Drug of Abuse Testing Services Market – Global Industry Analysis, Growth, Share, Size, Trends and Forecast | Growth Market Reports

The global drug of abuse testing services market size was valued at USD 2.8 million in 2020 and is projected to expand at a CAGR of 5.3% during the forecast period, 2021-2028. The growth of this market is attributed to the rise in consumption of illegal drugs such as marijuana and cocaine along with the increasing number of clinical laboratories.

Governments are aware of the negative effects of drugs especially for under aged children and several organizational workplaces. They have introduced initiatives to combat and monitor the substance abuse present in their respective regions. The United Nations Office of Drugs and Crime (UNODC) 2020 data shows that 40 million people uses several treatment to cure themselves from substance use disorders. The illicit drugs and alcohol causes addiction when used high amounts, which can therefore cause life threatening consequences.

Get Exclusive Sample Report at: https://growthmarketreports.com/request-sample/681

Availability and access of treatment services globally is extremely limited to cure substance use disorders. In developed countries such as the US, the demand for substance use disorders treatment and healthcare centers are constantly increasing to combat this illness. The National Control Budget, US, has announced five key platforms for drug control functional namely prevention, treatment, interdiction, operation, and law enforcement. This funding is estimated to reach nearly USD 36 billion by the end of 2021. The Substance Abuse and Mental Health Services Administration or the SAMHSA have received USD two billion for the substance use disorder prevention studies and other research processes. The US Department of Defense has also requested USD 1.5 billion for the constant monitoring of drug interaction operations and counterdrug actions in the country.

Market Trends, Drivers, Restraints, and Opportunities

• Growing number of clinics that offer drugs of substance use disorder testing services acts as a major driver for the drugs of abuse testing services market.
• A major increase in clinical laboratories, hospitals, and other testing centers for the treatment of substance use disorder also contributes to the growth of this market.
• High cost of laboratory screening diagnostics and rising use of disposable equipment are key restraining factors expected to hamper the market growth.
• Rising awareness about the substance use disorders and introduction of several advanced treatment products or devices that can help to prevent this illness. This is projected to act as a key driver for the market.
• The outbreak of COVID-19 pandemic has affected the market growth due to the strict lockdown protocols and putting halt in the distribution of the drugs freely from governments.

Market Segment Insights

Cannabis/Marijuana segment dominated the market with 27% in 2020

On the basis of drug types, the global drug of abuse testing services market is segmented into alcohol, cannabis/marijuana, cocaine, opioids, Amphetamine & Methamphetamine, Lysergic Acid Diethylamide (LSD), and others. The cannabis/marijuana segment held a large share of this market representing with 27% revenue share of the global market. This segment is expected to dominate the market in the coming owing to wide abuse of cannabis or marijuana among a large number of adult population globally. The opioids segment is currently the second largest holding more than 22% share of the global market. The increasing opioid crisis in North America and Europe are the main reason for the large share of the opioid segment. According to a survey conducted by the Drug Abuse Statistics in 2020, five million people have been reported to using cannabis or marijuana, out of which two million people are from the US alone.

For Any Questions On This Report: https://growthmarketreports.com/enquiry-before-buying/681

Regional Outlook

Based on regions, the global drug of abuse testing services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa North America is anticipated to account for a large market share in the coming years, which represented 39% share of the global market. The key factors attributing to the regional growth is the increasing awareness of the substance use disorder and the initiatives taken by various regional governments to monitor, control and combat it. According to the National Control budget, the COVID-19 pandemic has increased the demand of the services and treatments of substance use disorder in North America. Meanwhile, the market in Asia Pacific is expected to exhibit a robust CAGR during the forecast period, 2021-2028. Emerging economies such as India are now leveraging to spread awareness about the importance of substance use disorder treatments and several healthcare initiatives regarding the treatment. This is one of the major driving factors for the regional market growth.

Compititive Landscape

Some of the key players in the global drug of abuse testing services market are Quest Diagnostics; Abbott Laboratories; Clinical Reference Laboratory (CRL), Inc; Laboratory Corporation of American Holdings; Cordant Health Solutions; Legacy Medical Services; DrugScan; Omega Laboratories, Inc; Psychemedics Corporation; Millennium Health; Mayo Clinic Laboratories; Precision Diagnostics; American Substance Abuse Professionals (ASAP), Inc; United States Drug Testing Laboratories (USDTL), Inc; and Laboratory of the Government Chemist (LGC) Group.

Many of these companies are constantly adopting different growth strategies including product development, expansion of geographical reach, and product differentiation. Companies also undergo mergers and acquisitions to have a competitive edge. Psychemedics Corporation, for instance, signed a new distribution agreement with Sansao Holding S.A and Toxicologia Pardini Ltda in Brazil. The former company now has access to the Brazilian distribution network of their drug of abuse testing services market.

About Growth Market Reports:

GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys.

Contact:

Growth Market Reports

Phone: +1 909 414 1393

Email: [email protected]

Web: https://growthmarketreports.com

Follow Us: LinkedIn | Twitter