Global Specimen Validity Testing Market 2020-2024 | Evolving Opportunities with Abbott Laboratories and Alfa Scientific Designs Inc. | Technavio

Technavio has announced its latest market research report titled Global Specimen Validity Testing Market 2020-2024 (Graphic: Business Wire)

LONDON--()--The global specimen validity testing market is expected to grow by USD 393.04 million as per Technavio. This marks a significant market slowdown compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of about 6%.

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Read the 120-page report with TOC on "Specimen Validity Testing Market Analysis Report by Type (Products and Services), Geography (North America, Europe, Asia, and ROW), and the Segment Forecasts, 2020-2024".

https://www.technavio.com/report/global-specimen-validity-testing-market-industry-analysis

The market is driven by the growing consumption of alcohol and illicit drugs. In addition, the growing adoption of inorganic growth strategies by vendors is anticipated to boost the growth of the specimen validity testing market.

Globally, the consumption of alcohol and illicit drugs such as opioids, cocaine, amphetamines, and cannabis has significantly increased over the years. In 2017, about 6% of the population, aged between 15-64 years used illicit drugs across the globe. Every year, the consumption of drugs claims about 11-12 million lives worldwide. To counter the increasing incidences of drug addiction and drug abuse, several government, corporate, and law-enforcement agencies are adopting specimen validity testing services. In addition, many governments are also enforcing new regulations and initiating awareness campaigns to control drug abuse practices. These developments are increasing the demand for drug abuse testing and specimen validity testing products and services, leading to the growth of the market.

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Major Five Specimen Validity Testing Companies:

Abbott Laboratories

Abbott Laboratories operates its business through segments such as Established Pharmaceuticals, Nutritionals, Diagnostics, and Medical Devices. The company offers Alere iCup drug screen. It minimizes urine exposure and tests for up to 13 drugs in one device and offers specimen validity combinations, such as creatinine, glutaraldehyde, nitrite, oxidants/bleach, pH, and specific gravity adulteration.

Alfa Scientific Designs Inc.

Alfa Scientific Designs Inc. operates its business through segments such as Products, Manufacturing Services, and Development Services. Instant-view Push Button Multi-Drug Of Abuse Urine Cup is the key offering of the company. It has a split specimen feature, which allows the operator to initiate the test when a patient is ready to read the results. Also, its flat test windows enable operators to photocopy the results for a permanent patient record.

American Bio Medica Corp.

American Bio Medica Corp. operates its business through a unified business segment. The company offers Rapid TOX Cup II. It is available with an integrated Specimen Validity Test (SVT) strip, which can be located to the left of the Rapid TOX Cup II logo printed on the cup.

Laboratory Corporation of America Holdings

Laboratory Corporation of America Holdings operates its business through segments such as LabCorp Diagnostics and Covance Drug Development. The company offers urine drug testing services through its Substance Abuse and Mental Health Services Administration (SAMHSA)1-certified laboratories. It offers specimen validity testing to detect adulterants or specimen substitution resulting from a donor's attempts to mask drug use.

Premier Biotech Inc.

Premier Biotech Inc. operates its business through segments such as Products and Lab Services. The company offers products such as Premier Bio-Cup, Premier Bio-Dip, and U-Tox. These products feature built-in specimen validity tests.

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Specimen Validity Testing Market Type Outlook (Revenue, USD Million, 2020-2024)

  • Products
  • Services

Specimen Validity Testing Market Regional Outlook (Revenue, USD Million, 2020-2024)

  • North America
  • Europe
  • Asia
  • ROW

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Related Reports on Healthcare Include:

Global Drugs of Abuse Testing Market – Global drugs of abuse testing market by product (instruments and consumables) and geography (Asia, Europe, North America, and ROW).

Global In-vitro Toxicity Testing Market – Global in-vitro toxicity testing market by end-users (pharmaceutical and biotechnology companies, academic and research institutions, and others) and geography (Asia, Europe, North America, and ROW).

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Release Summary

The specimen validity testing market size has the potential to grow by USD 393.04 million during 2020-2024

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/