Drug for abuse testing devices are used to detect the presence of drugs or substances like marijuana, cocaine, amphetamines, opiates, etc., and their metabolites in an individual's urine, blood, hair, saliva or breath. These devices help identify individuals who use illegal drugs or those who misuse prescription drugs.
The global Drug For Abuse Testing Devices Market is estimated to be valued at Us$ 1.65 Bn In 2023 and is expected to exhibit a CAGR Of 9.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
The end sentence is formated as The global drug for abuse testing devices Market is estimated to be valued at US$ 1.65 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing awareness about harmful effects of drug abuse among people has been a key driver enhancing the growth of the global drug for abuse testing devices market. Various awareness campaigns undertaken by governments and non-profit organizations across the world to educate people, especially youth, regarding dangers of drug addiction are encouraging more number of individuals as well as organizations to opt for drug abuse testing. This is subsequently accelerating the demand for drug abuse testing devices. According to the United Nations Office on Drugs and Crime, around 271 million people across the world used drugs at least once in 2020. This growing prevalence of drug abuse cases signifies vast opportunities for abuse testing devices providers over the forecast period.
Segment Analysis
Drug for Abuse Testing Devices Market is segmented into workplace testing, criminal justice testing, and drug treatment centers. The drug treatment centers segment currently dominates the market and is expected to continue its dominance over the forecast period. Drug abuse is a major issue worldwide and drug treatment centers play a crucial role in rehabilitation and monitoring drug usage. Thus, the growing number of drug treatment facilities is expected to drive the demand for drug abuse testing devices from this segment.
Key Takeaways
The Global Drug For Abuse Testing Devices Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to grow from US$ 1.65 billion in 2024 to US$ 3 billion by 2030, registering a CAGR of 9.0% during this period.
Regional analysis:
North America currently dominates the global market and is expected to maintain its leading position till 2030. Factors such as presence of major players, favorable reimbursement policies, and increasing drug abuse are fueling the growth of the market in this region. Asia Pacific is anticipated to be the fastest growing market during the forecast period. Factors such as growing awareness about drug abuse and related treatments along with rising healthcare expenditure are expected to support market growth in Asia Pacific.
Key players operating in the Drug for Abuse Testing Devices market are JRD Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., 2XU Pty. Ltd., Endura Limited, Isadore Apparel, Rapha Racing Limited, Attaquer Pty Ltd., Lumiere Cycling, Panache Cyclewear Co., Cadence Collection, Voler Inc., and Ornot. These players are focusing on new product launches and strategic collaborations to strengthen their market position.
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