NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- The drug of abuse testing market size is expected to grow at a CAGR of 9.6% between 2017-2023, to reach $9.1 billion by 2023. The market is driven by increased adoption at organizational levels, increase in the consumption of illegal drugs, and high production and trade of illicit drugs, worldwide. Also, the global rise in the number of road accidents and death rates, initiatives by government and non-profit organizations to reduce drug abuse levels, and technological advancements are increasing the demand for such products.
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Technological advancements in drug of abuse testing are leading to their increased acceptance in various settings. There are various technological advancements that have been taking place in the drug of abuse testing that increase sensitivity, reduce consumption of time, and facilitate detection of newly developed designer drugs. The increased use of drug of abuse tests for legal and medical purposes has made it imperative to produce results with high confidence levels. As a result, improvement can be observed in various facets such as chemistry, materials, device and equipment. For instance, smartphone breath analyzers manufactured by BACtrack, Edge Tech Labs and others for measuring breath alcohol content are small in size, portable and can be used to transfer results with the help of wireless technology. Therefore, technological advancements are driving the growth of the global drug of abuse testing market.
The legalization of various drugs is hampering the growth of the drug of abuse testing market. For instance, Oregon and Alaska received full legalization for retail sale and possession of small amounts of marijuana, in November 2014. The legalization of these drugs depends upon the potential risk associated with its consumption. For instance, in the U.S., various groups and people support the legalization of marijuana for medical purposes. Jamaica and Costa Rica have also decriminalized the usage of marijuana for personal consumption. Due to such measures being taken towards legalization of illicit drugs people tend to misuse it and are consuming drugs at a high rate which is in turn affecting the growth of drug of abuse testing market.
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Some of the key players operating in the drug of abuse testing market include Danaher Corporation, Siemens AG, Merck KGaA, Drägerwerk AG & Co. KGaA, Express Diagnostics Int'l, Inc., bioMérieux S.A., Waters Corporation, Roche Holding AG, Quest Diagnostics Inc., Laboratory Corporation of America Holdings, Alere Inc., Abbott Laboratories, Randox Laboratories Ltd., Psychemedics Corporation, Bio-Rad Laboratories, Inc., Sonic Healthcare Ltd., and ThermoFisher Scientific Inc.
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