New York, USA, Dec. 26, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global drug screening laboratory services market. According to the report, the global market is projected to surpass $10,944.1 million and grow with a CAGR of 12.8% in the estimated period, 2021–2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of COVID-19 Pandemic on the Drug Screening Laboratory Services Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global drug screening laboratory services market. During the pandemic, several clinics & nursing centers, hospitals, and medical institutions postponed numerous regular appointments, surgeries, treatments, and others. Moreover, owing to lockdown restrictions, numerous drug screening laboratories either stopped functioning or converted themselves into COVID-19 testing centers. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Drug Screening Laboratory Services Market Growth
The key factor boosting the growth of the global drug screening laboratory services market is a significant rise in the need to adopt a healthy lifestyle and growing awareness about the side effects of drugs and alcohol consumption. Furthermore, the growing developments in drug screening technology and testing techniques are estimated to unlock lucrative opportunities for market growth in the forecast period. However, a significant reduction in drug consumption owing to the rising awareness about its side effects is anticipated to deter the market’s growth.
The report segments the global drug screening laboratory services market into type, sample type, end user, and region.
Workplace Drug Testing Sub-Segment to Grab a Foremost Share of the Market
The workplace drug testing sub-segment of the type segment is foreseen to observe leading growth and garner $8,635.50 million in the forecast period. This growth is mainly owed to the increasing consumption of drugs amongst employees because of the rising workloads, low self-esteem, depression, performance pressure, and others.
Urine Sub-Segment to Observe Significant Growth
The urine sub-segment of the sample type segment is expected to hold a leading share of the market and surpass $8937.4 million in the forecast period. This is primarily due to the growing demand for point-of-care devices and stress-free drug testing.
Government Sub-Segment to Witness Rapid Growth
The government sub-segment of the end user segment is predicted to grow enormously and hit $2,807.50 million in the forecast period. This growth is mainly owed to the growing number of drug addicts in workplaces, owing to which employers are likely to experience production losses, financial losses, and others.
North America Region Market to Perceive Maximum Growth
The report analyzes the global drug screening laboratory services market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe rapid growth in the estimated period. This growth is mostly due to the rising investments by the government in drug testing technologies, and growing alcohol consumption and drug intake among the millennials in this region.
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Key Players of the Global Drug Screening Laboratory Services Market
The report states some of the foremost players operating in the global drug screening laboratory services market including
- Omega Laboratories
- Abbott Laboratories
- Quest Diagnostics
- Clinical Reference Laboratory, Inc
- Cordant Health Solutions
- Acm Global Laboratories, Inc.
- Millennium Health
- Precision Diagnostics
- Laboratory Corporation of America Holdings
- Psychemedics
- others
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in July 2022, the jail authorities of Punjab, India launched a major anti-drug-trafficking and de-addiction drive in jails for carrying out the drug screening of over 8,000 prisoners in over 14 jails and sub-jails. The results of the drug test drive revealed that 42% of prisoners were drug addicts.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Drug Screening Laboratory Services Market:
- What are the Drug Screening Laboratory Services Used to Test for Harmful Substances in the Body?
- Global Drug Screening Laboratory Services Market to Witness Noteworthy Growth due to Increased Consumption of Drugs among Youngsters
