Drug of Abuse Testing Services Revenue through Cannabis/Marijuana Testing to Grow at a CAGR of Nearly 6% during 2023 – 2033, Reveals Persistence Market Research
Market Study on Drug of Abuse Testing Services: Surge in demand for on-the-spot and disposable testing methods for the speedy detection of drug misuse to augment the market growth
New York, Jan. 18, 2023 (GLOBE NEWSWIRE) — Persistence Market Research, a market research and competitive intelligence provider, analyses that market demand for Drug of Abuse Testing Services is expected to witness a steady growth backed by the steady growth in demand of Cannabis/Marijuana that constitutes the largest market of the Drug of Abuse Testing Services industry.
According to the study, the global Drug of Abuse Testing Services Market was valued at US$ 2.9 Bn in 2021, and it is expected to expand at a CAGR of 5.4% over the assessment period of 2022-2032. The Drug of Abuse Testing Services Market to Cross US$ 5.1 Billion by the end of 2033.
The Global Drug of Abuse Testing Services Market is growing rapidly in emerging nations due to the growing demand for drug abuse testing in public and private workplaces, as well as the availability of improved drug abuse testing procedures. Furthermore, growing government initiatives to combat drug misuse, rigorous government restrictions for illegal drug usage, and increased expenditures by market participants to develop sensitive drug testing kits to identify designer drugs are driving market expansion.
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North America holds the largest market share attributed to rising drug addiction cases, particularly in the United States and Canada, as well as government initiatives and financing to combat drug misuse. Furthermore, the adoption of technologically advanced goods, large-scale drug trafficking, and a stringent regulatory framework are driving market revenue growth in North America. Whereas in Asia Pacific the market is growing rapidly due to expanding demand for Drug of Abuse Testing Services as well as increased government attempts to combat substance misuse are fuelling market expansion.
Technological advancements in substance abuse testing services and increasing acceptance of the latest testing devices, especially in developing countries, are fuelling the revenue growth of the global market. Apart from this, favorable drug testing regulatory policies continue to fuel sales growth. Additionally, the rapid shift from lab screening to on-site screening due to instant results and easily portable devices is a key factor expected to increase global market revenue in the years to come. Various law enforcement agencies are slowly introducing point-of-care screening tests for the rapid detection of substance abuse.
The Drug of Abuse Testing Services Market is segmented based on type of test, sample, end user, and geography.
Drug of Abuse Testing Services Market By type of test, the market is segmented into urine, oral fluid, hair, blood, and others. Urine testing segment is expected to dominate the market due to its cost-effectiveness and ease of collection.
Drug of Abuse Testing Services Market By sample, the market is segmented into on-site and laboratory testing. The on-site testing segment is expected to grow at the highest CAGR during the forecast period due to the ease and convenience of on-site testing.
Drug of Abuse Testing Services Market By end user, the market is segmented into workplace drug testing, criminal justice, pain management clinics, and others. The workplace drug testing segment is expected to dominate the market due to the increasing number of companies implementing drug testing policies to ensure a safe and productive work environment.
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Some of the key players in the drug of abuse testing market include Quest Diagnostics, Abbott Laboratories, Cordant Health Solutions, Omega Laboratories, Mayo Clinic Laboratories, Air Methods, ALPHASTAR, Clinical Reference Laboratory, Inc., Laboratory Corporation of America Holdings, Cordant Health Solutions, Legacy Medical Services, LLC, DrugScan, and Psychemedics Corporation.
Some of the recent developments of key Drug of Abuse Testing Services providers are as follows:
In December 2020, Confirm BioSciences, one of the key providers of comprehensive screening tools and solutions, was acquired by Clinical Reference Laboratory, assisting in the expansion of Confirm’s access to lab testing services and research and development capabilities, which can help CRL due to Confirm’s large customer base in drug abuse testing.
In April 2020, Cordant Health Solutions launched a telemedicine-based oral fluid drug testing solution to help people suffering from substance use disorder and receive crucial treatment.
More Valuable Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Drug of Abuse Testing Services market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Drug Type (Alcohol, Cannabis/Marijuana, Cocaine, Opioids, Amphetamine & Methamphetamine, LSD, Other Drug Types) across key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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