January 23, 2009
Wellesley, Mass—According to a new technical market research report, U.S. MARKETS FOR ADDICTIONS AND SUBSTANCE ABUSE TREATMETS AND DIAGNOSTICS (PHM035B) from BCC Research (www.bccresearch.com), the U.S market for addictions and substance abuse treatment and diagnostics generated $2.7 billion in 2008. This is expected to increase to $3.1 billion in 2013, for a compound annual growth rate (CAGR) of 2.7%.
The market is divided into the major segments of pharmaceutical treatments and diagnostic testing. Pharmaceutical treatments have the largest market share, generating $2.5 billion in 2008. This should increase to almost $2.8 billion in 2013, for a CAGR of 2.3%.
The diagnostic testing segment is the second largest and was worth $230.0 million in 2008. This is expected to increase at a CAGR of 5.9% to reach $307.0 million in 2013. This segment accounts for approximately 8% of the market.
The testing market should continue to show moderate growth due to advancements in technology, making testing more accessible and easy to accomplish. Growth also will be fueled by advancements in quality and design, helping to make the tests more accurate and cost effective, and by increasing trends in the general public, as individuals take greater responsibility for health care. The need for instant results, at an affordable price, will also help the substance abuse diagnostic testing industry to grow.
It is evident that the relapse rate for addiction is significant and that pursuing products that address not only the acute conditions of addiction but also continued treatment, perhaps for a lifetime, are needed. Since addiction seems to be a multidisciplinary problem, the focus of treatment needs to be broadened as is evident in select new products that are in development for drug addiction. Companies that are operating in this arena will need to continue to advance products that tackle all facets of the addiction process to be successful.
U.S. Markets for Addiction & Substance Abuse Treatment( PHM035B )
Publish Date: Jan 2009
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