New York, USA, June 28, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global drug screening laboratory services market is projected to register a revenue of $10,944.1 million at a CAGR of 12.8% during the forecast period (2021-2028), increasing from $4,584.9 million in 2020. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Anxiety, depression, and age-related difficulties among the young adult generation resulted in the harmful drug usage. Random drug tests are performed by most of the organizations. Players participating in national and international level sports events are gets tested for drug uses. These are the factors behind the growth of the market during the forecast period.
Restraint: People in some countries has become aware about the debilitating effect of drug usage and started to follow a very simple and zen lifestyle. This is one factor restricting the growth of the market.
Opportunities: Constant advancements and innovations in the drug testing and screening methods are expected to bring many opportunities for the market during the forecast period.
Key Segments of the Market
The report has been divided the market into different segments based on type, sample type, end-users, and regional outlook.
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Type: Workplace Drug Testing Sub-Segment Expected to be the Most Lucrative
The workplace drug testing sub-segment is forecasted to generate the highest revenue of $8,635.50 million during the analysis period. The main factor behind this growth is the consumption of drugs by the young-adult and even adult employees. High work load, gas lighting, low self-esteem, manipulative boss, depression are the main reasons for such substance usage in the workplace. This is the main reason behind the growth of the market segment.
Sample Type: Urine Sub-Segment Predicted to be the Most Profitable
The urine sub-segment is predicted to earn the highest revenue of $8937.4 million by the end of 2028, increasing from $3,647.40 million in 2020. The application of point-of-care devices and easy process of drug testing by examining urine sample is the main factor boosting the growth of the market segment.
End-Use: Government Sub-Segment Expected to be the Most Beneficial
The government sub-segment is predicted to account for $2,807.50 million by the end of 2028, surging from $1,125.60 million in 2020. Governments in most of the developed and developing nations have implemented strict regulations related to drug testing to curtail the substance use in any private or public institute in the concerned country. This is the main reason behind the growth of the market segment.
Regional Outlook: North America Expected to Lead the Market
North America regional market is predicted to garner a revenue of $4,599.60 million during the forecast period. Consumption of drug is comparatively high in the regional countries because of disposable income and other psychological reasons. Apart from this, governments of these countries have allotted a huge portion of money to elevate the drug testing services. These are the factors behind the growth of the market.
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Key Market Players
The leading players of the drug screening laboratory services market include
- Omega Laboratories, Inc.
- Abbott Laboratories
- Quest Diagnostics
- Clinical Reference Laboratory, Inc
- Laboratory Corporation of America Holdings
- Cordant Health Solutions
- Acm Global Laboratories
- Millennium Health
- Precision Diagnostics
- Psychemedics.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In June 2021, Quest Diagnostics, a US-based clinical laboratory, announced about its acquisition of Mercy, the outreach laboratory services business. This acquisition is expected to broaden the company’s access to innovative, quality and cost-effective laboratory services so that they can deliver patient care at a reasonable cost throughout the Midwest.
Covid-19 Impact Analysis
The drug screening laboratory services market has witnessed a downfall during the Covid-19 pandemic. This is because of the prominence of providing treatment to the Covid-19 patients by the hospitals and clinics. Most of the laboratories were either busy in experimenting and assessing the symptoms of Covid-19 patients, or they were converted to temporary Covid-care centers. Moreover, because of the lockdown and restriction in movement, drug intake proportion has also been decreased during the pandemic. These are the factors leading to the downfall of the market in the pandemic period.
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
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