Press release
Global Drugs of Abuse Testing Market is Estimated to be Worth US$6.4 bn by the End of 2024
Of these, Alere Inc. held a dominant share in the global market with its wide product portfolio for drugs of abuse testing, observes Transparency Market Research. “Companies are focused on ensuring organic and inorganic growth through acquisitions and development of new products,” states the lead author of this study.
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According to the research report, the global drugs of abuse testing market is estimated to be worth US$6.4 bn by the end of 2024 as compared to US$4.1 bn in 2015. Between the forecast years of 2016 and 2024, the global market is expected to surge at a CAGR of 5.3%.
North America Shows Continued Growth in Global Drugs of Abuse Testing Market
In terms of geography, North America is projected to lead the global market as it estimated to rise at a CAGR of 5.7%. The growth of the North America drugs of abuse testing market will be attributable to the ever-growing demand for testing and screening all across the U.S. High level of awareness and efforts to ensure an efficient and safe working place is expected to keep the demand for these screening across the U.S. steady during the forecast period. Out of the various end users, the diagnostic laboratories are projected to lead with a CAGR of 5.3% between 2016 and 2024.
High Prevalence of Drug Abuse Augurs Well for Overall Market
The unfortunate and illicit consumption of drugs across the world has been the primary growth driver for the global drugs of abuse testing market. Rising incidences of substance abuse and its negative impact on the lives of abusers as well as those around them have forced governments and several non-profit organizations to take a stern stand against these harmful activities. Owing to this very reason, several hospitals, offices, diagnostic laboratories, and forensic laboratories are adopting various ways of testing for drug abuse. On-the-spot testing is also gaining traction in order to ensure random checks to reduce the incidence of mishaps due to abuse.
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Presence of several clinical laboratories across the globe is yet another reason fueling the demand for drugs of abuse testing products. Growing number of hospitals that depend on laboratories are expected to boost the demand for products such as sample collection devices and analyzers. Furthermore, stringent norms at workplaces to ensure employees are not involved in drugs is expected to augment the demand for work place screening in the coming years. The skyrocketing number of deaths due to rising incidence of abuse of prescription drugs is estimated to drive the market as well.
Low Rate of Awareness in Developing Economies to Hamper Market
Though the global market has robust growth drivers, it is being tugged in the opposite direction by the lowering reimbursement rates. Poor reimbursement policies are likely to have a negative impact on the growth of the global drugs of abuse testing market. The market is also being restrained by the low rate of awareness in emerging economies of Asia Pacific, Latin America, and Africa. The high poverty and rampant abuse of drugs in these regions is anticipated to act as an impediment for overall market during the forecast period.
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This review is based on Transparency Market Research’s research report, titled “Drugs of Abuse Testing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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