Europe Drug of Abuse Testing Market is expected to expand at a 5.19% CAGR over the forecast period 2021-2031: Report By FMI
The current study by Future Market Insight (FMI) unveiled that the revenue of global drug of abuse testing market is expected to reach US$ ~2,210 Mn, by the end of 2029. During the forecast period of 2019-2029, the Drug of Abuse Testing Market is estimated to record a ~ 5% CAGR. Increasing focus on public healthcare will contribute to the build-up of drug of abuse testing market by the end of 2029, as revealed in the report.
Rising Demand for Drug of Abuse Testing from Private Employers to Benefit the Market
Owing to reduced productivity of individuals using illicit drugs, several employers emphasize on regulating workforce by drug abstinence through conducting regular drug of abuse testing. As individuals using illicit drugs are more likely to change jobs, be less productive, be absent frequently, and are more likely to get involved in a workplace accident, the demand for drug of abuse testing has increased by multiple folds in private as well as public workplaces, which is expected to provide boost to the global drug of abuse testing market over the forecast period.
For instance, according to the claims of the U.S. Navy, random drug of abuse testing conducted in its drug-free workplace programs has reduced nearly 57% of drug and alcohol abuse among sailors.
Similar programs in several organizations are likely to create high growth opportunities for drug of abuse testing market players over the forecast period.
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Growing Abuse of Prescription Drugs to Aid the Market Growth
Growth in the prescription drug abuse is skyrocketing and in turn is increasing the rate of overdose deaths and emergency room visits, thereby potentially raising the demand for drug of abuse testing services. The nonmedical consumption of prescription drugs is growing very rapidly; according to National Survey on Drug Use and Health (NSDUH), an estimated 2.4 million people in the U.S. use prescription drugs for nonmedical purpose. Such factors are likely to lead to increased demand for drug of abuse testing.
The high rate of comorbid illnesses are also responsible for wrong prescription and addiction to prescription drugs among older populations. Continuous growth in the abuse of prescription drugs is expected to propel demand for drug of abuse testing services globally.
Prescription for Drug of Abuse Testing for Senior Citizens Seeking Pain Management Treatment
Physicians providing treatment for pain management to the senior citizens are prescribing various drug of abuse testing such as for heroin, cocaine and other drugs prior to the treatment, which is a lucrative business for physicians for obtaining reimbursement from services including Centers for Medicare & Medicaid Services (CMS).
For instance, in 2012, Medicare spent nearly US$ 445 million on drug of abuse testing, which is creating a lucrative opportunity for the physicians and drug of abuse testing providers. Physicians are also earning through reimbursement by conducting tests in their own offices, which is creating a lucrative opportunity for the drug of abuse testing market players.
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Changing Population Dynamics to Change Drug of Abuse Testing Market Scenario
Growing number of drug and alcohol abusers worldwide is expected to provide high growth opportunities for stakeholders in the drug of abuse testing market.
According to National Institute of Drug Abuse, alcohol, tobacco, and illicit drugs together create an economic burden of nearly US$ 700 billion in the U.S. through related costs and healthcare expenditure. Thus, it is highly likely to propel the demand for drug of abuse testing in the coming years.
Further, according to the United Nations Office of Drug and Crime, more than 5% of the global population in the age group of 15 to 64 years use illicit drugs, and nearly 32.4 million people globally use pharmaceutical opioids and opiates such as opium or heroin. Such factors pave the way for lucrative growth of the drug of abuse testing market, and the trend is likely to continue over the forecast period.
This study underlines key opportunities in the drug of abuse testing market and finds that the market would exhibit growth at a value CAGR of ~ 5% during forecast period.
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