Press release
Drug Testing Market is projected to reach USD 9.45 bn by 2029 | Marketlook Consulting
Drug Testing Market
The market players in the area are continuously working toward better and more efficient solutions and evolving the life of available, product launches, which will complement the market growth.
According to Marketlook Consulting' research report "Global Drug Testing Market Analysis, 2021", the compound management market is anticipated to grow at a CAGR 7.5% during 2022-29. The market would reach to USD 9.45 billion by 2029.
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Based on type of products, the market is segmented into consumables, instruments, rapid testing devices, others. The consumables segment acquired the largest share in 2021 and is expected to continue to dominate the market during the forecast period owing to the recent surge of consumables for testing. The rising introduction of innovative consumables that offer enhanced solutions to make testing simple, precise, and speedy will further boost the segment's growth.
"Global Drug Testing Market Analysis, 2021" provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the drug testing products providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
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North America Dominated the Market
Based on leading regions, North America dominated the global drug testing market in 2021 and is projected to maintain its dominance during the forecasted period 2022-29 owing to the presence of prominent players implementing extensive product expansion strategies. Also, favorable reimbursement strategies and the high adoption of technologically advanced solutions have further supported the market growth. Furthermore, the increasing approval for new drug testing devices along with funding to develop new devices are projected to fuel the demand for drug testing market in the forthcoming period as stated in Marketlook Consulting research report "Drug Testing Market Analysis, 2021".
According to Marketlook Consulting', the key players with a considerable market share in the global drug testing market are Danaher Corporation, F. Hoffmann- La Roche Ltd, Quest Diagnostic Inc., Siemens Healthineers AG, Dragerwerk AG & Co. KGaA, LabCorp, Abbott Laboratories, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Agilent Technologies, Inc.
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Market Segmentation:
• By Product Type (Consumables, Instruments, Rapid Testing Devices, Others)
• By Sample Type (Urine Sample, Oral Fluid Sample, Hair Sample, Other Samples)
• By Drug Type (Alcohol, Cannabis/Marijuana, Opioids, Amphetamine/Methamphetamine, LSD, Others)
• By End Use (Drug Testing Laboratories, Workplaces, Hospitals, Others)
• By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)
• By Company (Danaher Corporation, F. Hoffmann- La Roche Ltd, Quest Diagnostic Inc., Siemens Healthineers AG, Dragerwerk AG & Co. KGaA, LabCorp, Abbott Laboratories, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., Agilent Technologies, Inc.)
Key questions answered in the study:
• What are the current and future trends of the drug testing market industry?
• How the industry has been evolving in terms of user types demand and application areas?
• How the competition has been shaping across the countries followed by their comparative factorial indexing?
• What are the key growth drivers and challenges for the drug testing industry?
• What is the customer orientation, purchase behavior, and expectations from the drug testing firms across various regions?
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Mithun Jangir
Manager - Communication & Marketing
Email: mithunj@marketlookconsulting.com
Phone: +1 347 441 0939
Website: https://www.marketlookconsulting.com/
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About Us
Marketlook Consulting is a world market intelligence and consulting firm that aims to offer business insights and market research reports to large as well as small & medium scale enterprises (SMEs). The company helps its clients to design business strategies and policies and accomplish sustainable growth in their relevant market area.
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