south and central america addictions therapeutics Market

The South and Central America addictions therapeutics market is expected to reach US$ 482.04 million by 2027 from US$ 332.54 million in 2019. The market is estimated to grow with a CAGR of 4.9% from 2020 to 2027.

The growth of the market is attributed to the rising approval of new drugs and launch of digital therapeutics to treat addiction, and increasing conduction of various awareness campaigns and government efforts to counteract drug abuse and promote medication. However, the high cost associated with drug development hinders the growth of the addiction therapeutics market.

Drug addiction, also referred to as substance disorder, is a type of disease that hampers an individual’s brain, behavior, and metabolic processes leading to an inability to control. Nonmedical use and abuse of prescription drugs are becoming severe issues worldwide. Addiction to abusive substances is responsible for the death of millions of people across the world. According to the report on Drug Use in the Americas 2015, by Inter-American Drug Abuse Control Commission (CICAD), the per capita consumption is estimated to be 30% higher than the global average in Latin America. The Addiction Centre report also stated that the number of people undertaking treatments for these addictions has increased in the recent years. Thus, the rising awareness among people about drug addiction treatment is likely to support the growth of the South and Central America addiction therapeutics market in the coming years. Similarly, awareness campaigns and government efforts to counteract drug abuse and promote medication for all sorts of addiction treatments would fuel the market growth during the forecast period.

The COVID-19 pandemic is hindering the South and Central America addictions therapeutics market. Due to the outbreak of disease, healthcare industries have been affected severely, considering the economic conditions in the current situation. Moreover, the traditional difficulties regarding treatment access and adherence for the population suffering from addictions will worsen during the pandemic, therefore aggravating their condition.

Based on treatment type, the South and Central America addictions therapeutics market is segmented into nicotine addiction treatment, alcohol addiction treatment, opioid addiction treatment, and other substance addiction treatment. In 2019, the nicotine addiction treatment segment held the largest share of the market and is estimated to register the highest CAGR in the market during the forecast period.

The South and Central America addictions therapeutics market, by drug type, is segmented into varenicline, bupropion, nicotine replacement products, buprenorphine, naltrexone, disulfiram, and others. The varenicline segment held the largest market share in 2019. However, the nicotine replacement products segment is anticipated to register the highest CAGR in the market during the forecast period.

By treatment center, the South and Central America addictions therapeutics market is segmented into outpatient treatment center, residential treatment center, and inpatient treatment center. In 2019, the outpatient treatment center segment held the largest market share, and the same segment is estimated to register the highest CAGR in the market during the forecast period.

The South and Central America addictions therapeutics market, based on distribution channel, is segmented into hospital pharmacies, medical stores, and others. The hospital pharmacies segment held the largest share of the market in 2019, and the medical stores segment is estimated to register the highest CAGR in the market during the forecast period.

A few of the primary and secondary sources referred to while preparing this report on the South and Central America addictions therapeutics market are Ministry of Health in Argentina (ANMAT); Centers for Disease Control and Prevention (CDC);  and World Health Organization (WHO); among others.