Drug Screening Laboratory Services Market By Competitive Landscape, Size, Applications, Pricing Analysis and Opportunities Forecast to 2030, Fortune Business Insights

In a recently published report, Drug Screening Laboratory Services Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Drug Screening Laboratory Services Market products.

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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

Global Drug Screening Laboratory Services Market is valued approximately at USD 6.7 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 9.4% over the forecast period 2020-2027. Drug screening tests are usually used to detect biological samples, such as blood, hair, & urine, to examine substance obsession or its metabolites in the patient’s body. In general, drug screening tests are used to assess a person’s addiction to drugs at a specific point in time. These tests are performed at hospitals, on trained athletes, at place of employment, school, and post-accident. Drug screening is a rapid & painless analysis and is considered as a vital part of enduring treatment and diagnosis. The drug screening device further improve the execution of evolving technologies that provide precise and reliable results for individuals These screening tests are increasingly used by employers to maintain a clean, safe, and healthy personnel, which aids to increase productivity and an appropriate work environment. An increase in consumption of drugs and alcohol among youth and elderly population, overconsumption of prescribed drugs, and the implementation of stringent laws mandating for alcohol & drug testing are the few factors responsible for the CAGR of the market during the forecast period.

According to the World Drug Report released by UNODC (United Nations Office on Drugs and Crime), in 2019, around 35 million people were suffered from drug use disorders across the globe, while only 1 in 7 individuals receive proper diagnosis & treatment. Likewise, as per the World Drug Report 2017, the UNODC estimated that around 29.5 million people were affected by drug use disorders all over the world. This, in turn, is anticipated to accelerate the demand for drug screening laboratory services thereby, making a significant impact on the market growth in the forecast years. However, the prohibition of workplace drug testing in some countries and lower demand across underdeveloped countries are the major factors restraining the market growth over the forecast period of 2020-2027.

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The regional analysis of the global Drug Screening Laboratory Services market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rise in consumption of alcohol and illicit drugs at the workplace, increasing government funding for drug testing, and the presence of a significant number of manufacturers in the region. Whereas Europe is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as a surge in the prevalence of drug abuse & drug addiction, along with the rise in healthcare reforms would create lucrative growth prospects for the Drug Screening Laboratory Services market across the European region.

Major market player included in this report are:
Abbott Laboratories
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
Millennium Health LLC
Mayo Foundation

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Service Type:
Workplace Drug Testing
Clinical Toxicology

By Sample Type:
Urine Sample
Oral Fluid Sample
Hair Sample
Others

By End-User:
Hospital Laboratories
Clinical Laboratories
Others

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

Target Audience of the Global Drug Screening Laboratory Services Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Drug Screening Laboratory Services Market, by Region, 2018-2027 (USD Billion)
1.2.2. Drug Screening Laboratory Services Market, by Service Type, 2018-2027 (USD Billion)
1.2.3. Drug Screening Laboratory Services Market, by Sample Type, 2018-2027 (USD Billion)
1.2.4. Drug Screening Laboratory Services Market, by End-User, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Drug Screening Laboratory Services Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Drug Screening Laboratory Services Market Dynamics
3.1. Drug Screening Laboratory Services Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Drug Screening Laboratory Services Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2017-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Drug Screening Laboratory Services Market, by Service Type
5.1. Market Snapshot
5.2. Global Drug Screening Laboratory Services Market by Service Type, Performance – Potential Analysis
5.3. Global Drug Screening Laboratory Services Market Estimates & Forecasts by Service Type 2017-2027 (USD Billion)
5.4. Drug Screening Laboratory Services Market, Sub Segment Analysis
5.4.1. Workplace Drug Testing
5.4.2. Clinical Toxicology

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