Drug Abuse Testing Market Report include on Theinsightpartners.com with Extensive Study. The report aims to provide an overview of Drug Abuse Testing Market Report. Detail analysis on possible segments and sub segments of the market. – Forecast till 2027
The players in the market are adopting various inorganic and organic developments for individual growth, and thus, the growth of the market is highly dependent on them. The vital players in the drug abuse testing market focus on various growth strategies to strengthen their presence and accordingly hold major market share across the global market. Some of the notable players in the global drug abuse testing market include, Redwood Toxicology Laboratory (Abbott), F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, Inc., OraSure Technologies, Inc., UCP Biosciences, MEDACX Ltd., Beckman Coulter, Inc. (Danaher), Alcolizer Pty Ltd., Wondfo, DRÄGERWERK AG & CO. KGAA, American Screening Corporation, Inc, Mercedes Medical, Alfa Scientific Designs, Inc., Express Diagnostics Int’l, Inc., Omega Laboratories, Inc. and Laboratorio Sodré.
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The major market players within recent years have been observed to invest a substantial amount towards the development of new products. This implies a bright picture of the type of strategies majorly incorporated by the market players to retain their positions as well as to generate increased growth revenue in the drug abuse testing market. The global leaders in the market have been majorly adopting strategies such as mergers & acquisitions and agreements as key strategies to improve its product offerings in order to build up customer-centric benefits to its end users and enhance its geographic diversification.
In order to strengthen their customer base, global leaders have adopted strategies such as mergers & acquisitions and agreements with other companies operating in the market. For instance, in October, 2017, Abbott announced that in a filing with the US Securities And Exchange Commission, it has completed its acquisition of Alere, concluding a deal first announced in February 2016. Redwood Toxicology Laboratory, which was initially a part of Alere was also acquired by Abbott as a part of this strategic acquisition.
Apart from inorganic growth strategies, the companies have also adopted organic growth strategies such as, product launch & development and expansion during recent years. For instance, Beckman Coulter Diagnostics announced the addition of 6-Acetylmorphine (6-AM) and Buprenorphine (BUP) assays to its broad menu of drugs-of-abuse tests that meet the demands of onsite testing laboratories.
Global Analysis and Forecasts by Product, Sample Type and End User.’ The global drug abuse testing market is expected to reach US$ 9,393.17 Mn in 2027 from US$ 5,783.71 Mn in 2018. The market is estimated to grow with a CAGR of 5.7% from 2019-2027. The report highlights the trends prevalent in the global drug abuse testing market and the factors driving the market along with those that act as deterrents to its growth.
Global drug abuse testing market, based on the end user, was segmented as, hospitals, diagnostic laboratories and forensic laboratories. In 2018, hospitals held the largest share of the market, by end user. In addition, the segment is also anticipated to grow at a significant rate during the forecast period. The advanced healthcare facilities in hospital settings and continuous availability of services for acute and complex conditions factors are anticipated to lead to the growth of the segment during the forecast period.
The market for drug abuse testing is expected to grow, owing to factors such as increasing consumption of illicit drugs and laws and regulations related to drug abuse. In addition, growing adoption of LIMS in cannabis testing laboratories is likely to have a positive impact on the growth of the market in the coming years.
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- South and Central America
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This post was originally published on The Picayune Current