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Drug Screening Advances: Enhancing Workplace Safety
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According to The Business Research Company's, The drug screening market size has grown rapidly in recent years. It will grow from $7.65 billion in 2023 to $8.79 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth in the historic period can be attributed to pharmaceutical drug testing, healthcare and clinical diagnostics, substance abuse treatment, research and development investments, and increasing use of drug testing kits and devices.
The drug screening market size is expected to see rapid growth in the next few years. It will grow to $15.04 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to legalization of and opioid crisis, increasing sports events, point-of-care and rapid testing, evolving drug policies and regulations, growing workplace wellness and health programs, and international market expansion
. Major trends in the forecast period include advanced drug detection technologies, telemedicine and remote testing, research and development investments, innovative drug testing kits and devices, and technological advancements in testing
.
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Market Drivers and Trends:
Growing drug and alcohol consumption is expected to propel the growth of the drug screening market going forward. Drug addiction is a disease that affects a person's brain and behavior, resulting in the inability to control the use of a legal or illegal drug or medication. Substances such as alcohol, marijuana, and nicotine also are considered drugs. As drug and alcohol addiction increases, the chances of disease are higher which triggers the need for drug screening. For instance, in 2022, drug and alcohol consumption continued to be a significant concern worldwide. According to the National Survey on Drug Use and Health (NSDUH), 13.5% of Americans aged 12 and over used drugs in the last month, marking a 3.8% increase year-over-year. Moreover, the report also states that 59.277 million or 21.4% of people aged 12 and over have used illegal drugs or misused prescription drugs within the last year. The pandemic effects also ramp up drug risks, as intake by youth had increased by as much as four times in parts of the world. Therefore, growing drug and alcohol consumption is driving the growth of the drug screening market during forecast period.
The launch of innovative products is a key trend gaining popularity in the drug screening market. Major companies operating in the drug screening market are focusing on developing and launching innovative products to meet fast-growing industry demand and strengthen their market position. Additionally, due to COVID, there was a sudden change in the drug screening approach, which changed the screening methodologies and pushed innovation and new product development by companies. Companies are striving to develop new products such as a new drug test that is more effective and can be widely used by laboratories. For instance, in September 2022, Sysmex Corporation, a Japan-based healthcare company, launched the UF-1500 Fully Automated Urine Particle Testing Analyzer, a new product for use in urine sediment testing and screening. The UF-1500 inherits the high levels of functionality and usability of the UF-5000 Fully Automated Urine Particle Analyzer, Sysmex's flagship model in urine sediment testing, while achieving a downsizing of the former model.
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Major Key Players of the Market:
Laboratory Corporation, Quest Diagnostics Incorporated, Alere Inc., OraSure Technologies Inc., Alfa Scientific Designs Inc., Abbott Laboratories, Thermo Fisher Scientific Inc., Drägerwerk AG & Co. KGaA, LifeLoc Technologies Inc., MPD Inc., Omega Laboratories Inc., Premier Biotech Inc., Psychemedics Corporation, F. Hoffmann-La Roche Ltd., Shimadzu Corporation, Siemens Healthineers AG, Medtox Scientific Inc., American Screening Corporation, Clinical Reference Laboratory Inc., Express Diagnostics International Inc., Global Drug Testing Services, Kroll Laboratory Specialists Inc., LabOne Inc., Medscreen Laboratories, National Screening Centers Inc., American Bio Medica Corporation, Mayo Clinic Laboratories, ACM Global Laboratories, Intertek Group plc, Eurofins Scientific SE
Drug Screening Market 2024 Key Insights:
• The drug screening market size is expected to see rapid growth in the next few years. It will grow to $15.04 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%.
• Increasing Drug And Alcohol Usage
• Introduction Of Innovative Products
• North America was the largest region in the drug screening market in 2023
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