Selbyville, Delaware, June 13, 2023 (GLOBE NEWSWIRE) -- Specimen Validity Testing Market size is set to record more than USD 4.7 billion by 2032. The development and innovation of advanced testing methodologies, equipment, and software solutions is a major factor driving the industry development. The influx of various automation and streamlined processes have led to the enhanced efficiency and speed of specimen validity testing (SVT) methods along with reduced turnaround times and increased productivity.
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Additionally, the advancements in data management and analytics have facilitated better tracking and analysis of the test results for improving the overall quality control and compliance. The rising preference for drug testing programs to offer enhanced solutions to cater to the evolving needs will augment the industry outlook.
Specimen validity testing services to achieve high traction
The specimen validity testing market from the service segment is expected to witness substantial growth from 2023 -2032. The expansion can be attributed to the increasing number of stringent drug testing regulations, rising awareness about the importance of accurate drug testing, and technological advancements in SVT methodologies. With more organizations prioritizing compliance with workplace drug testing regulations, the demand for third-party SVT services is likely to rise in the coming years. The surging number of collaborations between SVT service providers and drug testing laboratories or companies will also contribute to the segment progress.
Drug rehabilitation centers to record lucrative gains
The specimen validity testing market size is estimated to depict robust progress through 2032. Drug rehabilitation centers play a critical role in helping individuals overcome substance abuse and addiction, subsequently contributing to the high demand for SVT for accurate drug testing. The rising focus on evidence-based approaches and personalized treatment plans will further drive the preference for SVT practices in drug rehabilitation centers.
Asia Pacific to emerge as a major revenue hub
Asia Pacific held a sizable revenue share of the specimen validity testing market and is poised to expand at a steady CAGR over 2023-2032. The rapid economic evolution in the region has led to the expansion of various sectors, including healthcare, pharmaceuticals, and transportation, propelling the need for robust drug testing programs. The growing advancements in technology and healthcare infrastructure are facilitating the adoption of SVT solutions, which is expected to offer potential gains opportunities for both local and global service and product providers.
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Specimen Validity Testing Market Leaders
Some of the leading enterprises operating in the global SVT industry are LabCorp, American Bio Medica Corporation, Abbott Laboratories, Quest Diagnostics Incorporated., Alfa Scientific Designs, Inc., Danaher Corporation, ACM Global Laboratories, GenomeWeb LLC., Express Diagnostics, Genway Biotech, Inc., Premier Biotech, Inc., Sciteck, Inc., Thermo Fisher Scientific Inc. and SureHire, among others.
Specimen Validity Testing Industry News
- Thermo Fisher Scientific’s PPD clinical research company announced plans to invest $59 million to expand its laboratory operations in Kentucky, U.S., to assist clients in delivering life-changing medications to patients.
Partial Table of Contents (ToC) of the report:
Chapter 3 Specimen Validity Testing Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Increasing incidence of illicit drug abuse
3.2.1.2 Technological advancements in specimen validity testing
3.2.1.3 Increasing demand for rapid and point of care testing
3.2.1.4 Rising awarness regarding specimen validity testing
3.2.2 Industry pitfalls & challenges
3.2.2.1 High cost of screening tests
3.2.2.2 Development of alternate drug screening tests
3.3 Growth potential analysis
3.3.1 By product & services
3.3.2 By type
3.3.3 By end-use
3.4 COVID- 19 impact analysis
3.5 Regulatory landscape
3.5.1 U.S.
3.5.2 Europe
3.6 Reimbursement scenario
3.7 Pricing analysis, 2022
3.8 Key market trends
3.9 Technology landscape
3.10 Future market trends
3.11 Value chain analysis
3.12 Gap Analysis
3.13 Porter's analysis
3.14 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company matrix analysis, 2022
4.3 Vendor matrix analysis
4.4 Competitive positioning matrix
4.5 Strategy dashboard, 2022
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