Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a medical technology firm at the forefront of developing and marketing rapid, intelligent, cutting-edge, and non-intrusive drug testing and health screening solutions. The company is actively involved in commercializing its smart fingerprinting device for drug testing, which has gained rapid traction in the healthcare market segment.
Drug testing traditionally involves analysing urine or saliva samples, a process that is often expensive, time-consuming, and poses biohazard risks. The demand for swift, reliable, user-friendly, and cost-effective drug testing methods, particularly in workplaces, is on the rise. Market projections indicate a substantial growth from $5.3 billion in 2023 to an estimated $28.3 billion by 2032, with urine and saliva tests leading the market. Intelligent Bio Solutions is poised to capture a significant market share with its fingerprint testing solution.
In the competitive landscape, companies like Labcorp (NYSE: LH), Quest Diagnostics (NYSE: DGX), Thermo Fisher Scientific (NYSE: TMO), Abbott Laboratories (NYSE: ABT), and OraSure (Nasdaq: OSUR) offer various drug testing services, including urine and saliva tests with different turnaround times and methodologies.
Intelligent Bio Solutions' Fingerprinting technology has redirected the company's focus towards a market-ready product. Their drug screening system utilizes advanced technology for detecting drugs in fingerprint sweat, delivering rapid results within minutes. This system is tailored for organizations with regular drug screening needs, promising a paradigm shift in the healthcare sector.
Moreover, Intelligent Bio Solutions Inc. (NASDAQ: INBS) is experiencing substantial global growth and is on the path to profitability. Analysts argue that the company's shares are currently undervalued, with Ladenburg Thalmann recently issuing a buy rating for Intelligent Bio Solutions Inc. stock, setting a target price of $12 per share. For more insights, read the full TalkMarkets article.
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