Market Overview:
• Global Drugs of Abuse Testing market revenue is expected to increase at a CAGR of 6.1% during the forecast period (2017–2027)
• In terms of revenue, Immunoassay was the dominant Drug type segment in the global drugs of abuse testing market in 2016. The segment is expected to further gain traction, owing to its functional benefits
• Hallucinogens segment is expected to register a CAGR of 5.7% during forecast period and is expected to gain significant market share by 2027 end
• Forensic Laboratories segment market accounted for largest revenue market share of 36.3% in 2016. The segment is expected to register a CAGR of 5.8% during the forecast period.
Drivers:
• Rise in Number of Clinical Laboratories offering Drugs of Abuse Testing Services
• Rising Demand for Drug Abuse Testing from the Private Employers
Restraints:
• Decrease in the Reimbursement Rates
• Low Threshold of Drug Abuse Testing Laws in the Emerging and Under Developed Economies
Trends:
• Transition from Lab Based Screening to Disposable Devices
• Growing Prescription of Drug Abuse Tests for Senior Citizens Seeking Pain Management Treatment by the Doctors
Overall Market Approach:
• Companies focus on new launches and reducing the costs of drugs of abuse testing drugs in order to gain maximum market share
• Acquisition, mergers, strategic collaborations, technology plays a vital role in the growth of global drugs of abuse testing market
• Need to efficiently meet requirements of various types of treatment methods for various disease conditions, while ensuring supply of the required drugs abuse testing, as quality and positive outcome are of most importance to end useindustry.
• Drugs of abuse testing is based on illicit drug supply and demand for drug tests globally. The increasing number of illicit drug users against number of tests conducted for screening drug abuse varies widely.
Target Drug Type:
• Drugs are easily available, number of people using illicit drugs is very high in low-income countries. However the poor social structure, low awareness related to the effects of drug abuse and weak antidrug policies have failed to create the potential market for drug abuse testing service providers and product manufacturers.
Differentiating Strategy:
• Manufacturers are focused on developing testing technique for better and quick result, thus expecting to increase their respective market shares
• The companies are focusing on outsourcing the manufacturing of drug of abuse testing in order to reduce their manufacturing costs and thus competing in the market with reduced prices
• Companies are entering into mergers and acquisitions to expand portfolio and market presence in global market
Source: Future Market Insights
