The global Addiction Treatment Market is estimated to be valued at US$ 9199.79 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Addiction treatment includes various therapies, medications, counseling sessions and behavioral therapies to treat substance abuse and prevent relapse. These products help in controlling craving and withdrawal symptoms. With rising cases of substance abuse, need for effective treatment has increased significantly.
Market key trends:
One of the major trends in the addiction treatment market is the increasing adoption of telehealth and digital therapies. With the covid-19 pandemic driving virtual care adoption, various players in this market are focusing on developing digital therapeutic and telehealth based treatment programs. These virtual treatment options provide remote counseling and assistance which help in improving accessibility of treatment. They also allow personalized treatment approaches based on patient needs. This shift towards virtual and digital treatment models is expected to support the growth of addiction treatment market during the forecast period.
Segment Analysis
The global addiction treatment market is segmented based on treatment into addiction therapy, and medication assisted therapy. Among these, addiction therapy dominated the market with a share of over 50% in 2021. Addiction therapy involves therapeutic and behavioral treatments to help overcome addictive disorders. These therapies are generally cost-effective and target the root cause of addiction by improving social functioning and relationships, coping skills, and self-esteem.
Key Takeaways
The Global Addiction Treatment Market Share was valued at US$ 9,199.79 million in 2023 and is expected to grow at a CAGR of 5.3% over the forecast period. The increasing prevalence of substance abuse disorders due to changing lifestyle and rising stress levels is a key growth driver for the market.
Regional Analysis
North America accounted for a dominant share of the global addiction treatment market in 2021, due to increasing adoption of advanced treatment options and presence of major players in the region. Countries like the US are also focused on expanding access to addiction treatment through healthcare reforms. Asia Pacific exhibits the fastest growth and is expected to witness a CAGR of around 6.5% during the forecast period. Rising healthcare spending, evolving service infrastructure, and growing awareness on addiction are boosting market growth in Asia Pacific.
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http://digitalmarketinsights.weebly.com/blog/telehealth-is-fastest-growing-segment-fueling-the-growth-of-addiction-treatment-market
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