Drug Screening Laboratory Services Market Registering a CAGR of 9.4% from 2020 to 2027


Posted May 24, 2022 by SanyuktaK_2022

The growth of the global drug screening laboratory services market is majorly driven by surge in awareness against drug abuse and stringent government regulations regarding drug abuse.
 
Drug screening is a technique used to determine an individual’s scope and degree of drug abuse/alcohol consumption. The tests normally screen for drugs such as marijuana, cocaine, amphetamines, benzodiazepines, PCP, and opioids (narcotics). The drug screening technique is applied in hospitals, pain management centers, drug testing centers, workplaces, and enforcement agencies.

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According to a new report published by Allied Market Research, titled, “drug screening laboratory services market by services type, sample type, and end user: Opportunity Analysis and Industry Forecast, 2019-2027,” The global drug screening laboratory services market size was valued at $6,720.4 million in 2019, and is projected to reach $7,050.9 million by 2027, registering a CAGR of 9.4% from 2020 to 2027.

The drug screening laboratory services market is expected to experience significant growth during the forecast period, owing to increase in alcohol consumption and use of illicit/prescribed drugs by ageing population, over use of prescribed drugs, enforcement of stringent laws mandating drug & alcohol testing, and increase in adoption of new methods & devices for drug screening. In addition, rise in regulatory approvals, product launches & services, and presence of government funding in major markets are expected to further drive growth of the global drug screening laboratory services market. However, possible manipulation of drug screening tests, and poor demand in under developed countries are expected to hinder growth of the market.

COVID-19 Impact Analysis:
As per the industry experts, long term effect of COVID-19 outbreak is expected to be witnessed over the coming years. The outbreak has led to a situation of financial crisis in many countries. Many people lost their jobs during the pandemic. All these factors are anticipated to impact the drug screening laboratory services market in the coming years. Further, industries such as transport, oil & gas, staffing among others are facing huge loss in this pandemic which is directly impacting the drug screening market worldwide

Key Benefits for Stakeholders:
• The study provides an in-depth analysis of the global drug screening laboratory services market along with the current trends and future estimations to elucidate the imminent investment pockets.
• A comprehensive analysis of the factors that drive and restrict the drug screening laboratory services market growth is provided in the report.
• Comprehensive quantitative analysis of the industry from 2019 to 2027 is provided to enable the stakeholders to capitalize on the prevailing drug screening laboratory services market opportunities.
• Extensive analysis of the key segments of the industry helps to understand the application and products of drug screening used across the globe.
• Key market players and their strategies have been analysed to understand the competitive outlook of the market.

The growth of the global drug screening laboratory services market is majorly driven by surge in awareness against drug abuse and stringent government regulations regarding drug abuse. In addition, rise in in funding for drug screening is anticipated to drive growth of drug screening products in the future.

Key Market Players
• Abbott Laboratories (Alere)
• Quest Diagnostics Incorporated
• Clinical Reference Laboratory, Inc
• Laboratory Corporation Of America Holdings
• Sterling Healthcare Opco, Llc/Cordant Health Solutions
• Acm Global Laboratories, Inc
• Omega Laboratories Limited
• Psychemedics Corporation
• Precision Diagnostics
• Millennium Health
• Mayo Foundation For Medical Education And Research
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Contact Email [email protected]
Issued By Sanyukta
Country India
Categories Health , Publishing , Research
Tags drug screening , drug screening market , laboratory
Last Updated May 24, 2022