Drug Screening Market is forecasted to advance at a tremendous pace with a CAGR of 16% during the forecast period 2022-2032
As per the Future Market Insights research, the drug screening market is forecasted to advance at a tremendous pace with a CAGR of 16% during the forecast period 2022-2032.
A crucial driver of the drug screening market is the overuse of prescribed drugs and the elevated use of narcotics. According to one of the recent World Drug Reports, drug and alcohol abuse and consumption are on the rise globally. Drug abuse killed nearly 500,000 people, while drug use disorders resulted in the loss of 18 million years of a healthy life, primarily due to opioids. Similar increases in alcohol consumption have been observed, with the consequences being an increase in the incidence of impaired driving.
Request for the Comprehensive Sample: https://www.futuremarketinsights.com/reports/sample/rep-gb-14265
The rising consumption of illicit drugs and alcohol will accelerate the development of drug screening products and services on the road, fuelling the drug screening market growth.
Some countries, including South Africa, Colombia, Chile, Argentina, and Canada, consider workplace drug and alcohol testing to violate employee privacy. Such prohibitions in various countries may impede the adoption of drug screening devices etc., thereby limiting the overall market growth.
Several new products, devices, and services have also received regulatory approval and are being adopted by government agencies and corporate organizations and are expected to broaden drug screening market opportunities.
Companies in this market are expected to gain new opportunities as their business strategies shift toward oral swab drug tests and the development of the concept of fingerprint-based drug screening, thereby driving the demand for drug screening devices etc.,
Furthermore, New Psychoactive Substances (NPS) such as tryptamines, ketamine, piperazine, and phenethylamines can be considered emerging trends in the drug screening market. Owing to its low cost and dependability, urine samples are the most commonly used for testing, ramping up urine drug tests.
Influenced by factors as mentioned earlier and developments, the drug screening market is forecasted to touch US$ 11 Bn by 2026.
Some of the notable players in the drug screening market are Premier Biotech (US), Abbott Laboratories (US), Alfa Scientific Designs (US), OraSure Technologies (US), Shimadzu (Japan), Drägerwerk (Germany), LifeLock (US), Thermo Fisher Scientific (US), MPD Inc. (US), Omega Laboratories (US), Psychemedics (US), Roche (Switzerland), and Siemens Healthineers (Germany), Quest Diagnostics (US).
To capture larger market shares, key companies are pursuing various growth strategies such as mergers and acquisitions, geographic expansion, product invention leading to some significant recent developments in the drug screening market.
- Drager Safety Canada’s Drager drug test 5000 drug testing device received government approval, making it the country’s first roadside oral fluid drug testing device with active government support.
- Intelligent fingerprinting limited, based in the United Kingdom, has released the world’s first portable fingerprint drug test to detect and analyze marijuana, opiates, and amphetamines. The newly launched device allows for sample collection and analysis in 10 minutes, speeding up the process.
- By product type, the consumables segment is likely to dominate the market since they provide improved solutions to make testing accurate and quick, accelerating market growth.
- As it is a quicker and less invasive sample to collect at the roadside, the oral fluid sample segment is expected to account for a significant drug screening market share by sample type.
- By drug type, the cannabis/marijuana segment is forecasted to hold sway over the drug testing industry since marijuana or cannabis is the most commonly used illicit substance in critical markets.
- Drug testing laboratories are predicted to be at the forefront of the market by end-use, owing to their widespread acceptance and accurate result.
- The drug screening market size accounted for around US$ 5.3 Bn in 2021.
“North America is projected to reign the market owing to the government implementing strict workplace testing regulations as well as expansion strategies followed by players. Furthermore, the region’s high adoption of technologically advanced solutions & favourable reimbursement scenarios has fuelled the market growth. New organ-on-a-chip platforms enable more precise and accurate perception of drug effects on the human body, and its advancements are also contributing to the growth of the North American drug screening market.” asserts an FMI researcher.
Request for the complete TOC of this Report: https://www.futuremarketinsights.com/reports/drug-screening-market/table-of-content
About the Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here
About Future Market Insights (FMI)
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, and has delivery centers in the UK, 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.
Future Market Insights
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: firstname.lastname@example.org
For Media Enquiries: email@example.com