Drug of Abuse Testing Market Size to Exceed Revenue of USD 8 Billion by 2022 | CAGR: 10% Until 2016 - 2022
Recent study titled, "Drug of Abuse Testing Market (Product Type: Equipment, Consumables; Sample: Urine, Saliva, Hair, Others; End-user: Hospital, Laboratory, Workplace, At Home, Others) ndash; Global Industry Analysis, Market Size, Opportunities and Forecast, 2012-2022" which covers clear verifiable examination and lights up feature components and examples that give an extensive picture of the business, forecasts that the global drug of abuse testing market is anticipated to grow at a CAGR of around 9.6% from 2016 to 2022 and reach the market value of over $8 billion by 2022. Globally, North America accounted for the largest share in 2015 and is expected to maintain its dominance throughout the forecast period. This is due to the increasing availability of illegitimate drugs, growth in drug trafficking, and increase in workplace checking for the consumption of barred drugs. Asia-Pacific is expected to witness fastest growth during the forecast period, at a CAGR of around 10% from 2016-2022.
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The global drug of abuse testing market is growing at a significant rate due to increased usage of drug of abuse testing at organizational levels and increased production and trade of illicit drugs worldwide. In addition, global increase in road accidents and death rates, increase in the consumption of illegal drugs and technological advancements in drug of abuse testing further drives the market. The increased production and trafficking of illegal drugs is expected to increase the demand for drugs of abuse testing. According to the UN Office on Drugs and Crime (UNODC), area under opium cultivation increased from approximately 209,000 hectare in 2013 to 224,000 hectare in 2014, which is approximately 7% increase. The extent of drug seizure can be used as an indirect measure of increased trade of illicit drugs worldwide. For instance, according to UNODC, since 2002 Afghanistan, Iran and Pakistan have accounted for more than 90% opium seized across the globe, and this pattern also continued in 2013. Similarly, according to UNODC, approximately 40 tons of cocaine was seized in 2013 in Brazil. The increase in production and trade of illicit drugs across the globe leads to increased demand for drug of abuse testing.
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The global drug of abuse testing market is segmented on the basis of product type, sample, end-user, and geography. Depending on product type, the market is divided into equipment and consumables. Consumables was the largest segment and accounted for more than 50% share in 2015. It is also expected to be the fastest growing product segment during the forecast period. Equipment segment is further divided into immunoassay analyzer, chromatography instrument, and breath analyzers while consumables segment is further divided into rapid test kit, assay kit amp; reagents, and others. Based on sample, the market is segmented into urine, saliva, hair, and others. The end-user segments of drug of abuse testing market include hospital, laboratory, workplace, at home, and others. The regional markets analyzed in the report include North America, Europe, Asia-Pacific, and Rest of the World.
The market players profiled in the report include Siemens AG, Danaher Corporation, Shimadzu Corporation, MilliporeSigma, Drauml;gerwerk AG amp; Co. KGAA, Express Diagnostics Int'l, Inc, Psychemedics Corporation, Waters Corporation, BioMerieux SA, F. Hoffmann-La Roche Ltd, Laboratory Corporation of America Holdings, Quest Diagnostics Inc, Alere Inc, Randox Laboratories Ltd, Bio-Rad Laboratories, Inc., Abbott Laboratories, Sonic Healthcare Ltd, and Thermo Fisher Scientific Inc. among others. Mergers and acquisitions for innovation and new product development and partnership for enhancing product quality are some of the major strategies followed by leading players in this market to sustain market competition.
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BUY Drug of Abuse Testing Marketnbsp;(Product Type: Equipment, Consumables; Sample: Urine, Saliva, Hair, Others; End-user: Hospital, Laboratory, Workplace, At Home, Others) ndash; Global Industry Analysis, Market Size, Opportunities and Forecast, 2012-2022nbsp;atnbsp;https://www.acumenresearchandconsulting.com/drug-of-abuse-testing-market
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