Drug Screening Laboratory Services Market Qualitative Insights on Application & Outlook by Size, Share, Future Growth

Drug Screening Laboratory Services Market is projected to reach $7,050 million by 2027, registering a CAGR of 9.4% from 2020 to 2027.

PORTLAND, OREGON, US, January 18, 2022 /EINPresswire.com/ -- According to the "Drug Screening Laboratory Services Market" report published by the Allied Market Research, the study presents impending revenue forecast of the industry for the next few years coupled with imminent market trends and opportunities. Moreover, the study also doles out different logical tables and graphs to identify the complexities of the market. A complete and wide-ranging evaluation of the aspects that drive and restrain the market growth is also provided throughout the study. This detailed exploration of the market size and its proper segmentation help the market players define the prevalent opportunities that are looming large.

The global drug screening laboratory services market size was valued at $6,720 million in 2019, and is projected to reach $7,050 million by 2027, registering a CAGR of 9.4% from 2020 to 2027. Drug screening tests examine biological samples such as blood, hair, & urine to detect substance addiction or its metabolites in the body of a patient. Drug screening tests are used to evaluate if a person is or was under the influence of a drug or drugs at a certain point of time.

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Growth of the global drug screening laboratory services market is majorly driven by surge in awareness against drug abuse and stringent government regulations regarding drug abuse. In addition, rise in in funding for drug screening is anticipated to drive growth of drug screening products in the future. However, consideration of drug screening as a violation of rights and impact of COVID-19 pandemic on the drug screening services restricts the market growth

The drug screening laboratory services market is segmented into service type, sample type, end user, and region. On the basis of service type, the market is categorized into workplace drug testing and clinical toxicology. By sample type, it is further divided into urine, oral fluid, breath, hair, and others. On the basis of end user, it is divided into retail, oil & gas, transportation, staffing, government, other workplaces, hospital laboratories, clinical laboratories, and other laboratories. On the basis of region, the market is analyzed across Asia-Pacific, LAMEA. North America, and Europe.

North America accounted for majority of the market share of the global drug screening laboratory services market in 2019, and is expected to remain dominant throughout the forecast period. This was attributed to rise in use of alcohol and illicit drugs at workplaces, higher adoption of drug screening products, rise in government funding for drug testing, and increase in demand for new drug testing technologies such as fuel cell breath analyzers. On the other side, Europe is expected to experience highest growth rate during the forecast period, majorly owing to increase in prevalent incidences of drug abuse & drug addiction, rise in healthcare reforms, and technological advancements in the field of healthcare.

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Key Benefits:

• The study provides an in-depth analysis of the global drug screening laboratory services market along with the current trends and future estimations to elucidate the imminent investment pockets.
• A comprehensive analysis of the factors that drive and restrict the drug screening laboratory services market growth is provided in the report.
• Comprehensive quantitative analysis of the industry from 2019 to 2027 is provided to enable the stakeholders to capitalize on the prevailing drug screening laboratory services market opportunities.
• Extensive analysis of the key segments of the industry helps to understand the application and products of drug screening used across the globe.
• Key market players and their strategies have been analysed to understand the competitive outlook of the market.

The research offers an extensive analysis of key players active in the global Drug Screening Laboratory Services Market include Abbott Laboratories (Alere Inc.), Quest Diagnostics Incorporated., Clinical Reference Laboratory, Inc, Laboratory Corporation of America Holdings, Sterling Healthcare Opco, Llc/Cordant Health Solutions, Acm Global Laboratories, Inc, Omega Laboratories, Psychemedics, Millennium Health, Mayo Foundation For Medical Education and Research, and Precision Diagnostics.

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