Albany, New York, July 29, 2019 (GLOBE NEWSWIRE) -- Various government initiatives in countries across the globe to crack down on drug abuse is a major factor propelling the growth of global drugs of abuse testing market, says a Transparency Market Research report. The report states that the growth of the market is also attributed to the rising incidences of drugs abuse in various developing countries. Furthermore, according to the analysis by the experts at Transparency Market Research the rising consumption of unsanctioned drugs by youth across the globe is another factor that is propelling the growth of global drugs of abuse testing market.
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Market to Reach the Value of US$7,163.7 mn by the End of 2026
- According to the report the global drugs of abuse testing market is expected to witness a consistent growth of 5.5% CAGR in the forecast period of 2018 to 2026.
- The global drugs of abuse testing market is expected to generate revenue of approximately US$7,163.7 mn by the end of the forecast period.
- Historical analysis of global drugs of abuse testing market states that by the end of 2017 the market generated the revenue of US$4,452.5 mn.
Experts believe that this consistent growth of global drugs of abuse testing market is a collective result of various opportunities leveraged by businesses in the market. Moreover, the analytics presented by the report is expected to help the business leaders take better decision and can prepare them for a tough competition that awaits in the future.
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Growing Adoption of No Drugs Policies by Various Companies to Fuel the Growth
- The growth of global drugs of abuse testing market is majorly the result of a growing concern of various corporate sectors to ensure good health of their employees. Also, the growth is also fueled by the growing government initiatives in various countries to confine the drugs abuse.
- Moreover, the global drugs of abuse testing market is also influenced by the rising awareness about the adverse effects of non-prescribed drugs among the people in various countries.
- Furthermore, the rising demand for equipment required to conduct the test is also promoting the growth of global drugs of abuse testing market.
- Also, improving healthcare infrastructure in various emerging economies is another factor fueling the growth of global drugs of abuse testing market in the forecast period of 2018 to 2026.
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North America to be the Most Lucrative Region of the Market
Globally, global drugs of abuse testing market has its presence in North America, Europe, Asia Pacific, and Latin America, and Middle East and Africa. Among these regions, North America is expected to exhibit maximum potential for the players of global drugs of abuse testing market. The growth of the region is attributed to factors such as such as stringent policies by U.S. government is production of various medicines and rising demand to restrict the use of drugs of abuse in the country.
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Prominent Players to Dominate the Global Drugs of Abuse Testing Market
- According to the report by Transparency Market Research, the global drugs of abuse testing market is highly fragmented. However, a handful of prominent players dominate the market, in spite of a dispersed presence, in terms of revenue.
- The fragmented nature of the global drugs of abuse testing market poses a tough challenge for the players to have a sustainable future in the market.
- In order to overcome this challenge, the players are adopting various strategic activities such as merging with an already established business. This strategy is allowing the players to acquire much needed resources to sustain in global drugs of abuse testing market in the forecast period.
- The veteran companies are expected to acquire various small and medium scale businesses in order to expand their production capacity and penetrate emerging regional domain of global drugs of abuse testing market in the coming years.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Drugs of Abuse Testing Market (Products - Analyzers (Immunoassays, Chromatographic Devices, and Breath Analyzers), Rapid Testing Devices (Urine Testing and Oral Fluid Testing), and Consumables (Fluid Collection Devices); Sample Type: Saliva, Breath, Urine, Blood, and Hair and Sweat; Testing Type - Pain Management Testing, Criminal Justice Testing, and Work Place Screening; End-user: Hospitals, Diagnostic laboratories, On-the-spot Testing, and Forensic Laboratories) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026.”
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About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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