Portland, OR -- (SBWIRE) -- 01/26/2018 -- The global drug screening market was valued at $5,214 million in 2016, and is projected to reach $9,447 million by 2023, growing at a CAGR of 8.7% from 2017 to 2023. North America held the largest market share with more than fifty percent share in 2016.
Drug screening is carried out to detect the presence of any illegal drug in the different biological samples such as blood or urine. Biological samples derived from the subject are tested under drug screening devices to diagnose the nature and amount of drug in the system. Drug screening manufacturers provide a wide range of high-tech equipment which is used by organizations and law enforcement agencies to check the presence of any illegal drug in the body. Drug screening devices have helped government officials, employers and schools to maintain a drug free and healthy environment for individuals.
Get the PDF Brochure of this Industry Insight: https://www.alliedmarketresearch.com/request-sample/1070
Major factors driving the drug screening market are increase in drug consumption among youth, upsurge in consumption of alcohol and misuse of prescribed or illicit drugs by individuals. In addition, rise in awareness among the population in developing countries regarding adverse effects of drugs will help to boost the market growth. Further, governments of many developed and developing nations are raising funds to deal with increasing drug abuse and illegal drug trafficking, which will help to fuel the market growth.
In the sample type segment urine sample is currently holding maximum amount of market share at six-sevenths of the total market with a CAGR of 8.6% from 2017-2023. Hair sample is expected to grow at the highest CAGR of 12.6% from 2017-2023.
Key Findings of the Drug Screening Market:
-Under products & services equipment segment the rapid testing devices segment is projected to grow at the highest CAGR of 9.6% from 2017-2023 over the forecast period.
-Hair sample segment is poised to witness the fastest growth during the forecast period.
-Workplace and schools generated the highest revenue in 2016, and is expected to continue its dominance over the forecast period.
-North America dominated the global drug screening market over the analysis period, and is projected to grow at a CAGR of 8.1% from 2017-2023.
-Asia-Pacific drug screening market is an upcoming market and expected to generate new opportunities for market players.
To Make a Purchase of this report, Click Here