Drug Abuse Testing Market Size Targets to grow at a 8.2% CAGR & to Hit $11.83 Billion by 2025
Pune, Maharashtra, India, September 9 2020 (Wiredrelease) Allied Analytics –:Surge in awareness regarding drug abuse, stringent regulations regarding drug abuse, and development of innovative drug testing equipment facilitate the growth in the global drug abuse testing market.
“Drug Abuse Testing Market by Product & Services (Analyzers, Rapid Testing Devices, Consumables, and Laboratory Services), Sample Type (Urine, Oral Fluid, Breath, Hair, and Others), and End User (Workplaces & Schools, Criminal Justice Systems & Law Enforcement Agencies, Research Laboratories, and Hospitals): Global Opportunity Analysis and Industry Forecast, 2018–2025″. The report offers a detailed analysis of changing market trends, competitive landscape, market size & estimations, top winning strategies, and key market players. According to the report, the global drug abuse testing market generated $6.24 billion in 2017 and is expected to reach $11.83 billion by 2025, registering a CAGR of 8.2% from 2018 to 2025.
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Surge in awareness regarding drug abuse, stringent regulations regarding drug abuse, and development of innovative drug testing equipment facilitate the growth in the market. However, potential manipulation of drug screening tests and consideration of drug testing as a breach of privacy rights hinder the market growth. On the other hand, technological advancements and untapped potential in emerging economies such as Asia-Pacific and LAMEA create new opportunities in the market.
Key Market Players:-
Leading market players studied in the research include Drägerwerk AG & Co. KGAA, Hoffmann-La Roche AG, Abbott Laboratories, Siemens AG, Biorad Laboratories, Inc., Danaher Corporation, Thermo Fisher Scientific, Inc., Quest Diagnostics Incorporated, and Express Diagnostics International Inc.
Rapid testing devices to growth the fastest:-
Rapid testing devices would register the fastest CAGR of 14.2% from 2018 to 2025, owing to its benefits such as accuracy in results in less time and advent of technologically advanced devices. However, laboratory services accounted for nearly three-fifth of the total market share in 2017 and is expected to maintain its dominance throughout the forecast period. This is due to increase in consumption of alcohol and drugs during office hours, compelling organizations to carry out tests. The research also analyzes consumables and analyzers.
Urine sample type to maintain its lion’s share by 2025:-
Based on sample type, urine held the major market share in 2017, contributing to 86.16% of the total market share in 2017. This segment is expected to maintain its lion’s share till 2025, owing to lesser cost of urine sample analysis, ease in availability of point of care tests, and presence of parent drugs and/or metabolites in high concentrations. However, the hair segment is expected to register the fastest growth rate with a CAGR 12.0% from 2018 to 2025, owing to advantages such as high resistance to evasion through adulteration or substitution of samples and wide window of detection. The research also analyzes oral fluid, breath, and others.
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North America to maintain its lead by 2025:-
North America contributed to more than half of the total market share in 2017 and is expected to maintain its lead till 2025. This is due to expansion of big giants into the region to cater to increase in demand for drug abuse testing devices and products. However, Asia-Pacific is expected to register the fastest growth with a CAGR of 9.7% from 2018 to 2025, owing to different initiatives taken by governments to curb abuse in various fields such as workplaces, sports, and others.
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