Dublin, April 09, 2020 (GLOBE NEWSWIRE) -- The "Specimen Validity Testing Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The specimen validity testing market studied was anticipated to grow with a CAGR of 6.3%, during the forecast period (2020 to 2025).
The significant factor attributing the market's growth is the growing number of drug abuse populations, rise in the number of drug screening labs. The growing use of illicit drugs is also contributing to the growth of the market. Illegal use of drugs is characterized as the use of heroin, cocaine, marijuana, hallucinogens, inhalants or nonmedical use of prescription psychotherapeutics (stimulants, tranquilizers, and painkillers). As per the data published in 2012 by the Substance Abuse and Mental Health Services Administration (SAMHSA), in the past month almost 23 million Americans aged 12 years or older engaged in the use of illicit drugs.
This makes up 8.7 percent of the population, making it a serious public health issue in the U.S. Urine drug screening is a clinical method that can improve safety in the hospital, track compliance with treatment by patients, and diagnose abuse of drugs (illicit and legal), as well as diversion of prescription drugs. All these above-mentioned factors will enhance the market growth of specimen validity testing during the forecast period.
Key Market Trends
Assay Kits segment is Expected to Hold the Largest Market Share in the Specimen Validity Testing Market
- The dominant share is retained by the assay kits segment owing to the attributes such as the rising advancement in technology over the last few years has opened up many opportunities for growth in the industry. The increase in drug abuse is aiding the exponential market growth.
- The growing emphasis on governing and raising awareness about these tests and testing by governments in different countries has resulted in the rapid acceptance of these testing worldwide.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to maintain its supremacy in the overall specimen validity testing market, throughout the forecast period. This is owing to factors such as the growing drug abuse population in the region. The government has developed stringent guidelines to address adulteration of the drug screening product is a key contributor to the SVT industry in North America. Another factor contributing to the development of the SVT industry in North America is the emergence of a growing number of industries and an increasing number of pre-employment and random drug testing at work place is further driving the growth of the specimen validity testing market and responsible for ensuring the dominance of the region.
Competitive Landscape
The specimen validity testing market is highly competitive and consists of a few major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making collaborations, acquisition, and launching new products with the other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are Alere Inc., Thermo Fisher Scientific, LabCorp, American Bio Medica Corporation, and Premier Biotech, Inc.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format.
- Report customization as per the client's requirements.
- 3 months of analyst support.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Drug Screening Market
4.2.2 Increasing usage of illegal drugs
4.3 Market Restraints
4.3.1 Limited awareness for SVT and emergence of other tests
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product & Service
5.1.1 Products
5.1.1.1 Assay Kits
5.1.1.2 Reagents and Calibators
5.1.1.3 Disposables
5.1.2 Service
5.2 By Type
5.2.1 Laboratory Testing
5.2.2 Rapid/POC Testing
5.3 By End-User
5.3.1 Drug Screening Laboratories
5.3.2 Pain Management Centers
5.3.3 Others
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle-East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Alere Inc.
6.1.2 Thermo Fisher Scientific
6.1.3 LabCorp
6.1.4 American Bio Medica Corporation
6.1.5 Premier Biotech, Inc.
6.1.6 Sciteck, Inc.
6.1.7 Alfa Scientific Designs
6.1.8 ACM Global Laboratories
6.1.9 Quest Diagnostics
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/n39jxp
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.