Industry Analysis & Industry Trends
The Toxicology Laboratories industry has experienced steady growth over the past five years as demand for employee drug testing, the industry's largest product segment, rose in line with increased employment during the economic recovery. Underpinning growth in employee toxicology testing is the trend of increasing illicit drug use in the United States, the economic costs of which have been substantial. To avoid productivity losses, most businesses have required drug tests of workers, at least upon initial employment, which has driven steady revenue growth for the industry. This growth is anticipated to continue over the next five years.... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Toxicology Laboratories industry is in the growth stage of its life cycle, which is characterized by growth stronger than the overall economy, due to rapidly changing technologies and increasing market acceptance of the industry's services. For example, the incidence of illicit drug and substance abuse has skyrocketed in the United States, inciting many markets, such as employers and the law enforcement sector, to demand toxicology tests. Industry value added (IVA), which measures the industry's contribution to the overall economy, is expected to grow at an annualized rate of 4.1% during the 10 years to 2020.
Comparatively, GDP is anticipated to rise at an average annual rate of 2.2% over the same period... purchase to read more