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Shibuya-ku, Tokyo, Japan, Japan, Jan 05, 2022, 01:42 /Comserve / -- According to Research Dive analysis, the drug screening laboratory services market is estimated to generate a revenue of $10,951.4 million by 2028, increasing from $4,586.4 million in 2020, at a healthy CAGR of 12.8%.
According to Research Dive analysis, the drug screening laboratory services market is estimated to generate a revenue of $10,951.4 million by 2028, increasing from $4,586.4 million in 2020, at a healthy CAGR of 12.8%.
Impact Analysis of COVID-19 on the Drug Screening Laboratory Services Market:
The drug screening laboratory services market experienced a decreased growth rate during the Covid-19 pandemic. Due to lockdown and transportation restrictions, the demand and supply of drug testing kits, equipments, reagents and analyzers have reduced due to which the drug testing is negatively affected. Also, high unemployment and migration rate has led to less number of technicians to operate the laboratory. Apart from this, many drug testing laboratories have been converted to COVID centers which has also impacted the market growth in the pandemic period.
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Drug Screening Laboratory Services Analysis:
Increased consumption of drugs such as marijuana, cocaine, and others among the people is expected to drive the market of drug screening laboratory services. Millennials are more inclined towards drugs and alcohol as they find these habits cooler and the only way to fit in themselves with their friends. Also, drugs are the tools for them to stay calm and satisfied. Therefore, the people become drug addicts. This factor is expected to accelerate the market growth. Some companies also conduct drug test for their employees in order to monitor their health regularly is also expected to flourish the market of drug screening Laboratory Services in the forecast timeframe.
However, inclination of people towards a healthy lifestyle and will to stop consuming drugs will restrain the market growth.
Advances in technology and testing methods are expected to provide many opportunities for the manufacturing industries in the market. Continuous innovation and advancements in the testing methods used for drug testing and screening is expected to provide a boost to the growth of the market in the near future. Currently, urine, blood and hair sample is collected to test if the person has consumed drugs or is a drug addict. New technology introduction for drug testing is likely to save much time and is a hassle free method. For instance, as per the article published in ‘American Addiction Centers’ in February 2021, a new technology ‘paper spray mass spectrometry’ is developed to examine the molecules present in a fingerprint. As the person’s body metabolizes drugs, it excretes molecules with drug traces which can easily be detected in the fingerprints by using paper spray mass spectrometry. This innovation is anticipated to rise the market growth in the coming years.
Based on type, the market has been divided into workplace drug testing and clinical toxicology testing.
The workplace drug testing sub-segment shall have the fastest market growth and it is anticipated to generate a revenue of $8,635.50 million by 2028.
Based on sample type, the market is divided into urine, oral fluid, hair and others. The urine sub-segment garnered $3,647.40 million in 2020 and is projected to grow exponentially by 2028.
Based on the end users, the market is divided into retail, oil & gas, transportation, staffing, government and other workplace. The government sub-segment is predicted to be growing significantly and it is expected to cross $2,807.50 million by 2028.
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Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific market is anticipated to rise at a growth rate of 13.10% by 2028 from the revenue generated in 2020.
The companies involved in the drug screening laboratory services market are Abbott Laboratories, Quest Diagnostics, Clinical Reference Laboratory, Omega Laboratories, Inc., Laboratory Corporation of America Holdings, Cordant Health Solutions, Acm Global Laboratories, Millennium Health, Precision Diagnostics, and Psychemedics.
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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