DRUG TESTING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
The global drug testing market is estimated to be valued at USD 14.32 Bn in 2024 and is expected to reach USD 20.10 Bn 2031, exhibiting a compound annual growth rate (CAGR) of 5% from 2024 to 2031. Factors, such as rising drug and substance abuse worldwide, stringent laws mandating drug and alcohol testing, growth of the biotechnology and pharmaceutical industries, and technological advancements in drug testing products, have been fueling the market expansion. Drug testing has applications across various sectors including workplace, criminal justice, and pain management & drug rehabilitation. Manufacturers are focusing on developing innovative testing devices with higher sensitivity and faster turnaround time. For instance, oral fluid testing provides instant results without requiring specialized collection or laboratory analysis. Overall, the growing need for effective prevention and treatment of drug addiction is expected to drive ongoing demand in the global drug testing industry.
Market Dynamics:
The global drug testing market is primarily driven by rising substance abuse globally. In addition, stringent regulations mandating drug and alcohol testing in workplaces and transport sectors have boosted market growth. For example, in the U.S., the Department of Transportation requires mandatory drug and alcohol testing of safety-sensitive transportation employees. Furthermore, growing awareness about health hazards of drug addiction coupled with the availability of advanced treatment options is propelling the need for frequent drug screening. However, privacy issues related to mandatory drug testing and risks of false positive results with certain tests are limiting the market expansion to some extent. On the positive side, ongoing technological advancements in testing products are creating new opportunities. Companies are focusing on developing innovative solutions with higher accuracy, faster results, and improved user-friendliness.
Key Features of the Study:
- This report provides in-depth analysis of the global drug testing market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global drug testing market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Abbott Laboratories, Thermo Fisher Scientific Inc., Quest Diagnostics, LabCorp, Roche Diagnostics, Bio-Rad Laboratories, Siemens Healthineers, Mayo Clinic Laboratories, Medtox Scientific, Inc., Premier Biotech, Express Diagnostics International, Inc., Omega Laboratories, Psychemedics Corporation, and Zywave Inc.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global drug testing market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global drug testing market
Market Segmentation
Table of Contents
*Browse 32 market data tables and 28 figures on 'Global Drug Testing Market' - Global forecast to 2031
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