. Wine sales saw a 2.1% increase, reaching $8.1 billion in the same period. In terms of the overall composition, beer constituted 34.9% of the total alcohol sales value in 2021–2022, trailed by wine at 31.3%, spirits at 25.8%, and ciders and coolers at 8.0%. Therefore, increasing consumption of alcohol is propelling the addiction therapeutics market.
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The addictions therapeutics market covered in this report is segmented –
1) By Drug Type: Buprenorphine, Naltrexone, Bupropion, Disulfiram, Nicotine Replacement Products, Varenicline, Other Drugs
2) By Treatment Type: Opioid Addiction Treatment, Alcohol Addiction Treatment, Nicotine Addiction Treatment, Other Substance Addiction Treatment
3) By Treatment Center: Inpatient Treatment Center, Residential Treatment Center, Outpatient Treatment Center
4) By Distribution Channel: Hospital Pharmacies, Medical Stores, Other Distribution Channel
5) By Application: Public, Private, Government
Major companies operating in the addiction therapeutics market are developing innovative products such as drugs for cocaine use disorders (CUD) to meet larger customer bases, more sales, and increase revenue. Drugs for cocaine use disorders (CUD) are medications designed to help individuals who are struggling with cocaine addiction or dependence. For instance, in January 2023, Tempero Bio, a US-based biopharmaceutical company, announced the U.S. Food and Drug Administration (FDA) approval for the TMP-301. The distinguishing characteristic of TMP-301, the Company’s investigational candidate, lies in its role as a metabotropic glutamate receptor 5 (mGluR5) negative allosteric modulator (NAM). Specifically tailored for a prominent role in treating cocaine use disorders (CUD), TMP-301 stands out for its potency, selectivity, and oral availability, all aimed at effectively curbing the overactive glutamate signaling associated with CUD.
The addictions therapeutics market report table of contents includes:
1. Executive Summary
2. Addictions Therapeutics Market Characteristics
3. Addictions Therapeutics Market Trends And Strategies
4. Addictions Therapeutics Market – Macro Economic Scenario
5. Global Addictions Therapeutics Market Size and Growth
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26. South America Addictions Therapeutics Market
27. Brazil Addictions Therapeutics Market
28. Middle East Addictions Therapeutics Market
29. Africa Addictions Therapeutics Market
30. Addictions Therapeutics Market Competitive Landscape And Company Profiles
Top Major Players:
- Pfizer Inc
- Novartis AG
- GlaxoSmithKline PLC
- Gilead Sciences Inc
- Novo Nordisk A/S
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