(PharmaNewsWire.Com, May 12, 2020 ) The report "Drug Testing Market by Product ((Immunoassay Analyzer, Chromatography, Breathalyzer, Rapid Test Device, Assay Kits)), Drug Screening Services, Sample Type (Urine, Hair, Oral), End User (Workplace, Criminal Justice, Hospital) - Global Forecast to 2022", The drug screening market is expected to reach USD 8.63 Billion by 2022 from USD 5.32 Billion in 2017, at a CAGR of 10.2%.
This high growth rate is attributed to factors such as growing drug and alcohol consumption; government funding in major markets, enforcement of stringent laws mandating drug and alcohol testing, and regulatory approvals and new product and service launches.
The drug Testing market was valued at USD 4.86 Billion in 2016 and is expected to reach USD 8.63 Billion by 2022, growing at a CAGR of 10.2% during the forecast period. The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.
The objectives of this study are as follows:
1. To define, describe, segment, and forecast the global market by product and service, sample type, end user, and region To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, challenges, and market-specific trends)
2. To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market To analyze the opportunities in the market for stakeholders and provide details of competitive landscape for market leaders
3. To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). To profile key players and comprehensively analyze their market shares and core competencies
4. To track and analyze competitive developments such as agreements, partnerships, and collaborations; acquisitions; product launches and approvals; expansions; and R&D activities in the global market.
The market is dominated by North America, followed by Europe, Asia Pacific, and the Rest of the World (RoW). The dominance of the North American market is attributed to factors such as rising consumption of illicit drugs, availability of government funding to curb drug abuse, and the presence of laws supporting drug screening, and growing burden of accidents due to unsafe levels of alcohol consumption.
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