Factors such as growing drug & alcohol consumption, enforcement of stringent laws mandating drug and alcohol testing, and regulatory approvals and new product & service launches are driving the growth of the market.
What the Market Looks Like?
The drug screening market was valued at USD 4.86 Billion in 2016 and is expected to reach USD 8.63 Billion by 2022, growing at a CAGR of 10.2% during the forecast period. The base year considered for the study is 2016 and the forecast period is from 2017 to 2022.The market is dominated by North America, followed by Europe, Asia Pacific, and the Rest of the World (RoW)
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What Drives the Market?
The growth of the Drug Screening Market is primarily influenced by the following factors:
- Growing Drug & Alcohol Consumption
- Enforcement of Stringent Laws Mandating Drug and Alcohol Testing
- Presence of Government Funding in Major Markets
- Regulatory Approvals & Product Launches and Services
Based on product, the market is segmented into analytical instruments, rapid testing devices, and consumables. Rapid testing devices market is further subsegmented into urine testing devices and oral fluid testing devices. The urine testing devices segment is expected to account for the largest market share in 2017. However, the oral fluid testing devices segment is projected to register highest CAGR during the forecast period. The high growth in this segment is attributed to the benefits it offers such as shorter detection window, non-invasive nature, and low risk of sample tampering.
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