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Drug Screening Market worth $10.0 billion by 2025 - Emerging Trends and Opportunities Analysis
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Drug Screening Market worth $10.0 billion by 2025 - Emerging Trends and Opportunities Analysis
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Services segment expected to grow at the highest CAGR during the forecast period.
Based on service and product, the drug screening market is segmented into services and products. Services segment accounted for the largest share of the market in 2019. This segment is also expected to register the highest CAGR during the forecast period, mainly due to the growing drug and alcohol consumption worldwide, funding initiatives for drug testing laboratories, new service launches, and regulatory approvals, and geographic expansion of drug and alcohol testing laboratories.
Analytical instruments are expected to dominate the drug screening products market in 2019.
Based on the product, the drug screening market is segmented into analytical instruments, rapid testing devices, and consumables. In 2019, the analytical segment is expected to dominate the market. Growing alcohol consumption and drunken driving cases, stringent government laws mandating drug and alcohol testing, and technological
Cannabis Testing Market worth $1,806 million by 2025 - Exclusive Report by MarketsandMarkets Cannabis Testing Market by Products & Software s (Instruments, Consumables, LIMS), Services (Heavy Metal Testing, Microbial Analysis, Potency, Residual Screening), End-User (Cultivators, Laboratories, Research Institutes) - Global Forecast to 2025 , published by MarketsandMarkets, the global Cannabis Testing Market is projected to reach USD 1,806 million by 2025 from USD 962 million in 2020, at a CAGR of 13.4% during the forecast period.
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The Factors such as the legalization of cannabis for medical use, rapid growth in the number of cannabis testing laboratories, growing awareness regarding medical cannabis, rising funding for the cannabis industry, and the presence of prominent players are driving the growth of the Cannabis testing product & software.
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The global drug screening market is projected to reach USD 10.0 billion by 2025, from USD 4.5 billion in 2020, at a CAGR of 17.3% during the forecast period.
Market growth can be largely attributed to factors such as the rising drug & alcohol consumption, the enforcement of stringent laws mandating drug and alcohol testing, government funding in major markets, and regulatory approvals and product and service launches. The emerging countries are also expected to offer strong growth opportunities for players in the market. On the other hand, bans on alcohol consumption in Islamic countries and the prohibition of drug testing at workplaces in certain regions are some major factors that may hinder the market growth.
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