Press release
Drugs of Abuse Testing Market: High Prevalence of Drug Abuse Augurs Well for Overall Market
Analysts anticipate that the global market will witness a considerable growth rate in the coming years due to rising prevalence of drug abuse. According to the research report, the global drugs is projected to reach US$6.4 bn by the end of 2024 as against US$4.1 bn in 2015. During the forecast years of 2016 and 2024, the global market is estimated to progress at a CAGR of 5.3%.
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Rise in Drug Abuse Ensures Swift Uptake of Testing Products
The global market for drugs of abuse testing has witnessed a prolific growth over the past few years due to the increasing abuse of illicit drugs and alcohol in various parts of the world. The harmful effects of drug abuse to the society has been the primary growth driver for the increasing uptake of drugs of abuse testing products. The market is also thriving due to emergence of testing laboratories in recent times.
The growing pressure on the corporate world to ensure that the work environment is safe for their employees and devoid of illicit activities, offices across the globe are also conducting workplace screening. Analysts predict the growing number initiatives by governments across the globe along with non-profit organization to reduce the levels of drug abuse will have a positive impact on the overall market.
The global drugs of abuse testing market uses samples such as breath, saliva, sweat, urine, blood, and hair to test for presence of drugs in the human body. Of all these, the urine sample type segment accounted for a lion’s share in the global market of 43.8% in 2015. The saliva sample type segment followed next with a share of 24.2% in the overall market in 2015.
On the basis of testing type the global drugs of abuse market is segmented into criminal justice testing, pain management testing, and work place screening. As of 2015, the criminal justice testing segment held a share of 39.7% in the overall market. Amongst the end users, the forensic laboratories segment held a leading share of 42.5% in the global drugs of abuse testing market in 2015.
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Stringent Government Norms across North America Boost Regional Market
In terms of geography, the global market is divided into Asia Pacific, Latin America, the Middle East and Africa, Europe, and North America. Of these North America held a mammoth share in the global market. The regional market accounted for 49.3% of the overall market due to stringent rules pertaining to the use of illicit drugs. Europe is also anticipated to show a steady growth rate in the overall market due to high incidence of abuse of prescription drugs.
The research report profiles some of the leading companies operating in the global drugs of abuse testing market and provides a thorough explanation of their financial outlook, research and development activities, and business and marketing strategies. The key players identified in the global market are Laboratory Corporation of America Holdings, Alere Inc., Roche Diagnostics, Thermo Fisher Scientific Inc., Siemens Healthcare, Drägerwerk AG & Co. KGaA, Shimadzu Corporation, and Express Diagnostics International Inc.
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