Canada’s alcohol addiction therapeutics market size stood at around USD xx billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of around xx% during the forecast period.
Alcohol is by far the most common drug used by Canadians. At least 20% of drinkers consume above Canada’s Low-Risk Alcohol Drinking Guidelines. Data from the Canadian Institute for Health Information (CIHI) show 10 Canadians die in the hospital every day from harm caused by substance use, and 75 percent of those deaths are related to alcohol. In Canada, there were around 77,000 hospitalizations entirely caused by alcohol in 2015–2016, compared to 75,000 hospitalizations for heart attacks in the same year.
The growing awareness among individuals concerning the numerous disadvantages to the excessive consumption of alcohol such as liver inflammation, high, blood, pressure, the development of a host of cancers like stomach, liver, colon, breast, and mouth, is a primary factor that is expected to continue to fuel the revenue growth of the Canadian alcohol addiction therapeutics market over the next 10 years. Moreover, the exponential increase in the number of alcohol-related deaths, especially in recent years, is another primary factor that is slated to play a pivotal role in boosting the demand for alcohol addiction therapeutic products, thereby significantly influencing future market growth opportunities in the process. Numerous initiatives being undertaken by key market players as well as governing bodies to improving access to alcohol addiction therapeutics, and to increase awareness levels concerning the benefits of responsible alcohol consumption are also other factors that are anticipated to positively influence market growth prospects for the Canadian alcohol addiction therapeutics market in the foreseeable future.