Drug Testing Market Value to Surpass US$ 15.7 Bn by 2033, as per TMR Report

Posted on 2024-03-13 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-13 — /EPR Network/ — Transparency Market Research Inc. –

In 2022, the global Drug Testing Market recorded sales of US$ 6.3 billion. Forecasts suggest a Compound Annual Growth Rate (CAGR) of 5.3% from 2023 to 2033, leading the market to reach a valuation of US$ 15.7 billion by 2033.

The consumables segment is anticipated to be the primary revenue driver, with a projected growth rate exceeding 6.3% during the period of 2023 to 2033.

The drug testing market encompasses various segments, including service type, sourcing type, application, industry vertical, and region. With a focus on ensuring safety and compliance, drug testing services have become indispensable across numerous sectors.

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What Factors are Propelling Drug Testing Demand?

The demand for drug testing is on the rise due to escalating instances of drug and alcohol abuse, coupled with a growing geriatric population, which is placing strain on the drug testing market. Increased governmental financial support and initiatives for drug testing, along with heightened awareness about drug testing practices in developed nations, are key factors contributing to market expansion. Moreover, the continual surge in drug consumption is expected to sustain market growth.

Nevertheless, certain countries impose restrictions on drug testing, viewing it as a violation of privacy rights. Accuracy concerns with breathalyzers and prohibitions on substance consumption further pose challenges to the market.

Competitive Analysis:

Quest Diagnostics Incorporated, Abbott Laboratories, Quidel Corporation, F. Hoffmann-La Roche, Thermo Fisher Scientific, Inc., Gene By Gene, Ltd., 23andMe, Inc., Color Genomics, Inc., Myriad Genetics, Inc., F. Hoffmann-La Roche AG, Bio-Rad Laboratories, Inc., bioMerieux SA, Quest Diagnostics, Aeromedevac, Air Methods, ALPHASTAR, and Babcock Scandinavian AirAmbulance.

Market Segments:

By Component

Consumables
Instruments
Rapid Testing Devices
Services

By Sample Type

Urine samples
Oral Fluid Samples
Hair Sample
Other Samples

By Drug Type

Alcohol
Cannabis/Marijuana
Cocaine
Opioids
Amphetamine & Methamphetamine
LSD
Other Drug Types

By End Use

Hospitals
Clinics
Other End Uses

Recent developments:

In December 2020, Clinical Reference Laboratory acquired Confirm BioSciences, which is one of the leading providers of comprehensive testing tools and solutions, aiding in the expansion of Confirm’s access to lab testing services and research and development capabilities, which may help CRL due to Confirm’s huge customer base in drug abuse testing.
In April 2020, Cordant Health Solutions started an oral fluid drug testing solution based on telemedicine to assist in offering critical care to individuals recovering from substance use disorder.
In April 2019, Thermo Fisher Scientific launched CEDIA Mitragynine Assay for criminal justice and forensic use.

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Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

Future Outlook:

The drug testing market is poised for continuous expansion, driven by the growing emphasis on workplace safety, advancements in testing technologies, and increasing awareness about substance abuse. Continued research and development efforts are expected to further enhance the efficacy and accuracy of drug testing methods.

Key Market Study Points:

Market size and growth projections
Segmentation analysis based on various parameters
Regional dynamics and market trends
Regulatory landscape and its impact on the market
Competitive landscape and key players’ strategies
Emerging technologies and their potential impact on the market

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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