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Drug Screening Market Targets $9,447 Million by 2023, Globally

02-26-2019 07:27 PM CET | Health & Medicine

Press release from: Allied Market Research

Drug Screening Market

Drug Screening Market

Drug screening test analyses biological samples, such as blood, hair, & urine; to diagnose the presence of drug abuse or its metabolites in patient’s body.

Global Drug Screening Market is expected to reach $9,447 million in 2023 from $5,214 million in 2016 registering a CAGR of 8.7%, during the forecast period, 20172023.

Drug screening tests are used to determine if person is or was under the influences of drug at a certain point of time. Drug screening devices have improved owing to introduction of new technology; offering the users precise and accurate results. Rise in alcohol consumption among youth as well as elderly population, overuse of prescribed drugs, increase in use of narcotics and illicit drugs is a major driver for the market.

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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.

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.

Key Findings of the Drug Screening Market:

• 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.
• 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.

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.

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About us

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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