Specimen Validity Testing Market Worth US $1.49 Billion by 2023
The market is expected to reach the US $1.49 Billion by 2023 from the US $1.10 Billion in 2018, at a CAGR of 6.3%.
Northbrook, IL -- (SBWire) -- 08/16/2018 --According to a new market research report "Specimen Validity Testing Market by Product (Reagent, Controls, Assay Kits, Disposables), Type (Laboratory, POC Testing), End User (Workplace, Drug Screening, Pain Management, Drug Rehabilitation Centers) - Global Forecast to 2023", published by MarketsandMarkets™.
Growth in the drug & alcohol treatment and increase in workplace drug testing are the factors driving the growth of the Specimen Validity Testing Market.
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Reagents, calibrators, and controls are expected to dominate the specimen validity testing products market in 2018.
Based on the product, the Specimen Validity Testing Market is segmented into reagents, calibrators, and controls; assay kits; and disposables. In 2018, the reagents, calibrators, and controls segment is expected to dominate the market. The growth of this product segment is primarily attributed to the repeated purchase of these products.
Based type, the rapid/POC testing segment is projected to grow at the highest CAGR during the forecast period.
Based on the type, the Specimen Validity Testing Market is segmented into laboratory testing and rapid/POC testing. In 2018, the laboratory testing segment is expected to account for the largest share of the market. However, the rapid/POC testing segment is expected to register the highest CAGR during the forecast period. The high growth can be attributed to the instant results, detection of multiple drugs at once, and recurrent & repetitive usage of rapid/POC drug testing products.
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North America to dominate the Specimen Validity Testing Market in 2018
In 2018, North America is expected to dominate the market followed by Europe. The large share of this region is attributed to factors such as growing consumption of illicit drugs, the presence of stringent laws mandating drug screening, availability of government funding (to help curb drug abuse), and the presence of key players in the region.
While the Specimen Validity Testing Market represents significant growth opportunities, market growth may be hindered due to the emergence of alternative drug screening tests. The Specimen Validity Testing Market is marked by the presence of several big and small players. Prominent players offering specimen validity testing products include Thermo Fisher Scientific (US), Sciteck, Inc. (US), American Bio Medica Corporation (ABMC), Alere [now a part of Abbott (US)], Express Diagnostics Int'l, Inc. (US), and Premier Biotech, Inc. (US). While, Laboratory Corporation of America Holdings (LabCorp) (US), Quest Diagnostics (US), Alere Toxicology (Alere) (US), ACM Global Laboratories (US), Clinical Reference Laboratory (CRL) (US), SureHire (Canada), and CannAmm (Canada) are some of the leading service providers.
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