NEW YORK, Nov. 14, 2017 (GLOBE NEWSWIRE) — The global drug of abuse testing market is expected to witness a CAGR of 8.8%, and is projected to reach USD 8,895.3 million by 2023. The drug of abuse testing market is mainly driven by strict government norms against illicit drug intake due to rising instances of drug abuse globally. Moreover, variety of employment-related drug and alcohol tests used by employers, to make workplace safer and more productive is also a key component of market growth. In addition, technological advances in testing equipments, which can now quickly and more accurately, detect a range of drugs, are also boosting the growth in the global drug of abuse testing market.
The report segments drug of abuse testing market by Product Type [Equipment (Immunoassay Analysers, Chromatography Instruments, Breath Analysers), Consumables (Assay kits, Rapid Test Kits, Others)], Sample Type [Urine, Saliva, Hair, Breath, Blood], Application [Pain management, Criminal Justice, Workplace Screening], End Users [Hospitals, Laboratory, Workplace, At Home], and Region [North America, Europe, Asia-Pacific, Rest of the World (RoW)]. The report studies the global drug of abuse testing market over the forecast period (2017-2023).
Browse full research report with TOC on “Global Drug of Abuse Testing Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2023” at:” http://energiasmarketresearch.com/global-drug-abuse-testing-market-outlook/”
Key Findings of the Global Drug of Abuse Testing Market
- The global drug of abuse testing market is expected to increase from USD 4,924.5 million in 2016, to USD 8,895.3 million by 2023
- The consumable product segment holds the largest share of the drug of abuse testing market and is expected to grow at the highest CAGR during 2017-2023
- The urine sample segment is expected to show highest CAGR during the forecast period
- North America holds the largest share with 46% of the global drug of abuse testing market
- Some of the key companies operating in the global drug of abuse testing market include Alere, Inc, Abbott Laboratories, Roche Diagnostics, Quest Diagnostics, Thermo Fisher Scientific, Inc., Biomedical Diagnostics, Randox Laboratories Ltd, BioMerieux, Bio-Rad, Beckman Coulter, among others
Drug of Abuse Testing Market – increase in drug abuse globally propelling the market growth
The use of illicit drugs is increasing across the globe. According to the UN Office on Drugs and Crime (UNDOC) World Drug Report 2017, an estimated quarter billion people, or around 5 percent of global adult population used drugs at least once in 2015, about 29.5 million of those drug users suffer from drug use disorders. Moreover, impact of drug abuse can be seen in related cases of HIV, hepatitis and tuberculosis. In addition, there is an increase in road accidents and death rates due to drugs consumption. These factors have led to stringent government norms against drug abuse which has fuelled the drug abuse testing market. Drug of abuse testing could help in discouraging the use of illicit drugs and prevent drug abuse.
North America holds the largest share with 46% of the global drug of abuse testing market and is expected to dominate the global market in terms of revenue during the forecast period. Factors driving growth in this region are; stringent government norms and high incidence of abuse of prescription drugs. Europe holds the second largest share of the market and is expected to grow at a significant rate during 2017-2023. Asia-Pacific is projected to grow at the highest CAGR during the forecast period due to increasing drug addiction in the region.
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