Drug of Abuse Testing Market 2020 By Regional Statistics, CAGR, Trend & Growth Forecast To 2025
Category: #headlines  By Ronak Bora  Date: 2020-07-13
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Drug of Abuse Testing Market 2020 By Regional Statistics, CAGR, Trend & Growth Forecast To 2025

According to the latest research report, the global drug of abuse testing market is expected to record 5.7% CAGR during the forecast period 2019-2025.

Unprecedented growth in the use of illegal drugs across the globe for the recreational purposes has altered the growth graph of drug of abuse testing market. The drug testing, in the recent times, has become a routinized procedure across myriad law enforcement agencies, various departments, hospitals, and others. The law enforcement agencies have been undertaking every effort possible, to make sure that the rights of the citizen are upheld and not invaded upon by others, which is likely to foster drug of abuse testing industry size over the forecast period. 

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Endorsed by a humongous end-use industry portfolio, spanning the hospitals, laboratories, and law enforcement sectors, drug of abuse testing market trends are set for a major upheaval in the upcoming years. Global drug of abuse market size is anticipated to target an overall valuation of USD 4.8 billion by 2025 in terms of revenue.

The global drug of abuse market share is likely to increase on account of the popularity of two major product types – analyzers and rapid testing devices. Estimates claim that the market is predominantly characterized by the rapid testing devices sector fundamentally due to its characteristic of providing on-site screening for urine specimen cogency, drugs of abuse, and saliva alcohol, allowing the various end use industries to command an immediate action on the results. For the records, the rapid testing devices segment held a revenue share of USD 1.1 billion in 2018 and is likely to foster at an outpacing growth rate in the ensuing years.

The rapid testing devices find high scale us across the world over the analyzers perhaps due to its ability to generate rapid results and easy operability. Apparently, these devices use immunoassay and other technologies on the chromatographic testing strips to yield a result. Of late, the rapid testing devices are available in both single and multi-assay configurations and distinguished formats. Also, an upsurge in the demands of these devices across the home care settings would possibly garner hefty proceeds by the end of 2015.

Speaking in terms of geographical outlook, Asia Pacific, chiefly driven by Australia, would boost the overall drug of abuse market during the span of seven years. This regional growth is ascribed to the growing availability of drug testing technology across the country. Furthermore, an upscale in the drug-related problems across the nation would also impel the growth statistics of the market. Estimates claim that Australia is set to witness a growth rate of 6.2 per cent through the stipulated time period. 

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The development and application of advanced drug detection technologies has positively influenced the business dynamics of Australia drug of abuse testing market.

In a bid to challenge the adverse effects of surging drug consumption across the emerging nations, various drug of abuse testing industry giants are working to create awareness among the global populace through umpteen initiatives and novel innovations. Prominent players such as Abbott Laboratories, Quest Diagnostics, Thermo Fisher Scientific, and others are raising their alarming concerns on the effects of drug abuse and vitality of drug screening.

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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