Growing Consumption of Drugs and Alcohol among Millennials to Boost the Growth of Global Drug Screening Laboratory Services Market by 2028 - Exclusive Report [285 pages] by Research Dive

NEW YORK, June 16, 2021 /PRNewswire/ -- According to Research Dive, the Global Drug Screening Laboratory Services Market is estimated to generate a revenue of $10,944.1 million by 2028, and grow at CAGR of 12.8% over the forecast period (2021 to 2028). As per our analysts, the increase in consumption of drugs among the millennials due to prevalence of depression, anxiety, and inferiority complex is the major factor expected to propel the growth of the global drug screening laboratory services market in the coming future. Moreover, continuous innovations and technological advancements in drug testing methods is anticipated to create huge growth opportunities in the global market by 2028. On the contrary, the growing awareness among people related to health and ill effects of consuming drugs is estimated to restrict the market growth in projected timeframe.

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Impact of COVID-19 on the Drug Screening Laboratory Services Market:

The COVID-19 pandemic has impacted the global drug screening laboratory services market in a negative way. The decline in the market growth can be attributed to postponing of various surgeries, therapies, regular appointments, and others, which resulted in delaying of medical services such as drug screening laboratory services. Also, various drug screening laboratories have either closed or transformed into COVID-19 testing centers, which has adversely affected the revenue share of the global market.

Access Our Comprehensive Analysis of The Impact Of COVID-19 On Drug Screening Laboratory Services Market

Workplace Drug Testing Sub-segment to Hold Dominant Market Share

By type, the workplace drug testing sub-segment is projected to dominate the global market in terms of revenue share and generate $8,635.5 million by 2028. This can be majorly owing to increased consumption of drugs among the employees.

Urine Sub-segment to Witness Fastest Growth

By sample type, the urine sub-segment is projected to grow at the fastest rate and surpass $8937.4 million during the forecast period. The significant growth of the sub-segment is attributed to easy drug testing and the growing adoption of point-of-care devices and easy drug testing.

Government Sub-segment to Dominate the Industry

By end user, the government sub-segment is expected to subjugate in the global industry and reach up to $2,807.50 million by 2028. The dominance of this sub-segment is due to stringent government rules to test their employees for drug consumption.

North America Region to Subjugate in the Global Industry

By region, the North America market for drug screening laboratory services accounted $1,839.1 million in 2020 and is projected to be most profitable during the forecast period. This growth is owing to increased consumption of alcohol & drugs among millennials and high government funding for drugs test.

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Top 10 Prominent Market Players in Drug Screening Laboratory Services Industry

Some of the top players of the global drug screening laboratory services industry are:

1. Abbott Laboratories
2. Clinical Reference Laboratory, Inc.
3. Quest Diagnostics
4. Laboratory Corporation of America Holdings
5. Acm Global Laboratories
6. Cordant Health Solutions
7. Omega Laboratories, Inc.
8. Precision Diagnostics
9. Millennium Health
10. Psychemedics.

These players are implementing numerous strategies to gain a competitive edge in the global industry. For instance, in September 2020, LabCorp, a leading global life sciences company, and Infirmary Health, Alabama's largest non-governmental health care system, entered into a multi-year collaboration to offer drug testing laboratory services to patients and providers in the eastern Gulf Coast region.

Further, the report presents several aspects of these major players such as business & financial performance, SWOT analysis, latest developments, product portfolio, and many more. - Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]

More about Drug Screening Laboratory Services:

Global Drug Screening Laboratory Services Market to Witness Noteworthy Growth due to Increased Consumption of Drugs among Youngsters

What are the Drug Screening Laboratory Services Used to Test for Harmful Substances in the Body?

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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