The global market for drug testing equipment is anticipated to reach a value of US$ 5.2 billion in 2023 and is anticipated to reach a valuation of US$ 16.4 billion by showing a CAGR of 12.1% from 2023 to 2033. The market for drug testing equipment experienced growth at a 7.1% CAGR from 2018 to 2022.
The primary factors propelling the market for drug testing equipment are the rising consumption of alcohol by young individuals and seniors, the abuse of prescription medications, and the rising use of opioids and other illegal narcotics. The demand for drug testing equipment is being further fueled by the rise in illegal drug usage and the rising crime rates associated with drug addiction.
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Drug Testing Equipment Market Overview
According to latest research by Future Market Insights Research, The Drug Testing Equipment Market is set to witness a thriving growth in forecast period 2021-2031 registering a CAGR up to 17%.
The reason for this is increasing consumption of drugs and alcohol in the young and old generation, and the stringent laws imposed by the government which includes mandatory testing of drug and alcohol, fund raising by government in major market etc. The Addiction of drugs and alcohol is the major reason for the growth of market.
What is Driving Demand for Drug Testing Equipment?
The Existing market players are focusing Constantly on Innovation and upgradation in the technologies and efficiency of product used for Drug testing equipment.
The laws imposed by the governments which makes drug test and alcohol test compulsory in several regions drives the demand for the market.
The Test carried out in hospitals and clinics before any surgery or if patients suffer from any problem also helps in boosting the growth of the market. The increase in urine sample segmentation test boosted the market growth.
The introduction of new technologies such as rapid testing kits which makes the testing easier and gives the accurate result to the patient within no time, these advancement drives the demand of the market.
Covid-19 Effect and Impact on Drug Testing Equipment Market.
In Covid-19 pandemic the growth of market Had and positive impact on the drug testing kit market, the prevalence in the use of rapid testing kits the market was growing consistently in upward direction, there was an invention of Fingerprint-based drug testing which has gained its ground due to Covid-19 pandemic.
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US and Canada Drug Testing Equipment Market Outlook
US and Canada are the region where the investment related to research & development, Addition of technologies, strategic improvements, and others are more superior than other regions and hence the reason for the Table topper of the market.
The technological advancement in healthcare sector is high in this region and the presence of well-established key players drives the growth of the market in the region. Rise in consumption of Narcotic drugs, increase in government funding to Early detection of drug abuse, and the presence of laws supporting drug testing, and growing incidence of accidents due to unsafe level of consumption of alcohol rise the demand of market.
Europe & Asia Pacific Demand Outlook for Drug Testing Equipment Market.
Europe is enjoying at the second spot where several factors like automation and better technical inclusion and Scope is present. European healthcare professionals are very innovative and advanced hence there is increase in demand for the drug testing equipment. Europe has some established key players in the market and many emerging and rising stars of the Drug testing equipment industry are rising every year this boosts the demand of the market.
The Asia Pacific region has better prospect in growing with a high rate of CAGR in the coming years as the regional market will witness several changes in the healthcare sector. China is leading producer of drug testing kits in the Asia-Pacific region which helps the growth of the region. The increasing expenditure on the healthcare sector in the region leads to boost for demand in region.
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The Report Covers Exhaustive Analysis on:
- Drug Testing Equipment Market Segments
- Drug Testing Equipment Market Dynamics
- Historical Actual Market Size, 2016 – 2020
- market Size & Forecast 2021 to 2031
- Drug Testing Equipment Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Market Drivers and Restraints
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