Rising consumption of illegal drugs is resulting into increase in the requirement for drug abuse tests.
Global Drugs of Abuse Testing Market: Overview
Rising consumption of illegal drugs is resulting into increase in the requirement for drug abuse tests. This is one of the prominent factors creating revenue-generating opportunities in the global drugs of abuse testing market, which is expected to register growth at a CAGR of 5.7% during the forecast period from 2019 to 2027, note analysts at Transparency Market Research (TMR). Hence, it is prognosticated to gain a valuation of US$ 7.6 Bn by 2027.
The study by TMR provides 360-degree analysis of factors shaping the growth of drugs of abuse testing market. Moreover, this report delivers exclusive study of growth drivers, restraints, challenges, R&D activities, key regions, and competition landscape of the market for drugs of abuse testing.
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The researchers of report by TMR have segmented all data and analysis of the global drugs of abuse testing market based on many important facets such as sample type, testing type, end-user, and region.
In terms of sample type, the market for drugs of abuse testing is classified into breath, saliva, blood, hair & sweat, and urine. Based on testing type, the drugs of abuse testing market is divided into criminal justice testing, workplace testing, and pain management testing. On the basis of end-user, the classification of the market for drugs of abuse testing is performed into diagnostics laboratories, hospitals, forensic laboratories, and on-the-spot testing.
Rising Abuse of Prescription Drugs and Increase in Use of Drug Abuse Testing among Private Employers Fuel Market Growth
In recent years, several nations across the globe including the U.S. are experiencing increased cases and death rates due to abuse of prescription drugs or nonmedical utilization of prescription drugs.
The National Institute of Drug Abuse (NIDA) states that approximately 52 million people have utilized prescription drugs for nonmedical reasons for minimum one time in their lifetime. Besides, youth populace from across the globe is seen increasing the use of several pain relievers such as OxyContin and Vicodin, which are considered abused prescription drugs. Due to incorrect prescription and addiction to prescription drugs, there is notable increase in comorbid illnesses among older population. Hence, continuous increase in the abuse of prescription drugs is increasing the sales of drugs of abuse testing products.
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People consuming illicit drugs tend to be less productive at work, change their jobs frequently, and they frequently absent at workplaces. These factors can result into increased risks of workplace accidents. As a result, many organizations across the globe are emphasizing on regularly performing drugs of abuse tests. Hence, the demand for drug abuse testing by public and private employers is estimated to increase in the years to come.
North America: Dominant Region for Drugs of Abuse Testing Industry
Europe, North America, Middle East and Africa, Asia Pacific, and Latin America are some of the key regions of the drugs of abuse testing market. Of them, North America is dominant region in the market.
The market is estimated to gain promising sales opportunities in North America in years to come owing to factors such as rise in consumption of illicit drugs and the increase in the availability of insurance plans intended for expensive diagnosis tests in the region.
The nature of the global drugs of abuse testing market is highly fragmented due to existence of several international level players. This scenario represents the highly intense level of competition in the market.
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Companies in the drugs of abuse testing market are using different strategies such as acquisitions, collaborations, regulatory approvals, and new products launches. Moreover, several enterprises are increasing investments in R&D projects to develop advanced products. Such initiatives are projected to help in the expansion of the drugs of abuse testing market.
Some key players operating in the drugs of abuse testing market are Laboratory Corporation of America Holdings, Alere Inc., Thermo Fisher Scientific Inc., Roche Diagnostics, Siemens Healthineers, Drägerwerk AG & Co. KGaA, Shimadzu Corporation, and Express Diagnostics International Inc.
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