(PharmaNewsWire.Com, September 06, 2024 ) Drug Screening Market in terms of revenue was estimated to be worth $9.1 billion in 2024 and is poised to reach $19.5 billion by 2029, growing at a CAGR of 16.6% from 2024 to 2029 according to a new report by MarketsandMarkets™.
Factors such as mounting drug & alcohol consumption, enforcement of stringent laws mandating drug and alcohol testing, increasing government funding in major markets, and rising regulatory approvals and service and product launches are the some of the factors driving the growth of this market.
Services segment is expected to grow at the highest CAGR during the forecast period in 2024.
On the basis of product & service segment, the drug screening market is bifurcated into services and products. In 2023, the services segment accounted for the largest share of the drug screening market. Factors such as rising global drug and alcohol consumption, funding schemes for drug testing laboratories, and rising regulatory approvals for drug products & services, and geographic extensions of drug & alcohol testing laboratories.
Analytical instruments are projected to dominate the drug screening products market in 2023, by product.
On the basis of drug screening product, the drug screening market is bifurcated into analytical instruments, rapid testing devices, and consumables. The analytical instruments are expected to dominate the market in 2023. However, the rapid testing devices segment is expected to register the highest CAGR during the forecast period, owing to its recurring requirement. Analytical instruments for drug screening are further categorized into immunoassay analyzers, chromatography instruments, and breathalyzers. The breathalyzers segment accounted for largest share of the drug screening products market, by analytical instruments.
Urine sample segment is accounted for the largest share of the drug screening market in 2023, by sample type.
On the basis of sample type, drug screening market is bifurcated into urine, breath, oral fluid, hair, and other samples. In 2024, the urine sample segment is expected to account for the largest share of drug screening market. Urine tests are widely adopted in drug screening tests due to their accuracy in detecting multiple drug classes. Urine tests are also cost-effective and showcase instant results.
By region, North America to dominate the market for drug screening in 2024
In 2024, North America is projected to dominate the market followed by Europe. Factors such as the increasing consumption of illicit drugs, the increasing burden of accidents due to alcohol impairment, the availability of government funding to curb drug abuse, laws supporting drug screening, and the existence of key players in the region are factors driving the growth of the drug screening market in this region.
1. Ban on alcohol consumption in several Islamic countries
Opportunities:
1. Oral Fluid Testing
Challenge:
1. Accuracy and specificity concerns related to breathalyzers
Key Market Players of Drug Screening Industry:
Prominent players offering drug screening products and services include Labcorp (US), Quest Diagnostics (US), Abbott (US), Thermo Fisher Scientific Inc. (US), Alfa Scientific Designs, Inc. (US), OraSure Technologies Inc. (US), Siemens Healthineers AG (Germany), F. Hoffmann-La Roche Ltd (Switzerland), MPD Inc. (US), Shimadzu Corporation (Japan), Lifeloc Technologies, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), Premier Biotech, Inc. (US), Omega Laboratories, Inc. (US), Psychemedics Corporation (US), Clinical Reference Laboratory, Inc. (US), American Bio Medica Corporation (US), ACM Global Laboratories (US), CareHealth America Corp (US), Sciteck, Inc. (US), Intoximeters, Inc. (US), AccuSourceHR, Inc. (US), Cordant Health Solutions (US), Intoxalock (US), Millennium Health (US).
Drug Screening Market - Key Benefits of Buying the Report:
The report dives into the global drug screening market, aiming to assess its current size and predict its future growth. It accomplishes this by segmenting the market based on various factors including product type, service type, sample collection method, end user, and geographical location. By understanding these market segments, the report offers insights into the opportunities available for businesses in this field. Additionally, it analyzes the factors that can influence the market's growth, such as drivers, restraints, and opportunities. It also examines the competitive landscape, providing details on the major players in the market. Lastly, the report forecasts revenue for the market segments across four major regions.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
