Drug Screening Laboratory Services Market to Reach $7.05 Billion by 2027: AMR – GlobeNewswire

Drug Screening Laboratory Services Market to Reach $7.05 Billion by 2027: AMR – GlobeNewswire

Portland, OR, Aug. 17, 2020 (GLOBE NEWSWIRE) — Drug screening laboratory services market generated $6.72 billion in 2019, and is estimated to reach $7.05 billion by 2027, registering a CAGR of 9.4% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.

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Stringent government rules & regulations regarding drug abuse and increase in funding for drug screening drive the growth of the global drug screening laboratory services market. However, considering drug screening as a violation of rights restrains the market growth. Furthermore, development of novel drug screening tests is expected to provide new opportunities for the market players in the near future.

Covid-19 scenario:

  • The demand for drug screening laboratory services is anticipated to surge due to Covid-19 pandemic. This is due to ongoing development of new drugs or vaccine to treat coronavirus-infected patients.
  • The Covid-19 pandemic has negatively affected the drug screening laboratory services market as number of laboratories across the globe have been closed due to slow down of drug production amid the lockdown.

The report offers a detailed segmentation of the global drug screening laboratory services market based on service type, sample type, end-user, and region.

Based on service type, the workplace drug testing segment contributed to the largest share in 2019, accounting for nearly three-fourths of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, it is estimated to portray the highest CAGR of 11.3% during the forecast period. The report also analyzes the clinical toxicology testing segment.

Based on sample type, the urine segment accounted for the largest share in 2019, holding more than 90% of the total share, and is expected to maintain the largest share throughout the forecast period. However, the hair segment is expected to register the highest CAGR of 14.2% from 2020 to 2027.

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Based on region, North America contributed the highest share, accounting for nearly three-fourths of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, it is expected to grow at the highest CAGR of 11.3% from 2020 to 2027. The report also analyzes regions including Asia-Pacific, Europe, and LAMEA..

Leading market players analyzed in the research include Quest Diagnostics Incorporated, Abbott Laboratories (Alere Inc.), Laboratory Corporation of America Holdings, Clinical Reference Laboratory, Inc., Llc/Cordant Health Solutions, Sterling Healthcare Opco, Omega Laboratories, Acm Global Laboratories, Inc, Millennium Health, and Psychemedics.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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