Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Rapid Oral Fluid Screening Device Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive analysis of the global Rapid Oral Fluid Screening Device Market highlights a surge in market size, expected to reach USD 18.78 billion by 2028 from its current value of USD 9.20 billion, with a significant compound annual growth rate (CAGR) of 15.34% over the forecast period of 2023 to 2028.
Following the initial challenges posed by the COVID-19 pandemic which saw a downturn in drug testing activities due to lockdowns and an increase in work-from-home arrangements, the market is now experiencing a robust resurgence. This uptick is driven by various factors, including escalating issues related to drug abuse, stringent mandates for substance screening procedures, and heightened awareness about drug testing safety in workplaces.
The Significance of Strips in the Rapid Oral Fluid Screening Device Market
The market analysis highlights strip-based screening devices as demonstrating a notable growth trajectory in the market. Benefiting from their ease of use, cost-effectiveness, and portability, these devices are seeing increasing adoption, particularly in the workplace testing sector. The alarming rates of drug and alcohol consumption necessitate frequent and reliable testing methods, thereby fueling the growth of the strip segment.
North America Dominates Market Expansion
North America is identified as a key player driving the market forward with significant growth, attributable to an alarming prevalence of drug use and established regulations mandating rigorous testing protocols. The urgent need for swift and reliable screening methods in home care, roadside testing, and workplace environments bolsters the demand for rapid oral fluid screening devices in this region.
Competitive Landscape and Key Market Players
The rapid oral fluid screening device market's competitive environment features innovation and a handful of leading players who are actively expanding their market presence. Technological advancements and strategic partnerships underline the sector's moderate competitive nature as stakeholders vie for market dominance.
Future Market Outlook
The outlook for the Rapid Oral Fluid Screening Device Market remains optimistic as increasing awareness, evolving regulatory landscapes, and technological advancements act as fundamental catalysts for growth. Amidst these growth-inducing factors, the market continues to adapt and evolve, meeting the needs of various end-user applications and contributing to public health and safety.
The comprehensive market research report enriches stakeholders with invaluable insights and supports informed decision-making in this dynamically evolving market landscape.
Forward-Looking Statements
This market study considers a broad range of factors and trends influencing the global rapid oral fluid screening device market's future. While it provides strategic insights based on current data, stakeholders should be aware that market dynamics are subject to change due to various external factors.
Key Takeaways from the Research
- Projected rapid growth of the global rapid oral fluid screening device market with a CAGR of 15.34% from 2023 to 2028.
- Strips segment showcases a robust increase due to cost-effectiveness and ease of use.
- Increased demand in North America fueled by rising drug abuse concerns and stringent regulations.
- Market dynamics outlined by technological advancements and the competitive presence of leading market players.
A selection of companies mentioned in this report includes
- OraSure Technologies, Inc.
- Abbott Laboratories
- Guangzhou Wondfo Biotech Co., Ltd
- Oranoxis Inc.
- Securetec Detektions-Systeme AG
- AccuBioTech Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/escck8
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