A recent study on drug of abuse testing market by Future Market Insight (FMI) provides insights into micro and macroeconomic factors, impacting key developments in the market. It analyzes prevailing trends and forecasts sales projection across various segments in terms drug types, technique, and end user for the coming decade.
DUBAI, U.A.E., Nov. 18, 2021 /PRNewswire/ -- As per a detailed study by FMI, the global Drug of Abuse Testing Market size is estimated to total US$ 1.5 Bn in 2021. Introduction of analyzers for multi-drug detection at a single run and implementation of employment medical screening practices are projected to favor the demand in the market. On account of this, the drug of abuse testing market is anticipated to expand at a CAGR of 5% over the forecast period 2021-2031.
Growing consumption of alcohol and illicit drugs has led to a significant rise in prevalence of substance use disorders across the world. According to the United Nations Office on Drugs and Crime (UNODC), nearly 35 million people are suffering from substance use disorders (SUDs), globally, in 2021. The increasing burden of SUDs is underpinning the importance of adequate testing and abuse detection, which is in turn, propelling the demand for drug of abuse testing systems.
Governments across several countries are adopting various initiatives to monitor and combat substance abuse. For instance, the U.S. Government announced allocating US$ 10 Bn to the Department of Health and Human Services (HHS) to expand access to drug abuse prevention, treatment and recovery services. Through this, they intended to combat the opioid epidemic. Such initiatives are estimated to spur the sales of drug of abuse testing systems by 6.40% year-over-year between 2020 and 2021.
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On the basis of end user, forensic laboratories are anticipated to emerge as the dominant segment in the market. Surging demand for accurate testing of individuals consuming illegal substances and illicit drugs is a chief factor driving the growth in the market.
"Launch of novel technologies to detect the use of drugs in real-time and increasing adoption of these systems for on-ground epidemiologic investigations across high-priority areas of concern are expected to fuel demand for drug of abuse testing tools," says a FMI analyst.
Key Takeaways from Drug of Abuse Testing Market Study
- The U.S. is anticipated to account for the largest share in the North America market backed by government initiatives undertaken to control drug abuse.
- China is projected to dominate the market in East Asia, favored by a large presence of key market players and easy availability of raw materials for manufacturing detection devices.
- India is estimated to register a swift growth in the South Asia market, due to the rising burden of opioid dependence among the population in the country.
- Japan is expected to emerge as a highly remunerative market, contributing nearly 7% of the total drug of abuse testing sales through 2031.
- As per the technique, the immunoassays segment is forecast to register the fastest growth in the market, favored by the rising adoption of disposable blood testing devices.
- Introduction of new testing devices with integrated drug warning technologies capable of monitoring drug overdose in real-time is expected to propel the demand for drug of abuse testing systems.
- Implementation of regulations for annual surveys of substance and drug use in workplaces, households, and schools across the U.S., the U.K., Japan, and others is spurring the sales of drug of abuse testing systems.
- Lack of awareness among common men and consideration of drug testing as a violation of privacy rights in certain countries are primary factors restricting the growth of the market.
- High cost and time required for chromatography testing compared to other techniques are hampering the sales of drug of abuse testing across the segment.
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As per FMI, leading players in the global drug of abuse testing market are estimated to account for nearly 50% to 55% of the overall revenue share during the assessment period.
Companies operating in the market are focusing on research and development (R&D) to launch novel testing systems that are more effective and accurate. Besides this, some of the players are aiming at acquisitions, partnerships, mergers, strategic collaborations to optimize their distribution channels and expand their global footprint. For instance:
- In August 2019, Intoximeters announced entering into a partnership with an American multinational medical devices manufacturer, allowing Intoximeters to market Abbott's SoToxaTM Mobile Test System. This system is a handheld rapid detection solution for oral fluid testing for roadsides.
- In May 2018, Phenomenex Inc. announced launching its new product Strata-X-Drug B Plus, a product for sample preparation of Solid Phase Extraction (SPE) which can be used for urine testing in clinical and forensic laboratories for drug abuse detection.
Some of the key players operating in the market profiled by FMI are:
- Quest Diagnostics
- Roche Holding AG
- Thermo Fisher Scientific, Inc.
- Siemens AG (Siemens Healthineers)
- Abbott Laboratories (Alere, Inc.)
- Shimadzu Corporation
- Express Diagnostics International Inc.
- Drägerwerk AG & Co. KGaA
- Laboratory Corporation of America Holdings.
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More Valuable Insights on Drug of Abuse Testing Market
The latest report by FMI provides a detailed analysis of the global drug of abuse testing market. It also offers credible insights into key factor driving the market through 2021 and beyond. The study discloses growth projections on drsug of abuse testing market with detailed segmentation:
By Drug Type:
- Rapid Testing
By End User:
- Diagnostics Laboratories
- Forensic Laboratories
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa
Key Questions Covered in the Report
- The report offers insight into drug of abuse testing market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for drug of abuse testing market between 2021 and 2031
- Drug of abuse testing market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Drug of abuse testing market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE Future Market Insights