The process where samples of blood, urine, or hair are collected from people to test for consumption of any harmful drugs is known as drug screening. This is primarily conducted in specific labs which also help in devising treatment therapies for any addicts that may come in while helping them avoid any tragedy or mishaps.
Covid-19 Impact on the Global Drug Screening Laboratory Services Market
The impact of COVID-19 was extensively felt all over the world as several countries closed down their borders along with restricting movement of people via lockdowns. Multiple laboratories that mainly function as drug screening labs have been turned into COVID-19 testing centres to assist with the detection of the rising number of cases. This has majorly affected therevenue share and growth rate of the market.
Due to the lockdown and limited communication with the world outside, many youngsters are at a risk of consuming drugs. The ones who have especially been diagnosed with depression, anxiety, and other mental illnesses are highly susceptible to taking support from these external elements to give them relief. The need to prevent these instances is predicted to assist the drug screening laboratory service market in its growth.
Key Developments in the Industry
Several industries are working on building up their presence in the market while also involving in researchwhich is a part of the efforts. The innovative methodologies by organizations of creating better products are also used, keeping in mind satisfaction of customers or companies in terms of quality.
For instance, in February 2021, Cordant Health Solutions, an expert in monitoring patients who are a part of the behavioural health and criminal justice programs was awarded with a contract on behalf of the Indiana Department of Child Services (DCS). Using the contact of four years Cordant Health Solutions is set to supplement the shortage of staff due to the pandemic and is expected to extend their to support children are affected by substance abuse.
Also, another expert in the clinical drug testing services is Minimal Health who entered into a partnership with the Ohio Department of public Safety (ODPS) to provide help to people who are victims of substance abuse. The real-time data provided by Millennium Health’s Emerging Threat Intelligence Program is expected to help provide information to the ODPS and alert them about any individual relying on harmful substances. This can help the department in taking the right action.
Forecast Analysis of Global Drug Screening Laboratory Services Market
According to the latest report by Research Dive, the global drug screening laboratory services market is predicted to experience a rise in revenue from $4,584.9 million in 2020 to over $10,944.1 million by 2028 at a steady CAGR of CAGR 12.8% from 2021-2028. Furthermore, the North American region is predicted to dominate the market due to millennials and youngsters consuming large amounts of alcohol and drugs.
External influencers such as an individual’s peers and family play an important role in his/her lifestyle choices. This has been one of the largest contributors to the market alongside the requirement from corporate which require employees to be screened for drugs leading to the market growth.
On the other hand, there have been various schemes in place, by the governments which involve skits, awareness drives in schools, colleges and other academic institutes. These schemes have led to people becoming more aware about the negative effects of the drugs which haveled to them quitting the practice. This could lead to the drastic decline of the market.
But, the constant innovations and latest experiments could help speed up the screening processes. Methods such as spectrometry-a process where the molecules excreted by fingers are printed and analyzed for any traces of drugs,are set to provide scope of growth for the global drug screening laboratory services market.
Also, the various key players such as Quest Diagnostics, Laboratory Corporation of America Holdings, ACM Global Laboratories, Millenium Health, Psychemedics, Abbott Laboratories, Clinical Reference Laboratory Inc, Cordant Health Solutions, Omega Laboratories, Inc, and Precision Diagnostics are building up on various techniques and methods to work on new products, mergers, and other initiatives to help in the growth of the market.