What are Key Factors that will Shape Growth of Europe Drug of Abuse Testing Market till 2023?

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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The high alcohol and drug consumption rates in Eastern and Western Europe, as a result of the rapid rise in the disposable income, have created a serious problem. As per a report by the World Health Organization (WHO), the mortality and disability rates in Eastern Europe, in particular, are much higher than that of Western Europe. For instance, Russia and some of its neighboring countries are witnessing excessively grave alcohol and drug abuse problems, thereby driving the growth of the European DOA testing market.

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.

Thus, the rapid growth in drug and alcohol consumption in Europe and the steps taken by various regulatory bodies and governments to counter this will ensure the progress of the market.

Read more: https://www.psmarketresearch.com/market-analysis/europe-doa-testing-market

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