PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1398765
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1398765
A recently published report by Fairfield Market Research has unveiled that the global Drug of Abuse Testing Services Market achieved sales of US$ 3.1 billion in 2024. Furthermore, the market is expected to experience substantial growth during the forecast period of 2024 to 2031. The segment poised for the highest revenue generation is Cannabis/Marijuana during the same period.
Recent years have witnessed significant growth in the pharmaceutical and healthcare sectors, and the landscape is expected to undergo transformative changes due to the influence of the coronavirus. Rapid advancements in healthcare and medical technology, improved healthcare infrastructure, increased healthcare spending, and the widespread acceptance of telemedicine and ambulatory care services are driving the expansion of the Drug of Abuse Testing Services Market.
Research into substance misuse epidemiology to combat drug addiction epidemics faces numerous challenges, including identifying risk factors associated with Substance Use Disorders (SUDs) such as genetics, social, and environmental factors. The absence of standardized workplace drug misuse testing guidelines is a primary hindrance to market expansion. Additionally, factors like the legalization of illicit substances, the inability of testing kits to detect low-dose designer drugs, and a shortage of trained laboratory professionals are expected to impede market growth.
North America currently dominates the global Drug of Abuse Testing Services Market. Rising cases of drug addiction, particularly in the United States and Canada, along with government initiatives and funding to combat drug misuse, are key factors driving market expansion. Additionally, the adoption of advanced technology, large-scale drug trafficking, and stringent regulatory frameworks contribute to revenue growth in North America.
In Asia Pacific, governments in countries like India and China are increasing efforts and expenditure to combat substance misuse, resulting in high demand for drug of abuse testing services. Efforts to enhance testing capabilities further fuel market expansion in the region.
The United States is witnessing a surge in opioid addiction, driving demand for drug of abuse testing instruments and equipment. Substance addiction rates increased significantly during the COVID-19 pandemic, with more individuals turning to cannabis for stress and anxiety relief. Manufacturers are responding by introducing effective and reliable drug of abuse testing kits and partnering with research institutes and local governments to raise awareness about drug usage.
The U.K. market is poised for substantial growth between 2023 and 2033, with a strong CAGR. It is expected to reach a significant valuation by 2033, presenting a considerable absolute dollar opportunity during this period.
Japan's market is forecasted to experience robust growth throughout the forecast period, with a noteworthy CAGR. By 2033, it is anticipated to achieve a substantial valuation, along with a significant absolute dollar opportunity.
The South Korea market is set to see impressive expansion from 2023 to 2033, with a substantial CAGR. It is expected to reach a notable valuation by 2033, presenting a considerable absolute dollar opportunity for the market.
To gain a competitive edge, major players in the global drug of abuse testing market are providing law enforcement agencies with training in the detection and management of illicit narcotics through online services. Such initiatives are expected to offer lucrative prospects for drug of abuse testing market players in the coming years. Key players in the market include Quest Diagnostics, Abbott Laboratories, Cordant Health Solutions, Omega Laboratories, Mayo Clinic Laboratories, Air Methods, ALPHASTAR, Clinical Reference Laboratory, Inc., Laboratory Corporation of America Holdings, Cordant Health Solutions, Legacy Medical Services, LLC, DrugScan, and Psychemedics Corporation.