NEWARK, Del, June 14, 2023 (GLOBE NEWSWIRE) -- The Drug of Abuse Testing Market is estimated to secure a valuation of US$ 1.65 billion in 2023 and is predicted to reach US$ 2.69 billion by 2033. The market is estimated to register a CAGR of 5.3% during the forecast period.
Factors contributing to the global market growth are:
- Increase Substance Abuse: The demand for Drug Abuse Testing for prescription and illicit drugs drives the global market. It is significantly used in various settings for drug detection, including schools, workplaces, and rehabilitation centers.
- Workplace Safety: Employers across several industries prefer drug testing programs to enhance workplace safety. This testing helps to identify employees under drug influence, which helps to reduce the risk of injuries and accidents.
- Sports and Athletics: Drug testing play a key role in maintaining fair competition in sports activities. The government and sports organizations initiate anti-doping, which increases the demand for Drug Abuse Testing to enhance players' performance.
- Advanced Technologies: The rising advanced technologies to develop efficient, accurate, and sensitive drug testing methods fuel the global market. The growing innovations of point-of-care testing, immunoassays, and chromatography techniques drive the global market.
- Growing Awareness: The rising awareness of the side effects of drugs and prevention are increasing the adoption of Drug Abuse Testing. Government bodies, healthcare, and NGOs are initiative education campaigns that contribute to expanding the global market.
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Top Highlights by FMI’s Analysis:
- The Drug Abuse Testing market is estimated to secure a valuation of US$ 2.69 billion in 2033 with a CAGR of 5.3% during the forecast period.
- In the historical period, the market secured a valuation of US$ 1.5 billion in 2022.
- The United States dominates the global market by capturing a maximum share of 25.5% during the forecast period.
- Germany is significantly driving the global market by registering a share of 4% by 2033.
- With a share of 3.3%, Japan is securing a significant share in the global market during the forecast period.
How are Key Players Adding Value in the Global Market?
Several prominent players consolidate the market presence globally. These players are developing innovative products by adopting advanced technologies. They offer improved and high-quality products to their consumers as per their needs.
Key players are adopting various marketing methodologies to elevate the global market. These marketing methodologies are partnerships, mergers, acquisitions, collaborations, product launches, and agreements. The key players are conveniently provided delivery of their products and services through their distribution networks.
They are marketing and promoting their products in social media, online retailers, and offline platforms to increase their sales volume. These players are significantly expanding the market by providing awareness and educating their customers at trade shows, exhibitions, and seminars.
Major Players are:
- Quest Diagnostics
- Roche Holding AG
- Thermo Fisher Scientific, Inc.
- Siemens AG (Siemens Healthineers)
- Abbott Laboratories (Alere, Inc.)
- Shimadzu Corporation
- Express Diagnostics International Inc.
- Drägerwerk AG & Co. KGaA
- Laboratory Corporation of America Holdings
Key Developments in this Market:
Abbott Laboratories offers a variety of Drug Abuse Testing, such as laboratory testing solutions, immunoassays, and point-of-care testing. The company invests in research and development activities to expand its business portfolio.
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Key Segmentation:
By Drug Type:
- Psychostimulants
- Narcotic
- Cannabinoids
- Sedatives
- Others
By Technique:
- Immunoassay
- Chromatography
- Rapid Testing
By End User:
- Hospitals
- Diagnostics Laboratories
- Forensic Laboratories
- Others
Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Drug Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Drug Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Drug Type, 2023 to 2033
5.3.1. Psychostimulants
5.3.2. Narcotic
5.3.3. Cannabinoids
5.3.4. Sedatives
5.3.5. Others
5.4. Y-o-Y Growth Trend Analysis By Drug Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Drug Type, 2023 to 2033
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