Global Addiction Treatment Market to Surpass US$ 12,210.0 Million by 2028, Says Coherent Market Insights

SEATTLE, Jan. 28, 2022 /PRNewswire/ -- According to Coherent Market Insights, the global addiction treatment market is estimated to be valued at US$ 8,297.0 million in 2021 and is expected to exhibit a CAGR of 5.3% over the forecast period (2021-2028).

Key Trends and Analysis of the Global Addiction Treatment Market:

Key trends in the market include the rising prevalence of addicted population, increasing product approvals and launches, initiatives by various organizations towards de-addiction, and increasing collaborations, partnerships, mergers and acquisitions among key players. These key trends are expected to aid in the growth of the addiction treatment market.

For instance, in May 2018, US WorldMeds LLC a Kentucky-based specialty pharmaceutical company received the U.S. Food and Drug Administration approval for its novel drug lofexidine hydrochloride (Lucemyra) for mitigation of opioid withdrawal symptoms to facilitate abrupt discontinuation of opioids in adults.

Moreover, various government and private organizations are taking initiatives to spread awareness about nicotine de-addiction, which supports addicted person to quit smoking with the help of smoking cessation products. For instance, in 2017, the Public Health England launched US$ 1.3 million smoking cessation campaign to increase awareness to quit smoking.

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Furthermore, key players operating in the global addiction treatment market are focusing on adoption of inorganic growth strategies such as acquisitions, mergers, partnerships, and collaborations, in order to strengthen their market presence in the global market. For instance, in August 2018, Elite Laboratories Inc. a specialty pharmaceutical company partnered with Glenmark Pharmaceuticals Ltd. a leading integrated research-based, global pharmaceutical company for distribution of its recently U.S. FDA approved methadone hydrochloride 5 mg and 10 mg tablets. As per the partnership Glenmark Pharmaceuticals, Inc., will sell and distribute methadone in the U.S. for Elite and Elite will receive manufacturing license for methadone.