The North America Toxicology Laboratories Market to get digitally amplified
The North America Toxicology Laboratories Market is all set to hack the digital turbulence frequency In Upcoming Years. Digital technologies are the transformation of legacy approaches to contemporary approaches. With an ever-increasing demand for real-time, precise, and instant response from the data for creating new-fangled services and products, or exchanging the ones that exist, and formulating novel business models, digital transformation is there to witness a geometric progression in every vertical in the upcoming period.
According to a revised report published by Persistence Market Research, the North America toxicology laboratories market is valued at US$ 180 Mn, and is predicted to surge at a CAGR of 11% over the forecast period (2021–2031).
Toxicology testing is a science that deals with the identification of poisons and controlled substances, and their effect on the legal, clinical, and industrial environment. Toxicology testing laboratories perform the diagnosis of numerous controlled substances for excessive consumption with the help of suspect samples such as urine, hair, blood, and oral fluids.
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This research examines the numerous devices, reagents, and kits used in forensic laboratories (public and commercial), clinics, rehabilitation centers, hospitals, and diagnostics laboratories to diagnose the amount of substance.
Companies involved in the production of drug testing kits and instruments in the U.S. are now focusing on the commercialization of novel reagents that ensure rapid test results. Such initiatives are taken up by companies in view of the large demand-supply gap in toxicology services in the U.S, which is expected to boost the demand for toxicology laboratories in North America.
- Thermo Fisher Scientific, Inc.
- Danaher Corporation
- Agilent Technologies
- Alere, Inc.
- Bio Rad Laboratories Inc.
- Neogen Corporation
- Redwood Toxicology Laboratory
- Principle Laboratory
- Pacific Toxicology Laboratories
- Medical Toxicology Laboratory, LLC
- ITR Canada
- NMS Labs
- National Toxicology Labs, Inc
- BATTS Laboratories
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Key Takeaways from Market Study
- Amphetamines are expected to contribute more than 26% revenue share in the market by 2031.
- ELISA and RIA kits are the leading the demand charts by product, due to advanced application of these kits for primary analysis of samples.
- Urine samples are expected to account for 60% market share, due their prominent use in the detection of opioids, alcohols, and amphetamines.
- Among all the end users, forensic laboratories account for over 5% market share, attributed to substantial need of these laboratories by federal agencies and other private companies.
- The U.S. holds the highest share in the North America toxicology laboratories market.
- Leading manufacturers of instruments and reagents are attaining core competencies through novel product launches, and are focusing on bringing improvements in terms of achieving outcomes in minimum time.
- The market in the U.S. is projected to be the fastest-growing at a CAGR close to 12%.
“The market is expected to witness significant growth in the near future owing to growing awareness regarding drug product safety along with advancements in technology,” says an analyst of Persistence Market Research.
Government Initiatives towards Toxicology Laboratories
Government officials are enforcing strict regulatory norms to prevent the misuse of regulated substances, which, in turn, is leading to a rise in the use of toxicology testing across the North American market.
The U.S. Controlled Substances Act controls the manufacturing, distribution, and dispensing of controlled substances across the U. S. The Controlled Substances Act (CSA) establishes a unified legal framework to regulate certain drugs that are deemed to pose a risk of abuse and dependence. The CSA may apply to drugs that are medical or recreational, and legally or illicitly distributed.
Such stringent government regulations have also mandated the drug monitoring of employees at their workplace. Before granting any reimbursement to claimants, insurance service providers conduct toxicological tests.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the North America toxicology laboratories market in its latest study, presenting historical demand assessment of 2016 – 2021 and projections for 2021 – 2031.
The research study is based on drug class (alcohol, amphetamines, barbiturates, benzodiazepines, illicit drugs, opiates/opioids, tricyclic antidepressants, and Z drugs), product (reagents & kits and instruments), sample (urine, blood, hair, and oral fluids), and end user (hospitals, clinics, diagnostic laboratories, forensic laboratories, and rehabilitation centers), across seven key regions of the world.
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