Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSFebruary, 2021: Sandoz announced the acquisition of cephalosporin antibiotics business of GSK, to expand its portfolio in manufacturing drugs and medicines.
March, 2018: Butterfly Network, Inc. launched an augmented-reality capability to remotely guide Butterfly iQ ultrasound scanners.
Global Drug Testing Equipment Market Highlights over 2022 – 2031
The global drug testing equipment market is estimated to grow at a CAGR of ~15% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing demand for novel drugs and treatment methods for diseases, along with higher adoption of technology in the healthcare industry. Moreover, government has stringent regulations for testing any drug before its approval for sale, which is further projected to play a crucial role in the growth of the drug testing equipment market.
Furthermore, the growing research activities for the development of new drugs are anticipated to fuel the market growth. According to the data by the World Bank, research and development expenditure amounted to 2.204% of the GDP in 2018.
Moreover, growing patient pool of various genetic, and non-genetic disorders, rising prevalence of lifestyle diseases, such as, diabetes, hypertension, cardiovascular diseases, and others, and surge in transmission of communicable diseases, are further estimated to collectively drive the market growth. For instance, requirement for vaccine for fast spreading diseases, such as, COVID-19, played a significant role in the growth of the market. Furthermore, the increasing health awareness amongst people has also led to surge in demand for effective drugs and medicines, which is projected to promote the market growth. Furthermore, the growing technological advancement in the healthcare sector, backed by rising healthcare expenditure, is forecasted to boost the market growth. According to the data by the World Bank, 9.858% of the global gross domestic product (GDP) was spent on healthcare in 2018.
The market is segmented by product into consumables, urine testing kits, rapid test devices, Breathalyzer, chromatography, and others. Out of these, the rapid test devices segment is anticipated to gain notable growth in the global drug testing equipment market over the forecast period on account of increasing demand for drugs backed by higher health awareness amongst the people, post COVID-19 pandemic. Rapid test devices deliver quick results, which allows researchers to carry on multiple tests in a shorter span of time, which, in turn, increases the accuracy of tests and decreases the time taken. Such factors are anticipated to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Drug Testing Equipment Market Regional Synopsis
On the basis of geographical analysis, the global drug testing equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing government and private investment in the healthcare sector, coupled with the advancement in technology. Moreover, growing investment in research activities in countries, such as, China, and Japan, is expected to boost the market growth. The market in the North America region is anticipated to gain the largest market share throughout the forecast period on account of presence of major pharmaceutical companies in the region, along with high investment for research and development of new drugs.
The global drug testing equipment market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global drug testing equipment market includes the following segments:
By Product
By Sample
By Application
By End-User
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Growing investment in healthcare research activities is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 – 2031.
The major players in the market are F. Hoffmann-La Roche, Thermo Fisher Scientific, Inc., Siemens AG, Bio-Rad Laboratories, Inc., Butterfly Network, Inc., Cordant Health Solutions, Legacy Medical Services, LLC, Omega Laboratories, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, sample, application, end-user, and by region.
The rapid test devices segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ban on drug testing in various countries is majorly estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the rising technological advancement in the region.
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