WELLESLEY, Mass., Sept. 13, 2017 (GLOBE NEWSWIRE) -- As the rate of drug and alcohol addiction continues to rise, the global substance abuse and addiction treatment market has the potential to reach $4.4 billion annually by 2021. A new report by BCC Research analyzes this market by conditions, treatments, and geographic regions.
The increasing use of psychoactive substances is the main reason for the global rise in substance abuse, substance dependence, and addiction treatment. The substance abuse and addiction treatment market is categorized into three types based on condition: nicotine, alcohol, and drugs. Drug dependence holds the biggest market share. In 2016, the drug abuse segment recorded the highest revenue, at $2.3 billion, and is poised to grow at a compound annual growth rate (CAGR) of 7.0% throughout the forecast period, according to the report Substance Abuse, Addiction and Treatment: Global Markets.
The opioid abuse segment is projected to be valued at $2.5 billion by 2021. Addiction to opioids is on the rise and is leading to serious health problems.
Research Highlights
- It is anticipated that the North American market will reach nearly $2.4 billion by 2021, led by the United States.
- The Asia-Pacific region is exhibiting the highest growth in the global market, with an estimated CAGR of 8.5% between 2016 and 2021.
- A total of 73 patents related to drug addiction treatment were filed in a three-year period ending May 2017. One-third of patents were filed in 2015.
“Drug abuse is a serious health problem affecting peoples’ lives and often ruining families,” said BCC Research analyst and report author, Yojana Jeevane. “Therefore, it is of prime importance to monitor and control drug abuse, through drug testing that can measure the use of drugs and helps in the evaluation and proper treatment of addiction.”
Drugs of Abuse Testing Market
Technological advances and the entry of new innovative companies in the diagnostics industry have transformed the market. Consolidation trends in the in-vitro diagnostics sector have also influenced the drugs of abuse testing market. Budding industry segments within the drugs of abuse testing market include home and school drug testing kits, which are being driven by technology and policy developments.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.