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The specimen validity testing market size has the potential to grow by USD 393.04 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by type (products and services) and geography (Asia, Europe, North America, and ROW). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Abbott Laboratories, Alfa Scientific Designs Inc., American Bio Medica Corp., Laboratory Corporation of America Holdings, Premier Biotech Inc., Quest Diagnostics Inc., Rochester Regional Health, Sciteck Inc., Thermo Fisher Scientific Inc., and W.H.P.M. Inc.
The market is fragmented due to the presence of numerous vendors, ranging from small regional vendors to large global vendors. These vendors are focusing on adopting both organic growth strategies such as product launches and inorganic growth strategies such as mergers and acquisitions to increase their dominance and expand their product offerings. Quest Diagnostics Inc., Rochester Regional Health, Sciteck Inc., Thermo Fisher Scientific Inc., and W.H.P.M. Inc. are some of the major market participants. Although the growing consumption of alcohol and illicit drugs will offer immense growth opportunities, the presence of a stringent regulatory framework will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this specimen validity testing market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this specimen validity testing market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading companies, including:
North America had the largest specimen validity testing market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increase in drug positive results at workplaces and growing promotions from governments to counter drug abuse are driving market growth in North America. Moreover, the presence of a significant number of vendors offering advanced specimen validity testing products and services in countries such as the US and Canada is also benefiting the growth of the regional specimen validity testing market. will significantly influence specimen validity testing market growth in this region.
49% of the market’s growth will originate from North America during the forecast period. The US is one of the key markets for specimen validity testing in North America. Market growth in this region will be slower than the growth of the market in other regions.
The products segment includes reagents, calibrators, controls, assay kits, and disposables used in specimen validity testing procedures. Specimen validity testing products are finding increasing use in determining the concentration of creatinine, density of dissolved particles, and pH value of a specimen. Moreover, the growing number of product approvals and the use of such advanced and reliable products are enabling service providers to efficiently detect the adulteration, substitution, and dilution in specimens.
Market growth in this segment will be slower than the growth of the market in the services segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the specimen validity testing market size.
The rising trend of drug abuse is resulting in a significant number of drug-related disorder cases and deaths. The annual cost related to drug abuse and addiction in the US is estimated at about USD 700 billion, due to the loss of workplace productivity, an increase in healthcare expenses, and criminal activities. In order to counter the growing practices of drug abuse, several public and private bodies such as corporate office, drug rehabilitation centers, law enforcement agencies, and government facilities are increasingly adopting specimen validity testing services. Additionally, the growing number of drug rehabilitation centers aid in increasing the routine prescription of the specimen validity testing to monitor the habitual drug intakes among people undergoing treatment for substance abuse disorders. Moreover, the increasing burden of drug abuse and drug-related disorders has also led several governments to take measures for countering drug abuse practices through regulatory mandates and awareness campaigns. Such initiatives have also increased the demand for drug abuse testing and specimen validity, testing products and services.
Growing investments from vendors in R&D and increasing competition in the market enabled vendors to consistently focus on product developments and launches. Owing to the presence of stringent regulations on specimen validity tests and assays, vendors are concentrating on developing reliable products to meet high precision and quality requirements during specimen validity testing. This has led to the increasing number of product clearances and certifications. The rising number of product approvals, one of the key specimen validity testing market trends, will drive the demand for specimen validity testing across the globe. Such factors will drive market growth at a CAGR of about 6% during the forecast period.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Type
Customer landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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