Global Specimen Validity Testing (SVT) Market To Grow USD 4.7 Billion By 2032 | CAGR of 6.9%
Category: HealthcareGlobal Specimen Validity Testing (SVT) Market To Grow USD 4.7 Billion by 2032
According to a research report published by Spherical Insights & Consulting the Global Specimen Validity Testing (SVT) Market Size is To Grow from USD 2.4 Billion in 2022 to USD 4.7 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period.
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Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Specimen Validity Testing (SVT) Market Size, Share, and COVID-19 Impact Analysis, By Product and Services (Product {Assay Kits, Reagents & Calibrators, Disposables}, Service), By Type (Laboratory Testing and Rapid/POC Testing), By End User (Workplace, Drug Screening, Pain Management, & Drug Rehabilitation Centers), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/specimen-validity-testing-svt-market
Specimen validity testing (SVT) is a technique for confirming the integrity and authenticity of biological samples, mostly urine, in a variety of testing settings, including drug testing. The goal of this testing is to confirm that the given sample has not been contaminated, substituted, diluted, or tampered with in any way that might alter the test results. In addition, the high cost of specimen validity testing, on the other hand, may provide a significant impediment to market expansion in future years. In addition to the standard drug testing methods, specimen validity testing (SVT) may entail additional costs. These tests usually need the use of specific equipment and reagents to adequately assess the integrity of materials. Instruments for measuring temperature, pH, and specific gravity, as well as chemical reagents for detecting adulterants or masking agents, may be included. The cost of obtaining, maintaining, and calibrating such equipment, as well as the purchase of certain reagents, can all add to the total cost of specimen validity testing.
Increased drug screening laboratories and diagnostic centers, as well as improved testing procedures, are some important factors expected to drive the market, resulting in the prevalence of high substances globally. Furthermore, the usage of illicit drugs such as marijuana, heroin, cocaine, hallucinogens, and other non-medical alcoholic fluids and psychiatric pharmaceuticals is increasing public awareness of the worldwide specimen validity testing business. The government is also encouraging drug screening programs in the workplace for the public's benefit, which will drive revenue growth in the specimen validity testing market during the forecast period. Furthermore, the availability of several fast drug screening tests on the market that produce reliable results may impede the use of specimen validity testing. Over the forecast period, regulatory approval processes for Rapid Test items are projected to be time-consuming and costly, impeding market expansion.
Covid 19 Impacts
The specimen validity testing sector experienced a significant decrease in revenue during the first half of 2020, mostly owing to the outbreak of COVID-19. The pandemic presented various problems and interruptions to the global healthcare industry, including screening laboratories and rehabilitation settings, resulting in a negative influence on the growth of the specimen validity testing market. The first half of 2020 witnessed a surge in COVID-19 cases, resulting in an elevated illness burden and extensive travel restrictions. As a result, the management of specimen validity testing methods was harmed, as evidenced by published data.
The product segment is dominating the market with the largest market share during the forecast period.
The global specimen validity testing market is bifurcated into two segments such as goods (assay kits, reagents, calibrators, disposables) and services. The product sector (assay kits, reagents, calibrators, disposables) is leading the market with the biggest revenue share throughout the projection period because of the many benefits supplied by products in the early and exact detection of specimens and samples. These devices are designed to detect various forms of sample tampering or adulteration, including dilution, replacement, or the addition of adulterants or masking agents. SVT solutions improve the accuracy of drug testing while preventing sample manipulation or adulteration.
The laboratory testing segment is influencing the largest market share during the forecast period.
The worldwide specimen validity testing market is divided into different segments based on type including laboratory testing and rapid/POC testing. The laboratory testing sector is the market leader due to the numerous clinical benefits given by laboratory testing for sample and specimen detection. These laboratories have cutting-edge technology and equipment, as well as highly qualified and well-trained employees. In addition, laboratory testing allows for a complete study of biological samples to verify their integrity and validity. This meticulous scrutiny assists in detecting any anomalies or inconsistencies in the samples, resulting in accurate and reliable drug test results.
The drug screening segment is influencing the largest market share during the forecast period.
The global specimen validity testing market is segmented into four segments based on the end user such as workplace, drug screening, pain management, and drug rehabilitation facilities. Among these divisions, drug screening is dominating the market due to the availability of contemporary detection and screening technologies and services to meet a wide client base. The market is expected to grow as a result of enhanced operability and accessibility to a comprehensive range of tests including the detection of illegal drug use. Adulteration and tampering with urine samples for testing are anticipated to drive market growth.
North America dominated the market with the largest market revenue during the forecast period
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North America is expected to lead substantial market expansion throughout the projection period owing to the rapidly rising use of illicit drugs, the increasing incidence of prescription diversion, the growing population of drug users, and the introduction of strict legislation requiring drug screening. Furthermore, improved government funding availability, increased attempts to improve drug screening, and a strong presence of key enterprises are some of the factors expected to fuel revenue growth in the region.
Asia Pacific is expected to grow fast throughout the forecast period due to continued economic expansion, rising levels of disposable income, increasing incidence of methamphetamine and ketamine abuse, and expanding demand for drug screening tests. Increased R&D expenditure and the creation of cutting-edge healthcare facilities are also expected to drive revenue growth in the industry.
Major vendors in Global Specimen Validity Testing Market include Thermo Fisher, Sciteck, American Bio Medica Corporation, Alere, Express Diagnostics, Premier Biotech., Quest Diagnostics, Alere Toxicology, ACM Global Laboratories, Clinical Reference Laboratory (CRL), SureHire, CannAmm, and Other key players.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In April 2020, NonaClear 2.0, an enhanced specimen validity evaluation tool, has been released by Nona Scientific. This test is capable of detecting fake urine as well as many sorts of subversion. This innovative product launch aided the firm in extending its product line and generating corporate revenue.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Specimen Validity Testing Market based on the below-mentioned segments:
Global Specimen Validity Testing Market, By Product and Services
- Product {Assay Kits, Reagents & Calibrators, Disposables}
- Service
Global Specimen Validity Testing Market, By Drug Class
- Laboratory Testing
- Rapid/POC Testing
Global Specimen Validity Testing Market, By End Users
- Workplace
- Drug Screening
- Pain Management
- Drug Rehabilitation Centers
Specimen Validity Testing Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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