Yahoo Finance Rising Incidences of Drug Abuse Among the Elderly Drives Drug of Abuse Testing Market to Grow at Above 5% CAGR - Future Market Insights, Inc.
Rising prevalence of opioid dependence in the U.S. is expected to continue boosting demand for drug of abuse testing tools and equipment. The Centre for Social Justice determined that snowballing drug addiction in the U.K. has made it the “addiction capital of Europe”. Sales of drug of abuse testing systems in China are expected to grow at a steady pace
NEWARK, Del, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The global drug of abuse testing market was valued at an estimated US$ 1.5 Bn in 2021, with sales expected to grow at more than 5% CAGR during the forecast period of 2021 to 2031. Rising opioid dependence among the geriatric population as well as high demand for rapid and accurate drug testing equipment in forensic laboratories, hospitals, and senior citizen care centers are fueling the growth of drug of abuse testing equipment in the market.
Chronic pain is more commonly found in the geriatric population and is far more complicated. Patients diagnosed with cancer and heart disorders often complain of debilitating pain. Thus, patients and the elderly are often prescribed opioid medications for pain management. However, regular opioid use results in addiction and in some cases lead to the patient opting for cheaper drugs. In addition, recreational marijuana use for chronic pain management also leads to addiction. As addiction cases continue to rise, especially among the elderly, hospitals and care homes regularly conduct screenings and tests for drug abuse. Thus the market prospects for drug of abuse testing look positive over the forecast period.
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Incidences of substance use disorders (SUDs) have increased in the past few years. Research has also revealed significant comorbidity of SUDs with psychiatric disorders and health issues. As fentanyl-related deaths, other issues pertaining to psychostimulants, and cases of vaping, continue to rise, drug abuse tests are also witnessing developments such as the United State’s National Drug Early Warning System (NDEWS). All of these developments and the implementation of new drug of abuse testing guidelines will likely boost the sales of drug of abuse testing during the forecast period.
“Increasing awareness about the growing consumption of illicit drugs and about overdose of prescribed medications are expected to bolster the sales of drug of abuse testing over the forecast period,” says an FMI analyst.
Key Takeaways:
Preference for on-the-spot and disposable testing methods to boost market possibilities.
Increasing cases of substance abuse generate market opportunities in the U.S.
Drug of abuse testing market in the U.K to exhibit significant growth.
Drug of abuse testing for cannabinoids to gain popularity over the forecast period.
Immunoassays drug of abuse testing technique will continue to dominate the market.
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Competitive Landscape
Quest Diagnostics, Roche Holding AG, Thermo Fisher Scientific, Inc., Siemens AG (Siemens Healthineers), Abbott Laboratories (Alere, Inc.), Shimadzu Corporation, Express Diagnostics International Inc., Drägerwerk AG & Co. KGaA, Laboratory Corporation of America Holdings, and others are some of the major players in the drug of abuse testing market that are profiled in the full version of the report.
Major market players are keen on providing online training on the identification and handling of illicit drugs to law enforcement to gain a competitive advantage.
More Insights into the Drug of Abuse Testing Market Report
In its latest report, FMI offers an unbiased analysis of the global drug of abuse testing market, providing historical data from 2016 to 2020 and forecast statistics for 2021 to 2031. To understand the global market potential, growth, and scope, the market is segmented based on drug type (psychostimulants, narcotics, cannabinoids, sedatives, others), technique (immunoassay, chromatography, rapid testing), end user (hospitals, diagnostics laboratories, forensic laboratories, others), and region.
According to the latest FMI reports, based on region, the target market in North America is fueled by the rising incidences of opioid dependence and growing substance abuse rates. Again, the emergence of early warning systems will further propel the sales of drug of abuse testing in this region. Collaborations between major market manufacturers, research centers, and local authorities to spread awareness about drug abuse might also bolster future prospects.
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Drug of abuse testing market in the U.K. is expected to show impressive growth over the forecast period due to high drug abuse and addiction incidences that have made the country the “addiction capital of Europe”. Heightened usage of legal substances, mainly alcohol, and the usage of Class A drugs like heroin, meth, cocaine, and other hallucinogens are compelling authorities to launch drug testing protocols. All this drives the target market growth in this region.
Based on segmentation, sales of drug of abuse testing for cannabinoids is likely to continue to gain traction over the assessment period. By testing technique, immunoassays is expected to be the most sought-after technique with forensic laboratories being the most common end user.
Drug of Abuse Testing Market by Category
By Drug Type:
Psychostimulants
Narcotic
Cannabinoids
Sedatives
Others
By Technique:
Immunoassay
Chromatography
Rapid Testing
By End User:
Hospitals
Diagnostics Laboratories
Forensic Laboratories
Others
By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Market Background
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