Drug Testing Equipment Market Trends
Growth Drivers
- Stringent Regulations of Sports Association – The adoption of several programs that are designed to detect the use of banned substances and strict drug testing for illegal drug abuse by athletes worldwide during the sports session is anticipated to propel the market growth. Sports organizations such as the International Olympic Committee (IOC), the International Sports Federation (ISF), and others have made drug testing mandatory for participants before participating in a sporting event.
- Collaborations & Innovations in Testing Technology – The tangible benefits of collaborations include reduced medical errors, medication errors, and redundant tests, as well as innovative brainstorming, faster patient throughput, and improved provider satisfaction that come with a democratized and collegial care process. Intoximeters, Inc. with Abbott Healthcare Private Limited agreed to market SoToxa Mobile Test System of Abbott together with Alco-Sensor brand breath alcohol-testing products of Intoximeters. SoToxa is a handheld oral fluid testing solution that will be used to detect drug use.
- Emerging Laws – As per the Biden-Harris Administration’s Unity Agenda, around USD 3.8 billion has been invested through the American Rescue Plan by the administration to address the mental health crisis and drug overdose plague in the United States.
Challenges
- Emerging Policies & Ban on Testing of Drugs - Drug testing in some places (particularly the workplace) is regarded as a violation of employee privacy, which is expected to impede market growth. The drug consumption ban in certain areas, as well as accuracy issues, are expected to pose challenges to the drug screening market.
- Lack of Accuracy in Many Cases
- Slower Penetration Due to Privacy Concerns
Drug Testing Equipment Market: Key Insights
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
11.20% |
|
Base Year Market Size (2024) |
USD 7.43 billion |
|
Base Year Market Size (2024) Forecast Year Market Size (2037) |
USD 29.54 billion |
|
Regional Scope |
|
