Drugs of Abuse Testing Market to Show Strong Growth to 2026 Available in New Report
Between 2018 and 2026, the global drugs of abuse testing market would chart a steady growth. As per a Transparency Market Research study, the CAGR (Compound Annual Growth Rate) in the forecast period will be a 5.5%, pulling up the market worth up significantly.
As use of drugs for recreation gains a firm footing among the youth, the market is set to see an upward curve. And, this illicit drug use id pushing governments towards action o battle the menace taking on the youth in a major way, especially in countries like India, which is marked by its proximity to the golden crescent and golden triangle of drugs. Additionally, as a number of clinical laboratories provide drug abuse testing services, the market will grow, charting an upward growth.
And, while it is not wrong that the market faces certain economic and industrial challenges, the quick adoption by forensic labs, hospitals, as well as law enforcement agencies will counterbalance the restraints. It is not surprising considering a number of multinational corporations and government departments test employees regularly and have stringent drug use regulations.
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These tests are particularly catching up on companies in the United States of America. It is also worth noting here that this a country in which managing street violence and curbing crimes is a mammoth task.
The global drugs of abuse testing market is slightly fragmented and key players include Dragerwerk AG & Co. KGaA, Abbott Laboratories, United States Drug Testing Laboratories, F. Hoffman – La Roche Ltd, Randox Testing Services, and Thermo Fisher Scientific.
North America to Chart Significant Growth in the Global Drugs of Abuse Testing Market Landscape
Factors such as rise in drug abuse and active participation of governments in the region to fight drug menace are leading the global drugs of abuse testing market onto a higher growth trajectory. Likewise, in Asia Pacific (APAC), the market will see growth owing to similar reasons. Besides, it is the land of the Golden Triangle. This region comprises three nations – Laos, Myanmar and Thailand. Just like the Golden Crescent, comprising Afghanistan in the list, the region is a major opium producing area. This is also the region where drug trade wars are common.
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Since drug use is often linked with rise in crime rate in affected areas, the governments as well as civil society are concerned and taking remedial steps to address the issue. And, this in turn is a major booster to the drugs of abuse testing market as identifying is critical to ensure treatment and rehabilitation is made possible. It is pertinent to point out here that both North America and the Asia Pacific are battling the rising incidence of drug use.