The Drug Screening Market report published by Stratview Research offers wide-ranging analysis of key growth strategies, drivers, opportunities, key segments, and competitive landscape, etc. This detailed study is a useful source of information for prominent market players, new entrants, investors, and stakeholders to gain a thorough understanding of the market and determine measures to be taken to gain a competitive advantage.
Market Insights
The drug screening market was estimated at USD 5.24 billion in 2021 and is likely to grow at a CAGR of 16.74% during 2022-2028 to reach USD 15.52 billion in 2028.
What is drug screening?
Drug screening is defined as the process of collecting and analyzing blood, hair, urine, or saliva to detect the presence of contaminants and chemicals left in the body as a result of drug consumption. In this process, potential drugs are identified and optimized before selecting a candidate drug for a clinical trial. Drug screening is done in order to determine if a person is or has consumed drugs at a certain point in time.
COVID-19 IMPACT
The covid-19 outbreak affected the growth of the drug screening market for a short period of time due to disruption in business and economic activities across geographies. Postponement of non-essential medical services amid the covid-19 outbreak also affected the growth of the drug screening market. However, with the reopening of the economy, the market is likely to experience growth during the review period.
Market Dynamics
Increasing drug and alcohol testing measures in various countries to curb the menace of drug and alcohol abuse is likely to drive market growth significantly.
- The market growth is primarily driven by an increase in the consumption of drugs and alcohol across the geographies, particularly among the youth and elder population.
- The players operating in the market are emphasizing product innovation to strengthen their market presence and attain a competitive edge over other market players.
Some key takeaways from this report –
The report offers key drivers that trigger the growth in the Drug Screening Market. The insights mentioned in this report helps market players in formulating strategies to gain market presence or to sustain during the hard times. The research also mentions restraints of the market. Critical data on growth opportunities, current and upcoming trends are mentioned to assist market players in taking further steps by determining the potential in untapped regions.
The research offers segment wise analysis of the Drug Screening Market. Extensive analysis of sales, revenue, growth rate, and market share of each for the historic period and the forecast period is offered with the help of tables, graphs, pie charts and more.
The workplace segment accounted for the largest market share in 2021.
Based on end users, the market has been divided into workplaces, criminal justice systems, law enforcement agencies, drug treatment centers, pain management centers, drug testing laboratories, and others. The segment growth can be attributed to a rising safety concern for the staff.
The market in North America accounted for the largest share in 2021 due to the high consumption of drugs and alcohol. Additionally, supporting government measures to curb the use of drugs is likely to add significantly to the market growth. The market in Europe accounted for the second-largest market share in 2021.
Key Players
The following are the key players in the Drug Screening Market-
- Alere Inc. (The U.S),
- Laboratory Corporation of America Holdings (The U.S),
- OraSure Technologies (The U.S),
- Quest Diagnostics (The U.S),
- Thermo Fisher Scientific (The U.S),
- Alfa Scientific Designs, Inc. (The U.S),
- MPD Inc. (The U.S),
- Lifeloc Technologies, Inc. (The U.S),
- Omega Laboratories Inc. (The U.S),
- Sciteck Diagnostics Inc (The U.S),
- ACM GLOBAL LABORATORIES (The U.S), and
- Carehealth America Corporation (The U.S).
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