LONDON, July 13, 2015 /PRNewswire/ -- The drug and alcohol testing market size, in terms of value, is expected to reach $6.3 billion by 2019 from $4 billion in 2014, at a CAGR of 9.5%. The market is categorized on the basis of products and services, sample types, end users, and regions. End users include workplaces and schools, law enforcement agencies and criminal justice systems, hospitals, pain management centers, drug treatment centers, and drug testing laboratories. The criminal justice and law enforcement segment is expected to grow at the highest CAGR in the coming five years. This segment's growth will be driven by the rise in roadside accidents due to DUI, government initiatives to curb DUI cases, and government support for the criminal justice system in the form of funding.
The major factors contributing to growth of the global drug and alcohol testing market include growing world population and aging population (that leads to an increase in the use of alcohol and prescription and illicit drugs), funding by U.S. federal governments for drug testing, and growing awareness on drug testing in developing nations.
Furthermore, the enactment of stringent laws by various countries is a major factor driving market growth. For instance, effective from January 2014, the Brazilian federal government has made it compulsory for all professional drivers to pass a hair drug test while applying for or renewing their licenses. Such initiatives would encourage the growth of drug testing market in this region. The rising vehicle base in China and India (increased probability of road accidents due to DUI), growing number of drug addicts, the development of advanced drug and alcohol screening devices, and rising awareness regarding the importance of drug and alcohol testing have opened an array of opportunities for the drug and alcohol testing market. However, the ban on alcohol consumption in several Muslim-majority countries is one of the factors restraining the growth of this market. Furthermore, in Canada and various European countries, employees have privacy rights and drug testing is considered a violation of those rights. This may inhibit the growth of this market in such countries.
Apart from comprehensive geographic and product analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by industry players over the last three years. In addition, the company profiles comprise basic views on key players in the drug and alcohol testing market and product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The abovementioned market research data, current market size, and forecast of future trends will help key players and new entrants to make the necessary decisions regarding product offerings, geographical focus, change in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms to garner a greater market share. Firms purchasing the report can use one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the drug and alcohol testing market. The report analyzes this market by products and services, sample types, end users, and regions
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the drug and alcohol testing market
- Competitive Assessment: In-depth assessment of market strategies, geographical and business segments, and product portfolios of leading players in the drug and alcohol testing market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for various drug and alcohol testing products across regions
- Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the drug and alcohol testing market
Download the full report: https://www.reportbuyer.com/product/2838358/
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers