New York, USA, Nov. 02, 2021 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global drug screening laboratory market is projected to garner a revenue of $10,944.1 million and rise at a healthy CAGR of 12.8% from 2021-2028.
According to our analysts, the global drug screening laboratory market is expected to witness a striking growth during the forecast period owing to the increasing inclination of people towards drugs. This is mainly because of several emerging health problems such as anxiety, depression, stress, heart problems, and many more. Moreover, the employers of renowned organizations regularly conduct drug screening tests to monitor the health status of their employees which is further predicted to bolster the market during the estimated timeframe. Besides, advances in technology and test methods are anticipated to create ample growth opportunities for the manufacturing industries during the analysis period. However, the rise in health awareness and the ill effects of consuming drugs may hamper the growth of the market over the forecast timeframe.
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The Segments of the Market
The report has been divided the drug screening laboratory market into various segments namely, type, sample type, end-user, and region.
Type: Workplace Drug Testing Sub-Segment to be Most Profitable
The workplace drug testing sub-segment is estimated to generate a revenue of $8,635.50 million over the estimated timeframe. The increased consumption of drugs among employees due to increased workload, performance pressure, depression, and many more are expected to fortify the growth of the market sub-segment during the analysis period.
Sample Type: Urine Sub-Segment to be Most Lucrative
The urine sub-segment is projected to generate a revenue of $8937.4 million during the forecast period. This is mainly because of the increased adoption of point-of-care devices and easy drug testing. Moreover, the easy collection of urine samples to detect a wide range of consumed drugs is further expected to fortify the growth of the drug screening laboratory market sub-segment over the estimated timeframe.
End-User: Government Sub-Segment to Have the Largest Market Share
The government sub-segment is expected to garner a revenue of $2,807.50 million during the analysis period. The strict initiatives by the government to conduct regular drug screening tests at the workplace to monitor the health status of the employees is helping employers to check their financial as well as production losses, which is further expected to amplify the growth of the market sub-segment during the forecast period.
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Region: The North American Region to Have Enormous Growth Opportunities
The North American Region is estimated to garner $4,599.60 million in revenue over the analysis timeframe. This is mainly due to the high government funding for drugs tests and increased consumption of drugs among people of this region. Moreover, the increasing drug screening test at both public, as well as private workplaces, is further predicted to boost the regional growth of the drug screening laboratory market during the forecast period.
Covid-19 Impact on the Market
The rise of the Covid-19 pandemic has caused a negative impact on the market. Due to the rapid spread of coronavirus infections, nursing homes and medical institutions have postponed various surgeries, therapies, and regular check-ups. This caused delayed in drug screening laboratory services. Moreover, because of prolonged lockdowns, companies initiated work from facilities for their employees which restricts the regular conduct of drug screening tests, as before. This adversely impacted the drug screening laboratory market during the pandemic.
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The Key Players of the Market
The major key players of the market include
- Cordant Health Solutions
- Laboratory Corporation of America Holdings
- Acm Global Laboratories
- Clinical Reference Laboratory, Inc
- Omega Laboratories, Inc.
- Quest Diagnostics
- Millennium Health
- Abbott Laboratories
- Psychemedics
- Precision Diagnostics, and many others.
These players are working on the development of various new business strategies and tactics such as product development, merger and acquisition, and partnerships and collaborations to gain leading positions in the global industry.
For instance, in February 2021, Cordant Health Solutions was awarded a contract on behalf of the Indiana Department of Child Services (DSC). Cordant Health Solutions is well-known for delivering innovative tools for monitoring patients' behavioral and chronic pain and for criminal justice programs. It has provided supplements for the shortage of staff due to the pandemic, with this contract. Moreover, it also helped children suffering from substance abuse.
Further, the report also summarizes various vital aspects including product portfolio, SWOT analysis, the financial performance of the key players, and the latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
Related Article Links:
- Global Drug Screening Laboratory Services Market to Witness Noteworthy Growth due to Increased Consumption of Drugs among Youngsters
- What are the Drug Screening Laboratory Services Used to Test for Harmful Substances in the Body?
