Research Nester published a report titled “Drug Testing Equipment Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global drug testing equipment market in terms of market segmentation by product, sample, application, end-user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global drug testing equipment market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 – 2031. The market is segmented by application into radiology, ultrasound, in vitro diagnostic, and others, out of which, the ultrasound segment is anticipated to hold the notable share over the forecast period on account of growing demand for ultrasound imaging tests for various diseases and conditions, along with higher accuracy of ultrasound.

The global drug testing equipment market is estimated to grow on the back of increasing demand for new drugs and treatment methods, backed by the rising incidences of genetic and rare diseases, along with higher health awareness amongst the people. Moreover, strict government regulations for proper drug testing, coupled with increased testing of narcotics are projected to boost the market growth. Furthermore, increasing research and development activities are estimated to fuel the market growth. According to the data by the World Bank, the total global research and development expenditure amounted to 2.204% of the GDP in 2018.

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 the North America region is anticipated to gain the largest market share throughout the forecast period, owing to the high investment for research and development of new drugs, along with favorable government policies for drug testing in the region.

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The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

Increasing Investment in Healthcare Sector to Boost the Market Growth

According to the data by the World Bank, USD 1,111.082 was spent per capita on healthcare in the year 2018.

Drug discovery is a major part of the medical industry, as novel drugs and treatment methods are needed for different diseases. The increasing investment in healthcare, and research and development activities, are expected to boost the market growth. Along with this, the amalgamation of advanced technology with medical procedures in the recent years, is bound to positively impact the market growth.  

However, various countries ban the research for new drugs, which is expected to operate as key restraint to the growth of global drug testing equipment market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global drug testing equipment market which includes company profiling of F. Hoffmann-La Roche, Thermo Fisher Scientific, Inc., Quest Diagnostics Incorporated, Siemens AG, Bio-Rad Laboratories, Inc., Butterfly Network, Inc., Cordant Health Solutions, Legacy Medical Services, LLC, Omega Laboratories, Inc., and GE Healthcare. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global drug testing equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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