With the rapid rise of drug of abuse testing in Europe, technological advancements in the field, growing alcohol and
drug consumption amongst the youth, and the consequent increase in addiction
problems, the European DOA testing market is expected to generate $3.0
billion revenue by 2023. The market is predicted to witness a CAGR of 9.6%
during the forecast period (2018–2023), which will contribute toward its huge
revenue increase, from the $1.7 billion recorded in 2017.
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Depending on type, the European DOA
testing market is bifurcated into products and services. The products bifurcation
is further categorized into equipment and consumables, with the equipment subcategory
including the various devices used for drug testing, such as breath analyzers, chromatography
instruments, and immunoassay analyzers. The consumables subcategory comprises
the products used for the testing of the intake of illicit drugs, such as
cocaine, heroin, marijuana, and methadone. Overall, the services sector is
projected to generate revenue of more than $600.0 million by 2023, growing with
the higher CAGR, of 11.1%, during the forecast period.
Some of the major trends in the European DOA testing market are the growing mergers and acquisitions and the rapidly increasing number of drug testing innovations. The acquisition of Medical Laboratory Bremen, a laboratory located in north-western Germany, by Sonic Healthcare Limited, in January, 2017, is an example of the increasing number of acquisitions shaping the market. The main reason behind this acquisition was the company’s increasing focus toward expanding its market in Germany, along with strengthening its commitment to medical leadership in laboratory medicine.
In 2017, the market was dominated by the
U.K., with a revenue contribution of $276.0 million, which is also projected to
display the highest CAGR, of 11.0%, during the forecast period. The high
alcoholism and drug use rate and increasing awareness among the people about
easy testing methods are fueling the industry prosperity in the kingdom. The European
Monitoring Centre for Drugs and Drug Addiction (EMCDDA) claimed that the
country has the highest cannabis consumption, in 2017.
Read more: https://www.psmarketresearch.com/market-analysis/europe-doa-testing-market