Growing need to detect consumption of drugs for nonmedical purposes, is opening new opportunities for drug of abuse manufacturers. According to a research report added to the repository of XploreMR, the global drugs of abuse testing market is expected to register a 6.1% CAGR over the forecast period, 2017-2027.
Key Market Players Incorporate Advanced Technological Solutions to Broaden their Product Portfolio
To offer quick and convenient techniques of drug detection, leading manufacturers are focusing on developing novel and effective medications and detection techniques. Major manufacturers are focusing on leveraging innovative technology to develop effective detection devices such as Liquid Chromatography and Gas Chromatography, and testing techniques.
For instance, a prominent manufacturer, Premier Biotech is focused towards developing effective drug detection and testing techniques such as rapid urine drug testing technique. As this technique utilizes immunoassay technology, the detection and testing results offer accurate results. This technique continues to witness significant demand in clinical toxicology, workplace, correctional, and health & human services. Bound to these factors, growth of the drugs of abuse testing market is expected to remain positive over the forthcoming years.
Forensic Laboratories to Witness Significant Adoption of Drug of Abuse Testing Techniques
Valuable insights compiled in the research report offers in-depth and crucial information pertaining to various segments identified in the market. The report identifies three important segments in the market, which include drug type, technique type, and end user. On the basis of drug type, hallucinogens will continue to account for a significant share of the market whereas, sedatives are expected to witness the fastest growth during the assessment period. Based on technique type, the immunoassay technique is expected to remain a leading segment, accounting for a value of more than US$ 870 Mn by 2027-end. On the basis of end users, the forensic laboratories is predicted to account for a major market share during the forecast period.
In addition to the segmentation, the research report also sections the market in terms of region. Based on region, the market is segmented as Latin America, North America, Eastern Europe, Western Europe, Japan, the MEA, and APEJ. During the forecast period, APEJ is expected to reflect a CAGR of 7.0% attributed to the growing population and increasing disposable income among individuals. Valuable insights offered in the report briefs the readers on various strategies implemented by the major market players in different regions and its impact at the global level.
Collaborations and Technological Advancements to Craft Novel Growth Opportunities for Key Market Players
Detailed insights encapsulated in the report offers crucial information on the business strategies adopted by leading market players and its influence on the decisions of the manufacturers and customers. The report also focuses on providing important information pertaining to th e impact of technological developments and innovations on the conduct of detection and testing techniques as well as on the accuracy of the results. To sustain their lead in the competitive market, major market players in the pharmaceutical industry are concentrating on developing effective, intelligent, and accurate techniques, drugs, and devices that can be conveniently used by various end-user industries.
For instance, leading market players, OraSure Technologies signed a collaboration with Thermo Fisher Scientific to develop detection tests that can screen for various substance abuse. Through the collaboration, the companies will narrow its focus towards developing next-generation Intercept oral fluid specimen collection device. This novel detection technique can offer clarity to the forensic-related clients.