The global drugs of abuse testing market was dominated by seven companies, Shimadzu Corporation, Thermo Fisher Scientific, Inc., Laboratory Corporation of America Holdings, Siemens Healthineers, Alere, Inc., Drägerwerk AG & Co. KGaA, and F. Hoffmann La-Roche Ltd. These companies held a massive 63.7% of the global market in 2015.
Mergers and acquisitions have remained major business strategies adopted by numerous firms since past few years, with almost 55% industry developments surrounding these tactics. For instance, in June 2013, Quest Diagnostics acquired lab-related clinical outreach operations of California-based Dignity Health. Whereas, 41% of the developments focused on new product launches. Several key players such as Austin Clinic, Bio Rad Laboratory, Agilent Technologies Inc, Anglia DNA, Prometheus Laboratories, and Randox Laboratories have developed innovative products, enhancing their sales.
The global market for drugs of abuse is projected to gain a revenue worth US$6.4bn by 2024, growing from US$4.1bn in 2015, states Transparency Market Research (TMR). The market is projected to expand at a conducive CAGR of 5.3% between 2016 and 2024.
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Government Prohibition to Prepare the Ground for Expansion in Asia Pacific
The growth of the North America market can be attributed to increased production of drugs, trans-shipment, and trade of illegal drugs. As a result, the availability of drugs of abuse testing has increasingly being acknowledged as the death rates, road accidents, criminal activities, and loss of productivity at workplaces are raising concerns.
The rising number of government initiatives such as Compulsory Centers for Drug Users in Cambodia have been encouraging the growth of the drugs of abuse market in Asia Pacific. Prohibition of illicit drugs by countries such as India, Japan, and China is another key growth driver of the market in this region.
By end user, the global market for drugs of abuse testing has been segmented into diagnostic labs, hospitals, forensic labs, and on-the-spot testing. Of these, the diagnostic labs segment is likely to contribute substantially towards growth, expanding at a promising CAGR of 5.3% during the forecast period 2016-2024.
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Increasing Number of Deaths, Road Accidents to Propel Demand
The emergence of new psychotic substances has increased the consumption of illicit drugs over the last few years. As a result, the demand for these tests is likely to increase. Furthermore, absenteeism and reduced productivity at workplaces, and the increasing number of accidents are negatively impacting the business across several organizations. Therefore, a number of public and private organizations have been adopting drugs of abuse testing to ensure efficiency and professionalism.
The growing production of illegal drugs has kindled the prevalence of illegal drug trade and drug trafficking on a global scale. Governments of various nations such as Australia, Japan, the U.K., and the U.S. have laid down the primary framework for the implementation of drug testing at workplaces, further providing an impetus for the growth of the market. The rising number of road accidents and deaths caused by illegal drug abuse have been escalating at a significant rate, aiding the growth of the global drugs of abuse testing market.
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