Specimen Validity Testing Market Report 2024 - Specimen Validity Testing Market Trends And Share

"The Business Research Company recently released a comprehensive report on the Global Specimen Validity Testing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The specimen validity testing market size has grown strongly in recent years. It will grow from $3.37 billion in 2023 to $3.68 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to increasing drug adoption, increased drug screening, stringent regulations, increased alcohol use, and integration of point-of-care testing.

The specimen validity testing market size is expected to see strong growth in the next few years. It will grow to $5.27 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to rising demand for workplace drug testing, growing adoption of oral fluid testing, rise in research and development operations, rising usage of SVTand expanding applications in pain management. Major trends in the forecast period include technological advancements, integration of artificial intelligence for result interpretation, product innovations, increasing partnerships, and the development of portable testing devices for on-the-go monitoring.

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Market Drivers and Trends:
The increased drug abuse is expected to propel the growth of the specimen validity testing market going forward. Drug abuse refers to the customary, excessive, or inappropriate use of legal or illegal substances for non-medical purposes. Drug abuse is increasing due to several interconnected factors, such as the opioid habit, developing mental health issues, barriers to treatment and support resources, and cultural depictions. SVT methods are developed to identify the presence of impurities and compounds by examining several parameters such as pH, specific gravity, creatinine content, and temperature. For instance, in October 2023, according to the Office for Health Improvement and Disparities, a UK-based government department, adult contacts with drug and alcohol programs rose from April 2021 to March 2022, totaling 0.29 million interactions, up from 0.28 million the year prior. Additionally, in May 2022, according to the Centers for Disease Control and Prevention, a US-based government agency, opioid overdose deaths in the USA increased by 15% from 70,029 in 2020 to 80,816 in 2021. Therefore, the increased drug abuse is expected to propel the growth of the specimen validity testing market.

Major companies operating in the specimen validity testing market are developing innovative products such as high-resolution urine drug testing profiles, to sustain their position in the market. A high-resolution urine drug testing profile is a sophisticated testing method with advanced analytical techniques. For instance, in July 2022, Mayo Clinic Laboratories, a US-based medical laboratory, launched a data-driven urine drug testing (UDT) profile to equip physicians with the necessary information for managing patients with addiction to common substances like prescription opioids, alcohol, marijuana, and nicotine. This new addiction medicine monitoring profile (Mayo ID ADMPU) aligns with the American Society of Addiction Medicine's guidelines. It offers enhanced sensitivity and specificity to identify parent drugs and metabolites from various drug classes, including opioids, benzodiazepines, stimulants, and PCP. The profile utilizes high-resolution, accurate mass spectrometry for targeted and immunoassay testing for specific substances, providing comprehensive and clinically relevant information for healthcare providers.

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Major Key Players of the Market:
Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthineers , Medline Industries Inc., Becton, Dickinson and Company, Laboratory Corporation, Quest Diagnostics Incorporated, Alere Inc., Clinical Reference Laboratory Inc., Precision Diagnostics, ACM Global Laboratories, Millennium Health, Omega Laboratories Inc., Dominion Diagnostics, CannAmm, Sciteck Inc., Starplex Scientific Inc., Vision Diagnostics Inc., Premier Biotech Inc., Alfa Scientific Designs, Express Diagnostics, American Bio Medica Corporation, Titan Biotech Ltd., SureHire, Miraclean Technology Co. Ltd

Specimen Validity Testing Market 2024 Key Insights:
• The specimen validity testing market size is expected to see strong growth in the next few years. It will grow to $5.27 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• Impact Of Increased Drug Abuse On The Specimen Validity Testing Market
• Innovative Product Development In The Specimen Validity Testing Market
• North America was the largest region in the specimen validity testing market in 2023

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