Excellent Growth of Drug Screening Market

Posted by pooja on June 10th, 2019

According to a new report published by Allied Market Research, titled, "Drug Screening Market by Products & Services, Sample Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global drug screening market was valued at ,214 million in 2016, and is projected to reach ,447 million by 2023, growing at a CAGR of 8.7% from 2017 to 2023. North America held the largest market share with more than fifty percent share in 2016.

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.

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.

Laboratory services are currently dominating the products and services segment and is expected dominate the market during the forecast period. It occupies more than three-fifths of the total market share because of need to hire trained professionals capable of performing drug tests.

In the sample type segment urine sample is currently holding maximum amount of market share at six-sevenths of the total market with a CAGR of 8.6% from 2017-2023. Hair sample is expected to grow at the highest CAGR of 12.6% from 2017-2023.

The end user segment is dominated by work place and school with over two-thirds of the market. Employees and students under drug influence result in reduced productivity and absenteeism. Increasing awareness among public has led to surge in personal drug screening devices usage and this segment is forecast to exhibit highest CAGR over the forecast period.

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.

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.

The major companies in drug screening market include Alere, Inc., Drgerwerk 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.

Access Full Summery @https://www.alliedmarketresearch.com/drug-screening-market

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Joined: May 29th, 2019
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