CHICAGO, May 16, 2024 /PRNewswire/ -- Drug Screening
Market in terms of revenue was estimated to be worth
$9.1 billion in 2024 and is poised to
reach $19.5 billion by 2029, growing
at a CAGR of 16.6% from 2024 to 2029 according to a new report by
MarketsandMarkets™.
Factors such as mounting drug & alcohol consumption,
enforcement of stringent laws mandating drug and alcohol testing,
increasing government funding in major markets, and rising
regulatory approvals and service and product launches are the some
of the factors driving the growth of this market.
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Browse in-depth TOC on "Drug Screening Market"
740 - Tables
62 - Figures
533 -
Pages
Drug Screening Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$9.1 billion
|
Estimated Value by
2029
|
$19.5
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 16.6%
|
Market Size Available
for
|
2018–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Product & Service,
Sample type, Drug Type, End User, and Region
|
Geographies
Covered
|
North America (US and
Canada), Europe (Germany, UK, France, Italy, Spain and Rest of
Europe), Asia Pacific (Japan, China, India, and RoPAC), Latin
America (Brazil, Mexico, Rest of Latin America) Middle East &
Africa (GCC Countries, Rest of Middle East & Africa)
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Oral Fluid
Testing
|
Key Market
Drivers
|
Growing drug and
alcohol consumption
|
Services segment is expected to grow at the highest CAGR
during the forecast period in 2024.
On the basis of product & service segment, the drug
screening market is bifurcated into services and products. In 2023,
the services segment accounted for the largest share of the drug
screening market. Factors such as rising global drug and alcohol
consumption, funding schemes for drug testing laboratories, and
rising regulatory approvals for drug products & services, and
geographic extensions of drug & alcohol testing
laboratories.
Analytical instruments are projected to dominate the drug
screening products market in 2023, by product.
On the basis of drug screening product, the drug screening
market is bifurcated into analytical instruments, rapid testing
devices, and consumables. The analytical instruments are expected
to dominate the market in 2023. However, the rapid testing
devices segment is expected to register the highest CAGR during the
forecast period, owing to its recurring requirement. Analytical
instruments for drug screening are further categorized into
immunoassay analyzers, chromatography instruments, and
breathalyzers. The breathalyzers segment accounted for largest
share of the drug screening products market, by analytical
instruments.
Urine sample segment is accounted for the largest share of
the drug screening market in 2023, by sample type.
On the basis of sample type, drug screening market
is bifurcated into urine, breath, oral fluid, hair, and other
samples. In 2024, the urine sample segment is expected to account
for the largest share of drug screening market. Urine tests are
widely adopted in drug screening tests due to their accuracy in
detecting multiple drug classes. Urine tests are also
cost-effective and showcase instant results.
By region, North America to
dominate the market for drug screening in 2024
In 2024, North America is
projected to dominate the market followed by Europe. Factors such as the increasing
consumption of illicit drugs, the increasing burden of accidents
due to alcohol impairment, the availability of government funding
to curb drug abuse, laws supporting drug screening, and the
existence of key players in the region are factors driving the
growth of the drug screening market in this region.
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Drug Screening Market Dynamics:
Drivers:
1. Growing drug and alcohol consumption
Restraints:
1. Ban on alcohol consumption in several Islamic
countries
Opportunities:
1. Oral Fluid Testing
Challenge:
1. Accuracy and specificity concerns related to
breathalyzers
Key Market Players of Drug Screening
Industry:
Prominent players offering drug screening products and services
include Labcorp (US), Quest Diagnostics (US), Abbott (US), Thermo
Fisher Scientific Inc. (US), Alfa Scientific Designs, Inc.
(US), OraSure Technologies Inc. (US), Siemens Healthineers AG
(Germany), F. Hoffmann-La Roche
Ltd (Switzerland), MPD
Inc. (US), Shimadzu Corporation (Japan), Lifeloc Technologies, Inc. (US),
Drägerwerk AG & Co. KGaA (Germany), Premier Biotech, Inc. (US), Omega
Laboratories, Inc. (US), Psychemedics Corporation (US), Clinical
Reference Laboratory, Inc. (US), American Bio Medica Corporation
(US), ACM Global Laboratories (US), CareHealth America Corp (US),
Sciteck, Inc. (US), Intoximeters, Inc. (US), AccuSourceHR, Inc.
(US), Cordant Health Solutions (US), Intoxalock (US), Millennium
Health (US).
The primary interviews conducted for this report can be
categorized as follows:
- By Company Type - Tier 1: 57%, Tier 2: 30%, and Tier 3:
13%
- By Designation - C-level: 30%, D-level: 45%, and Others:
25%
- By Region - North America:
40%, Europe: 19%, Asia Pacific: 29%, Latin America: 7% and Middle East and Africa: 5%
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Drug Screening Market - Key Benefits of Buying the
Report:
The report dives into the global drug screening market, aiming
to assess its current size and predict its future growth. It
accomplishes this by segmenting the market based on various factors
including product type, service type, sample collection method, end
user, and geographical location. By understanding these market
segments, the report offers insights into the opportunities
available for businesses in this field. Additionally, it analyzes
the factors that can influence the market's growth, such as
drivers, restraints, and opportunities. It also examines the
competitive landscape, providing details on the major players in
the market. Lastly, the report forecasts revenue for the market
segments across four major regions.
Reasons to Buy the Report:
The report provides insights on the following
pointers:
- Market Penetration: extensive information on drug screening
offered by the top 25 players in the drug screening market. The
report analyses the drug screening market by product and service,
sample type, drug type, end user, and region.
- Analysis of key drivers (increase in drug abuse and alcohol
consumption, enforcement of stringent laws,) restrains (ban on
alcohol consumption on Islamic states), challenges (false positive
and inaccurate results of breathalyzer), opportunities (oral fluid
testing and emerging economies) are contributing the growth of the
drug screening market.
- Market Development: Comprehensive information about economic
emerging markets. The report analyses the markets for various drug
screening across key geographic regions.
- Product Development/Innovation: Detailed insights on upcoming
trends, research & development activities, and new
product/service launches in the drug screening market.
- Market Diversification: Exhaustive information about new
products and services, untapped geographies, recent developments,
and investments in the drug screening market.
- Company profiling: In-depth assessment of company profiling and
their market ranking and strategies of the leading players in the
drug screening market.
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Companies and Drug Screening Market Size
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