Toxicology Testing Services Market Key Insights, Profiling Companies and Growth Strategies
The toxicology testing services market is expected to drive robust growth in the near future as various drugs are on track to be legalized for both medicinal and recreational purposes. The total evaluation for toxicology testing services market stood at $6 bn in 2017. It is expected to register lucrative single-digit growth during 2018-2026. Apart from blowing winds of legalization, cases of overdose, testing for drinking and driving, and adoption of testing technology worldwide is also expected to drive growth in the toxicology testing services market.
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Rising Cases of Drug Overdose Raises Concern
Drug overdose and subsequent overdoses are becoming a major public concern in the United States. On one hand, these deaths cause considerable damages to individuals, and families affected. On the other hand, the burden of these deaths on the public is also increasing. According to Center for Disease Prevention and Control, in 2017, there were over 70,000 deaths in the United States due to drug dose.
Additionally, the toll due to drug-overdose is on a worrisome rise. For example, in 2016, the deaths per 100,000 stood at 6.1%. On the other hand, this rose to 21.7% in 2017. Moreover, the rate has been climbing for many years. During 1999 to 2006, the rate increased by 10% each year. The rates are also significantly higher for males. It rose from 8.2% in 1999 to 29.1% in 2017. While it increased from 3.9% in 1999 to 14.4% 2017.
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Drug Usage Changes – Likely to Drive Shift in Testing Dynamics
The toxicology testing services market is expected to witness a shift in testing dynamics in the near future. Currently, the high rates of alcohol testing promise significant opportunities. Additionally, this testing also provides higher profit margins as an alcohol-related testing can cost as much as $100. On the other hand, drug testing at lab can cost somewhere $70. While alcohol related testing continues to grow, different types of drugs are involved in drug-overdose cases.
Between 2016 and 2017, deaths caused by methadone, natural, semisynthetic opioids, and heroin remained the same. However, overdose for other drugs such as fentanyl, analogs, and tramadol increased by 45% from 6.2 per 100,000 to 9.0 in 2017. Growing shifts in dynamics are expected to result in major growth for newer testing mechanisms, challenges, and opportunities for growth.
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North America to Remain Dominant in the Near Future
The toxicology testing services market is expected to remain dominant in North America. The rising public concern about growing use of opioids, more rigorous testing at workplaces, and legalization of drugs like marijuana are expected to drive robust growth in the near future.
Asia Pacific is also expected to register tremendous growth as apparatus for drug testing continues to receive widespread adoption, thanks to more stringent implementation of regulations. Additionally, in some Asian countries like Singapore, a strict no-drug policy and similar stringent prevailing attitudes promise more growth during 2018-2026.
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