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The growth of the global Roadside Drug Testing Devices market is driven by higher rate of technological advancements observed in healthcare industry over the last few years which is estimated to attain significant growth over the forecast period (2019-2027). Several government bodies have introduced numerous healthcare schemes in their respective nations and are increasingly focussing on the quality of medical services provided, in the light of various medical innovations entering the market and growing number of health related disorders observed across the world. The total healthcare spending in United States of America (U.S.) grew at an overall rate of 3.9% in 2017 and reached USD 3.5 trillion (USD 10,739/- per person) as per statistics released by National Health Expenditure Accounts (NHEA). Additionally, NHEA states that 17.9% of GDP of U.S. was spent on healthcare in 2017, which is anticipated to rise further to 19.4% by 2027. The market is estimated to record considerable Y-o-Y growth rate in 2027 as compared to the growth rate achieved in 2017. During the period 2018-2027, the total healthcare expenditure in the United States is estimated to cross USD 6 Trillion by 2027, by growing at an average rate of 5.5% according to projections provided by Centers for Medicare & Medicaid Services (CMS), which is anticipated to be 0.8% faster than the GDP per year during the same time period. Additionally, the spending on clinical and physician services is estimated to have increased to 4.9% in 2018 from 4.2% in 2017. Our study on global Roadside Drug Testing Devices market provides extensive evaluation pertaining to overall market scope and growth rate per annum in terms of revenue, market segmentation, recent trends and opportunities, growth indicators and challenges that are impacting the growth of the market. The global Roadside Drug Testing Devices market is likely to achieve notable absolute $ opportunity value in 2027 as compared to the value achieved in 2019.
Our exhaustive and quantitative analysis identify existing and future market position of various brands across the Global Roadside Drug Testing Devices market. Additionally, the market study covers correlation and regression in order to determine relationship between independent and dependent variables along with supply and demand risks that are impacting the growth of the market. Moreover, the report on global Roadside Drug Testing Devices market consists of a separate section on macro-economic indicators that are affecting the growth of the market.
The growth rate in U.S. hospital spending (4.4%) is estimated to have witnessed a decline in 2018 as compared to the growth rate of 4.6% observed in 2017. This is on account of decrease in growth rate during 2018 observed in private health insurance hospital spending and medical aid spending. The personal healthcare expenditure for Medicaid had increased to USD 505.2 billion in 2016 from USD 283.3 billion in 2006 by maintaining an average growth rate of 6% during 2006-2016 as per data released by Centers for Disease Control and Prevention (CDC). Out of the same, the spending on Federal Medicaid segment was USD 319.2 billion with an average annual growth rate of 7%. On the other hand, the spending on state and local Medicaid was USD 186.1 billion in 2016, maintaining an average growth rate of 4.3% during the period between 2006 and 2016. Hospital segment forming part of personal healthcare expenditure accounted for 38.2% in 2016. About 13.4% of the total expenditure had arisen from other types of expenditures that include residential and personal care, durable and non-durable medical products in 2016.
The CDC has launched a health initiative namely HI-5 or the Health Impact in 5 years initiative that aims to address problems associated with poor health combined with high healthcare expenditure, by stressing on community-wise health improvement that can avert or reduce many health conditions that include depression, anxiety, CVD, blood pressure, child abuse and sexual violence, obesity, traumatic brain injuries, teenage pregnancy, type II Diabetes, infant mortality, STD and liver cirrhosis among others. This method combined with other CDC initiatives, for instance, the Winnable Battles, Million Hearts, 6|18 initiatives, all of which are focussing on health conditions that can be prevented. These collaborations are helping improve Medicaid coverage and also providing efficient prevention and control interventions.
A separate section in the report highlights regional scenario in market which includes North America (further segregated into U.S. and Canada).
The report further includes a section on European region which is further segmented on a country/regional level including Germany, U.K., France, Italy, Spain, BENELUX, Netherlands, NORDIC, Poland, Hungary, Russia, Turkey, and Rest of Europe.
In the Asia Pacific Roadside Drug Testing Devices market, the report studies China, India, South Korea, Indonesia, Malaysia, Japan, Australia, New Zealand and Rest of Asia Pacific. In the Latin America section, an in-depth analysis on Mexico, Brazil, Argentina and Rest of Latin America is covered. Middle East and Africa region have been further identified for the Roadside Drug Testing Devices market demand and segregated into Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East and Africa.
A complete section on competitive landscape provides an understanding of the companies in current strategic report based upon various parameters which includes overview of the company, business strategy, major product offerings, key performance indicators, risk analysis, recent development, regional presence and SWOT analysis. There is a separate section which has been provided on the market share of key players in this market, as well as the competitive positioning of the players.
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