The Addictions Therapeutics Market was valued at US$ 6,691.01 million in 2019 and is projected to reach US$ 10,735.94 million by 2027; it is expected to grow at a CAGR of 6.2% from 2020 to 2027.
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Key Market Competitors: Global Addictions Therapeutics Market:
Addiction is a psychological and physical inability to stop consuming drugs, alcohol, opioids, and related category substances, even though the consumption of those substances causes various mental and physical harms. Addiction can be life-threatening if not stopped. Therefore, there are several options such as drug therapy and rehabilitation to stop addiction in a better way. Rising addictions among common people and increasing awareness campaigns drive the growth of the addictions therapeutics market. Moreover, the rising demand for R&D from contract organizations is expected to bolster the market growth during the forecast period. However, steep costs of drug development restrict the market growth.
In North America, the US is the most affected country due to the pandemic of the COVID-19 outbreak. The country has reported the highest number of COVID-19 positive cases. Across the nation, various healthcare research centers are working on the COVID-19 therapeutics. The demand for addictions therapeutics are reduced due to lockdown and supply chain disruptions across the region, which hinders the growth of the addictions therapeutics market.
The Addictions Therapeutics Market is anticipated to grow with a significant rate in the coming years, owing to factors such as increasing ageing population, rising prevalence of chronic diseases, up surge in healthcare costs, and developments in technology. Moreover, increase of big multi-service ambulatory care centers and growth in healthcare investments offer growth opportunities in the Addictions Therapeutics Market.
The global Addictions Therapeutics Market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the Addictions Therapeutics Market.
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