Aid Substance Abuse Treatment Market to Rise at an 8% CAGR over the Forecast Period 2018 to 2026
The worldwide prime cause of disability is not physical disease depression, which is a serious mood disorder, according to the World Health Organization (WHO). Around 350 million people worldwide are affected by depression, and only about 50% of them will be treated. Research has shown that many of the factors contributing to depression play a role in the use of substances. Disorders of the use of substances often lead to imbalances in brain chemistry, the history of families, and past traumas, for example.
Furthermore, the physical and psychological effects of depression can mask signs, or exacerbate their symptom. Drug abuse has grown to be an important cause of concern. People become more and more addicted to a variety of drugs, which have a significant impact on their health and family life. Protracted use of drugs and alcohol has increased significantly among consumers, leading to a high economic burden on the nation, as have the prevalence of mental illness and various chronic conditions, such as diabetes and Cardiovascular Disorders. The aid substance abuse treatment market is expected to stand to gain from a number of factors, the dynamics of which are discussed below.
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One of the primary growth factors for this market is the increase in government awareness initiatives. Several government agencies and many organizations have established programs and initiatives to raise awareness of chronic drug abuse adverse effects. For example, the US Department of Health and Human Services’ (SAMHSA) branch has several conscienciation programs. The Substance Abuse and Mental Health Services Administration (SAMHSA). SAMHSA’s Workplace Programs Division (DWP) oversees illicit drug management programs at federal employment and helps everyone in the workplace become drug-free. According to TMR, the global substance abuse treatment market was worth US$ 8,000.0 Mn in 2017. The market is prognosticated to reach US$ 16,000 Mn by the year 2026, rising at an 8% CAGR over the forecast period 2018 to 2026.
It is expected that the Americas will be the major market contributor during the forecast period. The increase in the number of people suffering from dependency and the increase in the number of centers will be the main driving forces in the expansion of the market for drug abuse in this region.
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With approximately 30 percent and one of the highest prevalence of adult tobacco use in Europe, adolescent smoking is one of the highest in the world. In Europe, a number of private bodies and governments with a range of actions support drug addiction treatment. In addition, since the beginning of 2010, the provision of ambulatory treatment and support for treatment programs has substantially increased. In addition, government initiatives for raising awareness of the growing use and negative effects of cannabis in Europe are expected to promote the market in drug abuse treatment in Europe. The disorder treatment market for Asia Pacific substances is projected to be one of the fastest growing markets due to the large addicted population requiring robust treatments.
Prominent vendors in the global substance abuse treatment market include Teva Pharmaceutical Industries Ltd, Indivior PLC, Noramco, Allergan PLC, GlaxoSmithKline plc, Pfizer, Inc., and Alkermes.