Transparency Market Research (TMR) has recently published a report, which provides an exhaustive study of the U.S. substance abuse treatment market. According to the study, nearly 242 companies are functional in this market at present, making it highly fragmented and competitive. With the leading companies, such as GlaxoSmithKline Plc., Pfizer Inc., Alkermes Plc, and Purdue Pharma LP, focusing aggressively on various marketing strategies to increase their visibility, the competition within the market is anticipated to deepen over the next few years, states the report.
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As per the TMR’s estimation, the market for substance abuse treatment in the U.S., which offered an opportunity worth US$4.42 bn in 2015. Projected to progress at an impressive CAGR of 12.40% over the period from 2016 to 2024 and touch US$12.43 bn by the end of the forecast period. Outpatient treatment centers have emerged as the key end user of substance abuse treatments. With the increasing popularity of outpatient rehab across the U.S., this segment is anticipated to remain leading over the years to come.
Drug Abuse Treatment to Report Greater Uptake
The research report analyzes the U.S. market for substance abuse treatment on the basis of various market verticals, among which the treatment type is the most prominent one. Based on the type of treatment, this U.S. market has been classified into alcohol addiction treatment, tobacco or nicotine addiction treatment, and drug abuse treatment.
Among the three, the uptake of drug abuse treatment is much higher than the other two. The scenario is anticipated to remain so over the period of the forecast, reports the research study. Buprenorphine, methadone, and naltrexone have surfaced as the most preferred drug abuse treatments in the U.S., among which, buprenorphine is likely to report significant growth in the near future, thanks to the continual innovation and advancements in buprenorphine pills and film, and the recent introduction of buprenorphine implants.
Rising Number of Substance Addicts to Boost Market’s Growth
The U.S. is witnessing an alarming rise in the number of people addicted to alcohol, nicotine/tobacco, and opioid, resulting in a mounting burden on the country’s economy. “The U.S. government has come up with several early intervention and presentation strategies to manage this situation, which is likely to boost the uptake of substance abuse treatment in this country over the next few years,” says an analyst at TMR.
Apart from this, this market is also projected to gain from the increasing initiatives by the leading providers of substance abuse treatment in the U.S., who, in a bid to improve their customer base, are taking up various measures to create awareness among consumers and drug vendors pertaining to the ill effect of drug abuse and the importance of abuse treatment.
These companies are also using various medium, such as television, information brochures, and newspapers, to spread the word. Hitherto, it has been proved to be highly efficient in curbing the substance abuse crisis. Researchers expect the trend to remain so over the forecast period and reflect positively on this market in the coming years. However, the lack of options for the treatment of mental illness caused by substance addiction and various legal obligations obstructing the clearance of therapies from the FDA may hinder the growth of this market to some extent in the near future, notes the study.