Toxicology Laboratories in the US Industry Market Research Report from IBISWorld Has Been Updated
New York, NY (PRWEB) March 19, 2015 -- Revenue for the Toxicology Laboratories industry is expected to rise at an average annual rate of 5.6% to $2.7 billion in the five years to 2015. Rising demand for drug tests from employers has also resulted in profit growth for the industry. Toxicology laboratories test blood, urine or saliva for the presence of drugs or chemicals. In emergency situations, hospitals may administer toxicology tests to determine if patients are exhibiting symptoms related to a drug overdose. Moreover, employers may require that employees receive routine drug tests to ensure that drugs are not used in the workplace. In 2011, according to the latest data available from the Society for Human Resource Management, 57.0% of businesses in the United States required employees to take drug tests, stimulating industry revenue.
According to the Substance Abuse and Mental Health Services Administration's 2013 National Survey on Drug Use and Health, 24.6 million Americans aged 12 and older, or 9.4%, used illicit drugs in the month prior to the survey, up from 8.9% in 2010. Overall, higher illicit drug use has spurred employers' demand for toxicology tests. According to the latest data available from the US Department of Justice, the economic cost of illicit drug use, measured by crime, health and productivity costs, is $193.0 billion each year. According to IBISWorld Industry Analyst Sarah Turk, “To mitigate productivity losses from illicit drug use, some employers have relied on drug tests to screen potential employees and to bolster health outcomes with their employee assistance program.”
Over the five years to 2020, industry revenue is forecast to increase at an annualized rate of 4.7% to $3.4 billion. “A rising incarceration rate may be indicative of more drug-related crimes, which will increase demand for toxicology tests from the law enforcement sector,” says Turk. According to data from Quest Diagnostics, the percentage of Americans who had positive drug tests rose in 2014 for the first time in more than a decade, and may continue an upward trend over the next five years.
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IBISWorld industry Report Key Topics
This industry receives and independently analyzes samples of biological material for various toxins, primarily drugs. Services include blood testing, saliva testing and urine testing. Employers, the medical community and law enforcement are major purchasers of this industry's services.
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Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
Gavin Smith, IBISWorld, +1 (310) 866-5042, [email protected]
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