01-Oct-2021 | Zion Market Research
As per the findings made by Zion Market Research, drug testing industry amassed revenue about US$ 8.2 billion in 2020 and is poised to reap revenue of approximately US$ 12.8 billion by 2028. The drug testing market is projected to register highest gains of nearly 5.1% in 2021-2028. In addition to this, launching of new drug tests, implementation of strict rules for regulating use of drugs for medicinal purpose, and need for curbing drug addiction & abuse will culminate into huge growth of drug testing market over years ahead. Reportedly, according to report published by UNODC, in 2019, nearly 35 million persons across the globe suffered from drug utility disorder. Such a massive rate of drug abuse & disorders caused due to excessive drug intake has translated into immense need for drug testing activities for treating as well as managing & preventing these occurrences. Many of players operating in business space are launching new & effective drug testing equipment for fulfilling escalating demand for the same in hospitals & clinics. Citing an instance, in June 2019, fluorescence immunoassay of Quidel Corporation referred as Quidel Triage TOX Drug Screen, 94600 received approval of the U.S. FDA for promotional purpose. Reportedly, this was intended for identifying drugs in urine through urine drug testing. Apart from this, in June 2020, Cordant Health Solutions provided video-observed oral fluid drug testing for government units & law courts and thus helped the latter in identification of persons suffering from drug abuse in times of COVID-19.
Legalization Of Cannabis Use In Various Countries To Drive Market Trends
With massive legalization of cannabis for medicinal use across various countries such as Denmark, Israel, Uruguay, Luxembourg, Mexico, Germany, Canada, Brazil, Argentina, and South Africa, the growth of drug testing market is anticipated to garner huge momentum over years to come. In addition to this, laws were passed in Canadian parliament favoring use of cannabis for medicinal use. Moreover, the U.S. federal court relaxed license restrictions in the U.S. pertaining to use of Cannabis in other states, thereby giving powers to states to enact laws related to regulation & utilization of cannabis. All these strategic moves will espouse growth of drug testing industry in the years to come.
North American Market To Register Astounding Growth By 2028
Growth of regional market over forecast timespan can be due to large-scale drug testing activities carried out in countries such as the U.S. and Canada. In addition to this, supportive compensation policies and acceptance of new drug testing systems in the sub-continent will further contribute towards regional market growth. Apparently, presence of giant firms producing durable and long-lasting drug testing equipment as well as established vendors present in countries such as Canada and the U.S. will account majorly towards regional market share over the coming period.
Key players influencing business sphere and included in report are Thermo Fisher Scientific, Inc., Quest Diagnostics Incorporated, Cordant Health Solutions,Abbott Laboratories, Bio-Rad Laboratories, Inc., Siemens Healthineers, Clinical Reference Laboratory (CRL), Inc., Legacy Medical Services, LLC, Quidel Corporation, Laboratory Corporation of America Holdings, Agilent Technologies, Inc., F. Hoffmann-La Roche, Drägerwerk AG & CO. KgaA, and Omega Laboratories, Inc.
Browse the full “Drug Testing Market - By Product (Consumables And Rapid Testing Devices), By Sample Type (Urine Sample, Oral Fluid Samples, And Hair Samples), By End-Use (Drug Testing Laboratories, Workplace, And Hospitals), And By Region- Global Industry Perspective, Comprehensive Analysis, And Forecast, 2021 – 2028.” Report at https://www.zionmarketresearch.com/report/drug-testing-market
The report segments global drug testing market as follows:
By Sample Type
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