Markets and Markets projected the drug screening market will grow from $5.32 billion in 2017 to $8.63 billion in 2022. That is an industry growth of more than 62 percent in five years.
With a projected compound annual growth rate (CAGR) of 10.2 percent, it seems the alcohol and drug screening market is truly on the rise. But what factors does this new study attribute to such a fast growth rate for our industry?
Here are the main items influencing projected growth:
- Growing drug and alcohol consumption
- Growing burden of accidents due to unsafe levels of alcohol consumption
- Enforcement of stricter drug and alcohol testing laws
- Government funding to curb drug abuse
Additionally, oral fluid testing devices are projected to have the highest CAGR during this forecast period due to their many benefits: shorter detection window, non-invasive nature, and low risk of sample tampering.
Companies that were mentioned in the study are below:
- Alfa Scientific Designs
- MPD Inc.
- Omega Laboratories
- Premier Biotech
- Quest Diagnostics
- Siemens Healthineers
- Thermo Fisher Scientific
Our Response to the Data
At TransMed Company, we look forward to growing along with the market. With our commitment to offering the best prices on high quality alcohol and drug testing products, we hope to be your choice in alcohol and drug screening kit providers. Our aim is always to stay on the cutting edge and exceed client expectations.
As a leading drug screening test provider, our company prioritizes test accuracy and reliability. That is why we ensure our tests meet the highest standards on the market. For any questions concerning our alcohol and drug testing products, please contact our team at 1-800-644-4145.