Rapid testing technique market is anticipated to grow at the fastest rate during 2017-2027
Valley Cottage, NY -- (SBWIRE) -- 11/26/2018 -- Several drugs are easily available over the counter, and a number of people using illicit drugs is very high especially in low income countries. A new research report by Future Market Insights titled 'Drugs of Abuse Testing Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027' provides the complete scenario of the drugs of abuse testing market worldwide. The report depicts the drug abuse market as well as the drug abuse testing market in different regions and the factors impacting market growth. This study further highlights different segments of the market such as the drug class, technique type and end users. According to the research report, the global drugs of abuse testing market is expected to reach a market value of over US$ 2,200 Mn by the end of 2027. The market is expected to grow at a CAGR of 6.1% during the forecast period. Revenue growth of the global market is helped by a rise in the test rates and technological advancements in drug abuse testing. Companies are now focussing on new launches and reducing the costs of drugs of abuse testing drugs in order to gain maximum market share.
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Global Drugs of Abuse Testing Market: Dynamics
The growth of the drugs of abuse testing market is driven by various factors such as a rise in the number of clinical labs and a growing abuse of clinical drugs. Governments throughout the world have also increased expenditure on law enforcement agencies aimed towards drug interdiction through mandatory screening of potential illicit drug abusers. This has helped boost revenue growth of the drugs of abuse testing market.
However, the emerging countries in Asia, Latin America and Africa have lower awareness of drugs of abuse testing and have lesser social support to decrease the consumption of illicit drugs. These regions even face a lack of government initiatives. This may lead to a downfall in the overall drugs of abuse testing market.
Global Drugs of Abuse Testing Market: Segmental Analysis
On the basis of region, Asia Pacific dominates the global drugs of abuse testing market in terms of growth rate with a 7.0% CAGR during the forecast period. However North America holds the maximum market share with an estimated valuation of US$ 620 Mn by the end of 2027.
On the basis of drug type, Sedatives is the fastest growing segment. Hallucinogens are expected to hold the maximum market share during the forecast period.
On the basis of technique type, Immunoassay dominates the market with the maximum market size of over US$ 870 Mn estimated by the end of 2027. The rapid testing segment is expected to grow at the fastest rate.
Based on end users, forensic laboratories are expected to hold the highest market share by the end of 2027, whereas diagnostic laboratories are predicted to witness the highest growth rate of 6.8% during the forecast period.
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Global Drugs of Abuse Testing Market: Competitive Landscape
This comprehensive research report includes detailed profiles of all the major players in the global market. Some of the top companies mentioned in the report include Quest Diagnostics, F.Hoffmann La-Roche Ltd, Siemens Healthineers (Siemens AG), Thermo Fisher Scientific, Inc., Alere, Inc. (Sub. Abbott Laboratories), Shimadzu Corporation, Laboratory Corporation of America Holdings, Drägerwerk AG & Co. KGaA, and Express Diagnostics International Inc.