New York, USA, May 04, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global drug screening laboratory services market is projected to register a revenue of $10,944.1 million by 2028 and grow at a CAGR of 12.8% over the forecast period from 2021-2028. The comprehensive report provides a concise outline of the market’s present scenario including chief facets of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
End-users Segment of the Market:
Based on the end-users segment, the drug screening laboratory services market is divided into oil & gas, transportation, retail, government, staffing, and other workplaces. Out of these, the government end-user sub-segment is expected to have a rapid growth during the forecast period. As per the report, the sub-segment had accounted $1,125.60 million in 2020 and is expected to register a revenue of $2,807.50 million in 2028. This growth is attributed to the strict rules imposed by governmental bodies to test their employees for drug consumption at workplace. In addition, with the presence of drug addicts, employers face several organizational issues like production delays, financial losses, and others. Considering this, the government has set some stringent regulations for its employees regarding regular drug tests to constantly monitor their health status. These factors are predicted to boost the sub-segment’s growth during the forecast timeframe.
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Regional Analysis of the Market:
Based on regional analysis, the drug screening laboratory services market is fragmented into Asia-Pacific, Europe, North America, and LAMEA regions. Out of these, the market in the North America region is projected to have a dominating market share and witness tremendous growth rate during the analysis years. According to the report, the North America market is estimated to surpass $4,599.60 million by 2028, increasing from $1,839.10 million in 2020. Increasing government funding for drug tests as well as growing drug and alcohol consumption among the millennials are the main factors estimated to accelerate the market growth in the North America region. In addition, increasing government initiatives to facilitate drug testing of employees in both public and private sectors is expected to further boost the market growth during the forecast period.
Covid-19 Pre and Post Impact on the Market:
The onset of the Covid-19 pandemic has adversely impacted several industries and sectors, including the drug screening laboratory services market. Growing government initiatives to control the spread of coronavirus led to postponing of surgeries, therapies, regular appointments, and others by several hospitals, clinics, nursing homes, and institutions. Such delayed medical services negatively affected the drug screening laboratory services and altered needs for reagents, analyzers, and laboratory personnel. Moreover, due to strict lockdowns, employees have opted for work from home schedules that pose a challenge for their regular monitoring of drug consumption and testing. These factors are responsible for hindering the market growth during the pandemic. However, increasing advancements in technology and testing methods, like ‘paper spray mass spectrometry’ that identifies the presence of drug molecules in the user’s fingerprints, are predicted to revive the market growth post pandemic.
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Type Segment of the Market:
By type, the drug screening laboratory services market is divided into clinical toxicology testing and workplace drug testing sub-segments. Out of the two, the workplace drug testing sub-segment is anticipated to have a dominating market share and garner a revenue of $8,635.50 million by 2028 due to increased consumption of alcohol and drugs by employees due to performance pressure, high workload, low self-esteem, and depression.
Sample Type Segment of the Market:
By sample type, the urine sub-segment is expected to have the fastest growth rate and gather a revenue of $8,937.4 million by 2028 due to wide adoption of point-of-care devices and easy drug testing. In addition, urine samples can be collected easily and is the highly preferable sample type for detecting a wide range of drugs consumed. Furthermore, urine samples also offer a wide detection window that helps for tracing presence of drugs for nearly 90 days after consumption. These factors are estimated to accelerate the drug screening laboratory services market’s sub-segment’s growth by 2028.
Dynamics of the Market:
Drivers: Increasing consumption of alcohol and drugs by millennials is the main factor estimated to boost the growth of the global drug screening laboratory services market by 2028. In addition, growing workload and performance pressure in workplace environments make the employees drift towards drug consumption. This is also projected to accelerate the market growth in the 2021-2028 analysis timeframe.
Opportunities: Increasing innovations in technologies and drug testing methods are predicted to offer ample growth opportunities for the global drug screening laboratory services during the forecast years. Moreover, growing government initiatives and strict rules to examine people at both private and public workplaces are further expected to drive the market growth by 2028.
Restraints: Adoption of healthy lifestyle by people these days is the main factor anticipated to hamper the drug screening laboratory services market’s growth.
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Significant Market Players:
Some significant players of the drug screening laboratory services market include
- Laboratory Corporation of America Holdings
- Clinical Reference Laboratory, Inc
- Acm Global Laboratories
- Omega Laboratories, Inc.
- Cordant Health Solutions
- Abbott Laboratories
- Precision Diagnostics
- Millennium Health
- Psychemedics
- Quest Diagnostics.
These players are undertaking various strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the drug screening laboratory services market’s enhancement.
For example, in January 2022, Frontier Medicines Corporation, a leading precision medicine company, announced its global partnership with AbbVie, an American publicly traded biopharmaceutical company that also operates under drug and treatment discovery. This partnership is aimed to advance breakthroughs against undruggable disease-causing targets and boost the development of a small molecule inhibitor.
The report also sums up many crucial aspects including financial performance of the key players of drug screening laboratory services market, SWOT analysis, product portfolio, and the latest strategic developments.
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