Drug of Abuse Testing Market 2022 Key Players, SWOT Analysis, Key Indicators, Forecast To 2031
As per a recent market analysis by Future Market Insights, the global drug of abuse testing market is projected to top US$ 1.5 Bn in 2021, expanding at over 5% CAGR over the forecast period.
Growth can be attributed to the increasing opioid dependence in the geriatric population as a result of high dosage prescription opioid use for pain management. Chronic pain is prevalent among patients suffering from arthritis, heart diseases, and cancer Opioids are prescribed for pain management, however, overdose can result in fatalities.
In response to this, manufacturers are launching rapid, accurate, disposable, and easy-to-use drug of abuse testing kits to detect drug dependence among the elderly. This is indicative of lucrative prospects for new market entrants over the assessment period.
Besides this, growing acceptance of recreational marijuana also has triggered concerns regarding overdose. Marijuana addiction is rare, although overdose can result in breathing disorders, memory loss, elevated stress and anxiety, and concentration issues. As a result, demand for drug of abuse testing systems in corporate and educational organizations is rising for early detection of substance abuse.
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As per FMI’s in-depth regional analysis, the U.S. is projected to dominate the North America drug of abuse testing market. The presence of robust healthcare infrastructure along with the prevalence of an opioid endemic in the country is expected to continue pushing sales of drug of abuse testing tools.
“The introduction of integrated drug warning systems that monitor drug overdose in real-time is expected to fuel sales of drug abuse testing equipment. Besides this, increasing adoption of drug testing tools in forensic laboratories to identify illicit drugs for the criminal justice system are expected to continue augmenting growth of the global drug of abuse testing market through 2031,” says an FMI analyst.
- Based on drug type, sales of drug of abuse testing for cannabinoids are expected to remain high through 2031.
- In terms of technique, immunoassays will remain highly sought-after.
- Demand for drug of abuse testing in forensic laboratories is anticipated to continue gaining traction over the assessment period.
- The U.S. is projected to dominate the North America drug of abuse testing market owing to increasing prevalence of opioid dependence in the country.
- The U.K. will continue exhibiting high demand for drug of testing systems in response to government initiatives regarding drug awareness and control measures.
- China will emerge as an attractive market due to the presence of key market players and easy availability of raw materials for the manufacturing of testing products.
- Japan will account for 7% of the total drug of abuse testing market share, while South Korea is expected to hold less than 1% of the total market share through 2031.
Quest Diagnostics, Roche Holding AG, Thermo Fisher Scientific, Inc., Siemens AG (Siemens Healthineers), Abbott Laboratories (Alere, Inc.), Shimadzu Corporation, Express Diagnostics International Inc., Drägerwerk AG & Co. KGaA, and Laboratory Corporation of America Holdings are among the key players profiled by FMI.
Leading players operating in the global drug of abuse testing market are focusing on research and development to expand their product portfolios. Besides this, players are aiming at production facility expansions through mergers, acquisitions, and collaborations.
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More Insights into the Drug of Abuse Testing Market Report
In its latest report, FMI offers an unbiased analysis of the global drug of abuse testing market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of drug (psychostimulants, narcotics, cannabinoids, sedatives and others), technique (immunoassay, chromatography and rapid testing), end user (hospitals, diagnostic laboratories, forensic laboratories and others) across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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