SVT Testing Market Recent Developments Study Analysis to 2023-2028...

SVT Testing Market Recent Developments Study Analysis to 2023-2028

Posted 2023-02-01 11:00:37

The global SVT Testing Market size is expected to reach USD 2.10 Billion by 2028 at a CAGR of 6.6%, according to the latest report by Reports and Data. Rapidly rising incidence of drug abuse, increasing number of drug screening labs across the globe, and growing demand for presumptive tests are key factors expected to drive market revenue growth over the forecast period. Presence of stringent regulations that mandate drug screening tests and increasing adoption of drug screening at workplace are also expected to contribute to market growth going ahead. Rising use of illicit drugs and growing diversion of prescription drugs is also expected to drive market growth going ahead.

SVT Testing (SVT) is performed on urine specimen to detect adulteration, substitution, or dilution. Specimen validation testing plays a crucial role in the healthcare sector as it allows clinicians to assess patient’s behavior, medicine adherence, and honesty in communication. Clinicians generally order SVT to make informed therapeutic decisions about medical conditions of their patients, which also includes therapeutic overuse and illicit drug abuse. SVT Testing enables clinicians and toxicologists ensure the integrity of the test through accurate measurements of creatinine, pH, and specific gravity. This has boosted its adoption in law enforcement agencies and in criminal justice and this is expected to drive market growth going ahead.

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Some Key Highlights From the Report:

Reagents, calibrators, and controls segment is expected to account for largest revenue share among the products segment. Growth can be attributed to increasing demand and repeated purchase of reagents due to rising number of specimens being tested in drug screening laboratories.
Laboratory testing segment is expected to register robust revenue CAGR over the forecast period owing to increasing drug testing in established healthcare facilities, rising cases of drug abuse, and implementation of standardized SVT Testing protocols in laboratories.
Workplace segment is expected to register significant revenue growth over the forecast period owing to rising incidence of drug abuse at workplaces and increasing number of offices and organizations mandating workplace drug screening.
North America is expected to account for largest revenue share between 2021 and 2028, attributable to growing use of illicit drugs, increasing incidence of prescription diversion, and presence of stringent laws mandating drug screening in countries in the region.

Competitive Outlook of the Global SVT Testing Market

The globla SVT Testing market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the SVT Testing market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers & acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.

Top Companies Profiled in the Report:

Thermo Fisher Scientific, Inc., Sciteck, American Bio Medica Corporation, Alere, Express Diagnostics, Premier Biotech, LabCorp., Quest Diagnostics, Alere Toxicology, ACM Global Laboratories, Clinical Reference Laboratory (CRL), SureHire, and CannAmm.

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The report is inclusive of product type outlook, application spectrum, end-use outlook, technology landscape, regional market analysis, and competitive overview.

SVT Testing Market Segmentation:

Product & Services Outlook (Revenue, USD Billion; 2018-2028)

Products
- Reagents, Calibrators, & Controls
- Assay Kits
- Disposable
Services

Type Outlook (Revenue, USD Billion; 2018-2028)

Laboratory Testing
Rapid/POC Testing

End-use Outlook (Revenue, USD Billion; 2018-2028)

Workplaces
Drug Screening Laboratories
Law Enforcement Agencies
Pain Management Centres
Drug Rehabilitation Centres
Others

Key Regional Markets Covered in the Report:

North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, Spain, France, BENELUX, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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