Drug Screening Market Size 2021 Expected To Reach Worth US $9,447 Million At A 8.7% CAGR By 2026
Pune, Maharashtra, India, February 11 2021 (Wiredrelease) Allied Analytics –:Drug Screening Market Outlook 2021 – 2026
According to a new report published by Allied Market Research, titled, “the global drug screening market was valued at $5,214 million in 2016, and is projected to reach $9,447 million by 2026, growing at a CAGR of 8.7% from 2017 to 2026. North America held the largest market share with more than fifty percent share in 2016.” North America held five-ninths of the market share in global drug screening market, and is expected to continue this trend due its large amount of drug abuse and adoption of drug screening devices in the region.
Drug screening is carried out to detect the presence of any illegal drug in the different biological samples such as blood or urine. Biological samples derived from the subject are tested under drug screening devices to diagnose the nature and amount of drug in the system. Drug screening manufacturers provide a wide range of high-tech equipment which is used by organizations and law enforcement agencies to check the presence of any illegal drug in the body. Drug screening devices have helped government officials, employers and schools to maintain a drug free and healthy environment for individuals.
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• Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
• However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
• Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
The impact of the driving factors is expected to overcome the effect of restraints. Increase in consumption of alcohol and illicit drugs, establishment of stringent laws in various countries, and increase in governmental funding to control drug trafficking provide opportunity for the drug screening devices. Immunoassay analyzers occupied the largest share in the drug screening equipment market in 2016.
Major factors driving the drug screening market are increase in drug consumption among youth, upsurge in consumption of alcohol and misuse of prescribed or illicit drugs by individuals. In addition, rise in awareness among the population in developing countries regarding adverse effects of drugs will help to boost the market growth. Further, governments of many developed and developing nations are raising funds to deal with increasing drug abuse and illegal drug trafficking, which will help to fuel the market growth.
Key Findings of the Drug Screening Market:
Under products & services equipment segment the rapid testing devices segment is projected to grow at the highest CAGR of 9.6% from 2017-2023 over the forecast period.
Hair sample segment is poised to witness the fastest growth during the forecast period.
Workplace and schools generated the highest revenue in 2016, and is expected to continue its dominance over the forecast period.
North America dominated the global drug screening market over the analysis period, and is projected to grow at a CAGR of 8.1% from 2017-2023.
Asia-Pacific drug screening market is an upcoming market and expected to generate new opportunities for market players.
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In 2016, North America held five-ninths of the market share in global drug screening market, and is expected to continue this trend due its large amount of drug abuse and adoption of drug screening devices in the region. U.S. federal government is raising funds against illegal drug trafficking and driving the market in North America region. Asia-Pacific region is growing at a fastest CAGR in the forecast period due to increase in awareness regarding effects of drug abuse among developing countries. In addition, increase in investments in R&D by public and private sectors is also expected to boost the market growth.
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Key players operating in this market include Alere, Inc., Drägerwerk AG & Co. KGAA, Abbott Laboratories, Hoffmann-La Roche AG, Biorad Laboratories, Inc., Siemens AG, Thermo Fisher Scientific, Inc., Danaher Corporation, Quest Diagnostics Incorporated and, Express Diagnostics International Inc.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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