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The growth of the market at a CAGR of nearly 6% during 2019-2023

NEW YORK, June 17, 2019 /PRNewswire/ -- About this market

The growing instances of drug abuse are compelling various governments agencies such as the US FDA, the CDC, and the Drug Enforcement Agency (DEA) impose stringent regulations pertaining to the use of drugs. Implementation of these regulations is driving the growth of the global drugs of abuse testing market. For instance, the researchers in the US are required to get approval from several organizations such as the National Institute on Drug Abuse (NIDA), the US FDA, and the DEA to procure cannabis for their research purposes. Additionally, researchers must secure additional approvals from various state government departments where the research is being conducted. These factors are expected to drive the growth of the market at a CAGR of nearly 6% during 2019-2023.

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Market Overview

Increased strategic developments

Vendors in the market are focusing on improving their product offerings and innovations to expand their product portfolios and ensure the availability of drugs of abuse testing to end-users such as research laboratories and academic institutions. Other strategic developments such as new product launches, joint ventures, collaborations, investments, and partnerships, and acquisitions adopted by the vendors are expected to fuel the growth of the global drugs of abuse testing market size during the forecast period.

Manipulation of drug screening tests

There are instances of people evading tests for illicit drugs by manipulating the specimen that was supposed to be subjected to the tests. For example, the easy availability of chemicals such as laundry detergent, table salt, and toilet bowl cleaners give people the liberty to adulterate the specimens to manipulate drug screening tests. This is expected to hinder the growth of the global drugs of abuse testing market size.

For the detailed list of factors that will drive and challenge the growth of the drugs of abuse testing market size during 2019-2023, view our report.

Competitive Landscape

The market appears to be fairly concentrated with few players occupying the market share. Companies such as Abbott and Bio-Rad Laboratories Inc. have intensified competition. Factors such as stringent regulatory control on the procurement of cannabis and increased strategic developments will provide significant growth opportunities for drugs of abuse testing companies. Abbott, Bio-Rad Laboratories Inc., Danaher Corp., F. Hoffmann-La Roche Ltd, and Thermo Fisher Scientific Inc. are some of the major companies covered in this report.

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