Drug Screening Market Will Reach USD 6333.1 Million By 2028 With A CAGR of 5.6%- Valuates Reports

BANGALORE, India, May 16, 2022 /PRNewswire/ -- Drug Screening Market is segmented by Type - Immunoassay Analyzers, Chromatography, Breath Analyzers, Rapid Testing Devices, Assay Kits and Reagents, Segment by Application - Hospitals, Research Institute, Biotechnology & Pharmaceutical Companies, Others. It is published in Valuates Reports under the  Pharmaceuticals & Biotech Category.

The Drug Screening market size is estimated to be worth USD 4567.1 million in 2022 and is forecast to be a readjusted size of USD 6333.1 million by 2028 with a CAGR of 5.6% during the review period.

Major Factors Driving The Growth Of The Drug Screening Market

The increased consumption of drugs and alcohol, and the implementation of strict laws requiring drug and alcohol testing are all contributing to the growth of the global drug screening market in the near future. 

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TRENDS INFLUENCING THE GROWTH OF THE DRUG SCREENING MARKET

Growing drug and alcohol consumption is expected to create lucrative growth opportunities for the drug screening market growth. According to the World Drug Report 2021, an estimated 275 million people worldwide aged 15–64, or 1 in every 18 people in that age group, have used drugs at least once in the previous year (range: 175 million to 374 million). As an employer, you have a responsibility to provide a safe working environment for your employees. Pre-employment drug screenings and random testing are two of the most effective ways to keep your workplace drug-free.

Furthermore, the COVID-19 pandemic led to an increase in drug abuse. This in turn is expected to fuel the drug screening market. More than 100 million people were displaced by the COVID-19 crisis. Mental health problems are also on the rise around the world. As a result, drug abuse may become more prevalent. Parallel to this, drug traffickers have quickly recovered from initial setbacks caused by lockdown restrictions, thanks in part to an increase in the use of technology (drug traffickers using online platforms, for example) and cryptocurrency payments that operate outside of the traditional financial system. These factors will almost certainly boost demand for drug screening products and services.

The drug screening market is expected to grow due to the rising demand for immunoassay analyzers in hospitals and clinical laboratories. Antibodies or antigens are used in immunoassay tests to detect the presence of drugs. They're cheap, quick to process, and most commonly used for initial screening, providing a simple yes or no answer. Immunoassay analyzers use an antibody as a reagent to identify and detect the concentration of specific substances in a sample. These devices are capable of performing a wide range of tests, including cancer screening, allergy testing, therapeutic drug monitoring, and more.

The drug screening market is expected to grow as law enforcement uses breathalyzers more frequently. The device is used by cops to determine how much alcohol is in the system of people suspected of being drunk.

However, the restrictions on alcohol consumption in various Islamic nations and the ban on drug testing at office premises in other locations, on the other hand, are two important concerns that could stymie the expansion of the global drug screening market in the near future.

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DRUG SCREENING MARKET SHARE ANALYSIS

Based on region, North America is expected to be the most lucrative segment. Factors such as the rising consumption of illicit drugs, the availability of government funding to combat drug abuse, laws supporting drug screening, the rising burden of accidents caused by alcohol impairment, and the presence of key players in the region are all driving the growth of the drug screening market in this region.

Based on application, the Hospitals segment is expected to be the most lucrative segment. This is due to an increase in drug screening in hospitals in order to maintain a healthy working environment, as well as the number of admitted patients with severe drug abuse issues. Drug testing is also required for clinical care, occupational health, and legal prosecution.

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Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Key players

• Abbott
• Express Diagnostics
• Laboratory Corporation of America
• MPD
• Quest Diagnostics
• Roche Diagnostics
• Shimadzu
• Siemens Healthcare
• Thermo Fisher Scientific

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SIMILAR REPORTS

-  The global Orphan Drugs market size is projected to reach USD 241610 million by 2027, from USD 122720 million in 2020, at a CAGR of 9.7% during 2021-2027.

-  The global Alcohol Breathalyzer and Drug Testing market size is projected to reach USD 6389.6 million by 2027, from USD 3754 million in 2020, at a CAGR of 7.9% during 2021-2027.

-  The global At-Home Drug of Abuse (DOA) Testing market size is projected to reach USD 862.3 million by 2028, from USD 413.2 million in 2021, at a CAGR of 10.6% during 2022-2028.

-  The global Drug of Abuse Testing Services market size is projected to reach USD 2714.1 million by 2027, from USD 1556.2 million in 2020, at a CAGR of 7.8% during 2021-2027.

-  The global Drug Testing market size is projected to reach USD 3430.9 million by 2028, from USD 2788.7 million in 2021, at a CAGR of 2.6% during 2022-2028.

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