Growing government initiatives to reduce drug abuse levels, increasing production, trade, and consumption of illegal substances, and rising cases of drug mortalities are a few factors boosting global market growth
The global drugs of abuse testing services market size is expected to reach USD 3.92 billion by 2028 and register a CAGR of 5.5% according to the latest report by Reports and Data. Growing consumption of alcohol, illegal drugs, and recreational chemicals, increasing awareness about drug of abuse tests and their increasing usage for medical and legal purposes are key factors driving global market revenue growth.
Drugs of abuse (DOA) testing is a clinical detection method used for detecting one or more drugs by sample testing of various samples such as hair, blood, sweat, urine, and breath. Growing demand for drugs of abuse testing at public and private workplaces and availability of advanced drug abuse testing techniques are boosting global market growth. In addition, increasing government programs to overcome drug abuse, strict government regulations for illicit drug consumption, and rising investments by market players to develop sensitive drug testing kits to detect designer drugs are boosting market growth.
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Growth in the historic period resulted from the rapid growth in the elderly population, strong economic growth in emerging markets, decline in oil prices, and health insurance reforms globally. Factors that negatively affected growth in the historic period were low healthcare access, shortages of skilled human resources, difficulty in manufacturing biologics, and regulatory changes.
Going forward, faster economic growth, technological developments and the increasing prevalence of diseases due to rising busy and sedentary lifestyles will drive the growth. Factors that could hinder the growth of this market in the future are rising interest rates, increasing awareness of alternative therapies and natural remedies, government provisions in healthcare services, and stringent government regulations.
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North America is the largest market for healthcare, followed by Asia-Pacific, Western Europe and then the other regions. Due to favorable regulations and policies in these regions, healthcare industry is rapidly growing. As the market in developed countries is nearly saturated, market players have shifted their focus toward the developing regions, especially the emerging economies of Asia Pacific.
Some key highlights in the report:
- Among the product and services segments, the analyzers segment is projected to account for significant revenue growth between 2021 and 2028 owing to various features such as easy handling and quick and precise screening.
- Based on sample type, the urine segment is expected to account for largest market share during the forecast period. In-expensive urine analysis, increasing quantity of sample, and easy access to POC testing are key factors fueling segment growth.
- Among the end-use, the forensic laboratories segment is expected to account for substantial revenue growth over the forecast period. Rising prevalence of substance abuse and growing need to detect unknown drugs is fueling segment revenue growth.
- Asia Pacific is expected to account for significant revenue growth throughout the forecast period owing to factors, such as rising organization agreements regarding workplace drug of abuse testing, increasing consumption of various drugs, and growing trade of illicit drugs.
- North America is expected to account for robust revenue growth during the forecast period. High revenue share is attributable to factors, such as increasing cases of substance abuse, government programs to control drug of abuse, and availability of well-established healthcare systems equipped with latest testing kits and services.
Top companies operating in the market and profiled in the report include:
Danaher Corporation, Siemens Healthineers AG, Drägerwerk AG Co. KGaA, F. Hoffmann-La Roche Ltd, Quest Diagnostics Inc., LabCorp, Abbott Laboratories, and ThermoFisher Scientific Inc., Clinical Reference Laboratory (CRL), Inc., Legacy Medical Services, DrugScan, Omega Laboratories, Inc., Mayo Clinic Laboratories, Precision Diagnostics, American Substance Abuse Professionals (ASAP), Inc., United States Drug Testing Laboratories (USDTL), Inc. and LGC Group.
Further, the report segments the Drugs of Abuse Testing Services market on the basis of product types, applications, end-use industries, and technology among others. The report offers insights into key factors influencing the revenue growth of the segment and provides information about lucrative investment opportunities to stakeholders, investors, and clients.
Drugs of Abuse Testing Services Market Segmentation:
Drug Type Outlook (Revenue, USD Billion, 2018 - 2028)
- Amphetamine Methamphetamine
Product Services Outlook (Revenue, USD Billion, 2018 - 2028)
- Immunoassays Analyzers
- Chromatographic Devices
- Breath Analyzers
- Rapid Testing Devices
- Urine Testing Devices
- Oral Fluid Testing Devices
- Laboratory Services
Sample Type Outlook (Revenue, USD Billion, 2018 - 2028)
- Oral Fluid (Saliva)
End-Use Outlook (Revenue, USD Billion, 2018 - 2028)
- Diagnostic Laboratories
- Law Enforcement Agencies
- Forensic Laboratories
Regional Analysis covers:
- North America
- Rest of EU
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Drug of Abuse Testing Services Market @ https://www.biospace.com/article/favorable-regulatory-policies-for-drug-of-abuse-testing-services-are-boosting-market-revenue-growth/
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