Drug Screening Market worth $10.0 billion by 2025 – India is the fastest-growing segment

Drug Screening Market

PUNE, India, 2021-Aug-10 — /EPR Network/ —

The Key Growth Elements in Detailed?

The Growth in Drug Screening Market is attributed to the rising drug & alcohol consumption, the enforcement of stringent laws mandating drug and alcohol testing, government funding in major markets, and regulatory approvals and product and service launches. On the other hand, bans on alcohol consumption in Islamic countries and the prohibition of drug testing at workplaces in certain regions are some major factors that may hinder the market growth

Worldwide Growth Opportunities in Terms of Revenue:

The Global Drug Screening Market is projected to reach USD 10.0 billion by 2025, from USD 4.5 billion in 2020, at a CAGR of 17.3%.

GROWTH DRIVER: Growing drug and alcohol consumption;

Drug abuse and alcohol consumption are increasing across the globe. According to the World Drug Report 2019, in 2017, about 5.5% of the global population aged 15–64 consumed drugs at least once. In 2017, 35 million people had substance use disorders, a 14.8% increase from 30.5 million in 2016. In the same year, 585,000 people died as a result of drug use. The extent of harm caused by drugs is equal to losing 28 million years of “healthy” life (disability-adjusted life years or DALYs) globally. Alcohol consumption has shown similar increases, with consequences witnessed in the rising incidence of impaired driving. To curb the menace of drug and alcohol abuse, authorities in various countries are focusing on implementing comprehensive drug and alcohol testing measures. Thus, the demand for drug and alcohol testing is expected to increase in the coming years.

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Analytical instruments are expected to dominate the drug screening products market in 2019.

Based on the product, the drug screening market is segmented into analytical instruments, rapid testing devices, and consumables. In 2019, the analytical segment is expected to dominate the market. Growing alcohol consumption and drunken driving cases, stringent government laws mandating drug and alcohol testing, and technological advancements in this market are some of the key factors driving the growth of the analytical instruments market.

Regional Growth, Development and Demand Analysis:

The drug screening market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America was the largest regional segment of the overall market, followed by Europe. The dominance of the North American market is attributed to factors such as rising consumption of illicit drugs, availability of government funding to curb drug abuse, and the presence of laws supporting drug screening, and growing burden of accidents due to unsafe levels of alcohol consumption.

Major Key Players Mentioned in the research report are:

The drug screening market is highly competitive with the presence of several small and big players. Some of the players offering products for market. LabCorp (US), Quest Diagnostics (US), Alere (US), OraSure (US), Alfa Scientific Designs (US), Thermo Fisher Scientific (US), Drägerwerk (Germany), LifeLoc (US), MPD Inc. (US), Omega Laboratories (US), Premier Biotech (US), Psychemedics (US), Roche (Switzerland), Shimadzu (Japan), Siemens Healthineers (Germany), American Bio Medica Corporation (US), Sciteck, Inc. (US), ACM Global Laboratories (US), CareHealth America (US), and Clinical Reference Laboratory (US).

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Recent Developments:

• In 2020, LabCorp Entered into a multi-year agreement with Infirmary Health (US) to offer laboratory testg services in the eastern Gulf Coast.
• In 2020, Psychemedics introduced a vaping panel test that detects the ingestion of marijuana, CBD, and nicotine drugs by all methods, including electronic cigarettes or smoking
• In 2019, Quest Diagnostics acquired some assets of the clinical laboratory services business of Boston Clinical Laboratories. This allowed BCL’s patients and providers to access Quest services.