Market Trends of Substance Abuse Treatment Industry
The Tobacco/Nicotine Addiction Treatment Segment is Expected to Witness Significant Growth During the Forecast Period
The tobacco/nicotine addiction treatment segment is anticipated to witness lucrative growth. Tobacco/nicotine addiction treatment includes pharmacotherapies and replacement therapies to curb the addiction to tobacco and nicotine.
Tobacco and its usage through consumption and smoking are harmful, as they kill half of its users globally, as stated by the World Health Organization (WHO); for instance, in May 2022, the WHO stated that tobacco claimed the lives of more than 8 million people every year. More than 7 million deaths are caused by direct tobacco use, and over 1.2 million non-smokers lose their lives due to exposure to second-hand smoke. Such a vast number of tobacco users and damage caused by tobacco addiction is anticipated to boost the demand for tobacco/nicotine addiction treatment, which would bolster the growth of the segment.
Furthermore, several market players are engaged in advancing their offerings for tobacco/nicotine deaddiction with their smoking cessation therapies and treatments, which are undergoing clinical trials. For instance, in August 2022, Dal Lab, a medical device technology company specializing in smoking cessation, revealed its plans to debut in France, with ambitions to extend its services across Europe, including the United Kingdom. The company is pioneering a novel approach, aiming to introduce the first high-dose electronic nicotine substitute, and this product will be exclusively available in pharmacies, either upon a pharmacist's recommendation or by prescription. Notably, Dal Lab's innovation promises to deliver nicotine replacement without necessitating a shift in smokers' established habits.
Therefore, the tobacco/nicotine addiction treatment segment is expected to witness significant growth during the forecast period due to the abovementioned factors, including the high numbers of tobacco users and the active clinical trials of tobacco/nicotine addiction therapies.
North America is Expected to Hold a Significant Market Share During the Forecast Period
The North American substance abuse treatment market is expected to grow significantly during the forecast period with increasing overuse of tobacco and an increasing number of government initiatives aimed at reducing substance abuse. For instance, in September 2022, Quest Diagnostics Drug Testing Index Analysis reported that 7.3% of workers tested with urine drug tests were positive for marijuana in the United States, which is an increase of 9% compared to 2021. Such a prevalent addiction population within the country is anticipated to create more demand for addiction treatments, in turn driving the market's growth in the region.
Furthermore, various initiatives and funding are being implemented by the US government to monitor the symptoms and determine drug abuse among the American population. For instance, as per a February 2022 update, Texas and some of its largest counties received USD 1.17 billion as an opioid relief fund as part of a nationwide settlement from three large pharmaceutical distribution companies. Moreover, in February 2022, the United States Department of Human Health and Services announced a USD 10 million Substance Abuse and Mental Health Services Administration (SAMHSA) grant program addressing the health needs of pregnant women and children affected by substance use. Such programs are anticipated to drive the demand for substance abuse treatment in the United States, thereby driving the market's growth in North America.
Additionally, key developments by the market players in substance abuse treatment are expected to boost the market's growth in the region. For instance, in August 2022, B. More Inc. received USFDA approval for its Investigational New Drug (IND) application for its synthetic psilocybin (SYNP-101), which is intended for the management of alcohol use disorder (AUD). Further, in January 2022, ANANDA Scientific Inc. received USFDA approval for its IND application for the clinical trial evaluation of its drug, Nantheia ATL5. Nantheia ATL5 is an investigational drug that uses cannabidiol (CBD) in ANANDA's proprietary delivery technology and is intended to be used as an adjunctive treatment for opioid use disorder. The study will be done at the Jane and Terry Semel Institute for Neuroscience and Human Behavior at the University of California, Los Angeles, the United States.
Therefore, owing to the aforementioned factors, including the high drug addictions, de-addiction initiatives, and key developments by the key players, the studied market is anticipated to grow further in North America.
