The substance use disorder industry continues to attract investor interest driven by a large treatment population of 48 million Americans and provider fragmentation. Despite macroeconomic pressures and reimbursement variability, structural demand remains high. Providers and investors are increasingly focused on scalable, outcomes-driven models that balance access, quality, and financial sustainability.

In this whitepaper, we examine the evolving substance use disorder (SUD) landscape through both a market and operational lens – highlighting key demand drivers, investment trends, and the strategic shifts reshaping provider models. Drawing on Marwood’s deep experience advising investors, payors, and providers across the behavioral health continuum, we explore how leading operators are adapting to reimbursement pressures, integrating technology, and aligning outcomes with value-based frameworks. The analysis underscores where growth opportunities remain strongest and what capabilities will define sustainable success in the next phase of the market.