Rising Opioid Epidemic Drives Exponential Growth in Point-of-Care Opioid Testing Market: Projected Surge to US$ 725.1 Million by 2033 | Future Market Insights Inc.
The Point-of-Care Opioid Testing Market is experiencing a surge in demand, driven by the persistent opioid epidemic and the necessity for efficient monitoring and intervention. Various stakeholders, including governments, healthcare providers, workplaces, and law enforcement agencies, increasingly acknowledge the significance of swift and precise drug testing to combat this crisis. As a result, the market is witnessing substantial growth, with the rising demand acting as a crucial catalyst.
NEWARK, Del, July 17, 2023 (GLOBE NEWSWIRE) -- The demand for Point-of-Care Opioid Testing Market is expected to continue rising due to the ongoing opioid epidemic and the need for effective monitoring and intervention. Governments, healthcare providers, workplaces, and law enforcement agencies increasingly recognize the importance of rapid and accurate drug testing to address the crisis. This demand will be a significant driver for market growth.
Advancements in testing technologies, including immunoassays, biosensors, molecular diagnostics, and digital health platforms, enhance the performance, sensitivity, specificity, and connectivity of point-of-care opioid testing devices. These technological innovations improve testing accuracy, speed, and user experience, driving market growth and adoption.
In 2023, the point-of-care opioid testing market is expected to be worth US$ 450.9 million. The market is expected to reach US$ 725.1 million by 2033, expanding at a 4.9% CAGR throughout the forecast period. The point-of-care opioid testing market has experienced significant growth in recent years due to the rising opioid epidemic, increased awareness about drug abuse, and the need for efficient testing methods. The market is expected to continue expanding as the demand for rapid and accurate drug testing solutions persists.
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Point-of-care opioid testing is expanding beyond traditional healthcare settings, such as hospitals and clinics, into non-traditional settings like workplaces, home care, and telehealth. The convenience and accessibility of testing in these settings address the need for decentralized healthcare and patient-centric testing, creating new market opportunities.
Key Takeaways from the Point-of-care opioid testing Market:
- The United States point-of-care opioid testing industry is predicted to reach US$ 227.4 million by 2033, increasing at a 4.2% CAGR.
- The point-of-care opioid testing industry in the United Kingdom is estimated to reach a market value of US$ 32.0 million, expanding at a CAGR of 4.3% by 2033.
- During the forecast period, the Chinese point-of-care opioid testing industry is expected to reach a market value of US$ 54.7 million, securing a 6.4% CAGR.
- The point-of-care opioid testing industry in Japan is predicted to reach US$ 39.9 million by 2033, increasing at a 6.2% CAGR.
- During the forecast period, the point-of-care opioid testing industry in South Korea is expected to reach a market value of US$ 45.4 million, securing a 6.0% CAGR.
- With a CAGR of 4.7% from 2023 to 2033, the test strips are expected to dominate the point-of-care opioid testing industry.
- With a CAGR of 5.2% from 2023 to 2033, the Multi-panel drug test kits are expected to dominate the point-of-care opioid testing industry.
- With a CAGR of 4.9% from 2023 to 2033, the Blood sample is expected to dominate the point-of-care opioid testing industry.
- With a CAGR of 5.4% from 2023 to 2033, forensic laboratories are expected to dominate the point-of-care opioid testing industry.
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Competition Analysis and Their Branding and Promotional Strategies
The point-of-care opioid testing sector is a very competitive one, with many firms fighting for market share. Several significant participants in this industry comprise BTNX Inc., Avon Healthcare, Alere, Abbott Laboratories, ACON Laboratories & Branan Medical Corporation.
The major companies are spending on research & development efforts to create innovative and inventive care with enhanced effectiveness, dependability, and affordability. They also focus on expanding their products related to point-of-care opioid testing and strengthening their distribution methods to fulfill shifting consumer expectations.
Tactical alliances and partnerships with other companies are becoming more common in the industry, allowing parties to leverage one another's strengths and expand their market influence.
Leading firms use consolidation and mergers to strengthen their market position and gain entry into new markets. The sector is expanding significantly in developing economies, particularly India and China.
Major companies are expanding their distribution networks and building regional manufacturing sites to boost their presence in these regions. They are also concentrating on offering customers cost-effective products in these markets to get a competitive advantage.
Top Companies in the Point-of-care opioid testing Market Industry
- Avon Healthcare
- Triveni Traders & Diagnostic Private Limited
- AdvaCare Pharma USA
- BTNX Inc.
- Phamatech
- ADC
- Worldwide Medical Corporation
- Accu-Stat Diagnostics, Inc
- ACON Laboratories, Inc.
- Alere
- Innovacon, Inc.
- Amedica Biotech, Inc
- Branan Medical Corporation
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Segmentation Analysis of the Point-of-care opioid testing Market
By Product:
- Strips
- Cassettes
- Drug Test Dip Cards
By Modality:
- Single-panel Drug Test Kits
- Multi-panel Drug Test Kits
By Sample:
- Saliva
- Blood
- Urine
- Others
By End User:
- Hospitals
- Diagnostics Laboratories
- Forensic Laboratories
- Home Care Settings
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
About Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you to devise innovation-driven trajectories for your business. Know more about our sector coverage here.
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