The Addictions Therapeutics Market is being driven by High consumption of alcohol, tobacco, and opioid products
The Addictions Therapeutics Market is expected to grow at a CAGR of 7.83% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10.8 billion. The addictions therapeutics market is witnessing significant growth due to the escalating consumption of substances such as alcohol, tobacco, and opioids. Consequently, there is a heightened demand for innovative therapeutics to address substance use disorders. Vendors, including Opiant Pharmaceuticals, are prioritizing research and development in this area. Notably, Opiant is developing OPNT002, a nasal naltrexone formulation, which offers rapid and potent increases in plasma levels and effectively blocks opioid receptors. Studies suggest that OPNT002 provides notable advantages over existing treatments, particularly in addressing the challenges faced by alcohol use disorder patients, including high craving rates and decreased cognitive functioning.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Distribution Channel (Hospital pharmacy, Retail pharmacy, Others) Type (Alcohol addiction therapeutics, Tobacco addiction therapeutics, Drug addiction therapeutics) Geography (North America, Europe, Asia, Rest of World (ROW)).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Addictions Therapeutics Market Research Report
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The Addictions Therapeutics Market encompasses various treatments for Substance Addiction, including Nalaxone and Naltrexone for Opioid Addiction, Bupropion and Varenicline for Tobacco and Nicotine Addiction, and Disulfiram for Alcohol Addiction. Methadone is another option for Opioid Dependence. Public health concerns over Tobacco-related deaths drive the demand for Addiction Treatment, with Telecommuting and Digital Technologies enabling De-addiction through Cognitive Behavioural Therapy and Substance Use Disorder interventions. Other treatments include Nicotine Replacement Products and the relatively new medication, Nicotine Varenicline.
The Addictions Therapeutics market is a significant segment of the global pharmaceuticals industry, encompassing companies involved in the research and development (R&D) or production of various addiction treatment medications. These include Naloxone, Naltrexone, Bupropion, Disulfiram, Nicotine Replacement Products, and Methadone. According to Technavio, the global pharmaceuticals market's size is determined by the consolidated revenue generated by manufacturers and providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. The market's expansion will be fueled by demographic trends, such as the increasing population aging. By 2050, approximately one-quarter of the US population and by 2030 in Europe, are projected to be over 60 years old. This demographic shift will create a substantial demand for addiction therapeutics as the elderly population is more susceptible to substance abuse disorders.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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