Much like customers, partners also require guidance on the key technologies and markets to pursue. Read the Channel Roadmap to build a blueprint for future success.
- 10 January 2020 00:32
Drug of Abuse Testing Market Garner 8.4% of CAGR
The global drug abuse testing market size is expected to reach US$ 11,833 million by 2026, registering a CAGR of 8.4% from 2019 to 2026.
The global drug of abuse testing market is growing at a significant rate due to increased usage of drug of abuse testing at organizational levels and increased production and trade of illicit drugs worldwide. In addition, global increase in road accidents and death rates, increase in the consumption of illegal drugs and technological advancements in drug of abuse testing further drives the market. The increased production and trafficking of illegal drugs is expected to increase the demand for drugs of abuse testing. According to the UN Office on Drugs and Crime (UNODC), area under opium cultivation increased from approximately 209,000 hectare in 2013 to 224,000 hectare in 2014, which is approximately 7% increase. The extent of drug seizure can be used as an indirect measure of increased trade of illicit drugs worldwide. For instance, according to UNODC, since 2002 Afghanistan, Iran and Pakistan have accounted for more than 90% opium seized across the globe, and this pattern also continued in 2013. Similarly, according to UNODC, approximately 40 tons of cocaine was seized in 2013 in Brazil. The increase in production and trade of illicit drugs across the globe leads to increased demand for drug of abuse testing.
Get Free Sample For More Understanding@ https://www.acumenresearchandconsulting.com/request-sample/384
- Stringent regulatory control by various government agencies in the procurement of cannabis will be one of the primary drivers of the drugs of abuse testing market. Prior approval from multiple regulatory organizations is required for procuring cannabis for research purposes.
- Additional approvals from various state government departments, state board of medical examiners, researcher’s home institutions, and research funding institutions are also required for acquiring cannabis for research purposes. Such stringent regulatory measures will boost the demand for drugs of abuse testing for validating the use of cannabis or cannabinoids.
- The growing adoption of automated diagnostic devices in healthcare will be one of the critical drugs of abuse testing market trends. End-users are increasingly adopting fully-automated laboratory solutions for higher efficiency, accuracy, and cost savings.
- Automated diagnostic devices save labor costs, minimize human error, and enhance overall productivity and performance. In drugs of abuse testing, the automated diagnostic device simplifies the workflow process by providing dynamic range selection of various tests, such as lipid panel and biochemistry analysis.
- These factors will boost the adoption of automated diagnostic devices in drugs of abuse testing and consequently fuel the growth of the market at a CAGR of nearly 6% during the forecast period.
The global drug of abuse testing market is segmented on the basis of product type, sample, end-user, and geography. Depending on product type, the market is divided into equipment and consumables. Consumables was the largest segment and accounted for more than 50% share in 2015. It is also expected to be the fastest growing product segment during the forecast period. Equipment segment is further divided into immunoassay analyzer, chromatography instrument, and breath analyzers while consumables segment is further divided into rapid test kit, assay kit & reagents, and others. Based on sample, the market is segmented into urine, saliva, hair, and others. The end-user segments of drug of abuse testing market include hospital, laboratory, workplace, at home, and others. The regional markets analyzed in the report include North America, Europe, Asia-Pacific, and Rest of the World.
The market players profiled in the report include Siemens AG, Danaher Corporation, Shimadzu Corporation, MilliporeSigma, Drägerwerk AG & Co. KGAA, Express Diagnostics Int'l, Inc, Psychemedics Corporation, Waters Corporation, BioMerieux SA, F. Hoffmann-La Roche Ltd, Laboratory Corporation of America Holdings, Quest Diagnostics Inc, Alere Inc, Randox Laboratories Ltd, Bio-Rad Laboratories, Inc., Abbott Laboratories, Sonic Healthcare Ltd, and Thermo Fisher Scientific Inc. among others. Mergers and acquisitions for innovation and new product development and partnership for enhancing product quality are some of the major strategies followed by leading players in this market to sustain market competition.
Frequently Asked Questions:
What will be the market value of drug of abuse testing in the forecast period 2019 to 2026?
What will be the growth rate of drug of abuse testing market during the forecast period 2019 to 2026?
Which region held the maximum share of the drug of abuse testing market?
Which region is projected to grow at a fastest rate during the forecast period?
What is the main driver of drug of abuse testing market?
Which factor curbs the growth of drug of abuse testing market?
Which are the top key players operating in the drug of abuse testing market?
- Market By Product Type
- Immunoassay Analyzers
- Chromatography Instrument
- Breath Analyzer
- Rapid Test Kit
- Assay Kit & Reagents
- Market By Sample
- Market By End-User
- At Home
- Market By Geography
- North America
- Rest of North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Buy This Premium research Report@ https://www.acumenresearchandconsulting.com/buy-now/0/384