Alcohol Testing to Intensify Breathalyzer Market with Notable CAGR of around 8.1% by 2024
Aug 3, 2018
The global market for breathalyzer is expected to reach significant valuation by the end of 2024 by expanding at a compound annual growth rate of 8.1% over the period 2017-2024.
New York, United States - August 3, 2018 /MarketersMedia/ —
The breathalyzer market has been segmented by application into alcohol detection, drug abuse detection and medical applications. Among these segments, the alcohol detection segment is expected to grow with highest market share during the forecast period. This can be attributed to strict government regulations that are mandatory for alcohol testing during driving. Further fuel cell based breathalyzer under type segment is anticipated to be the largest segment by the end of 2024 and is anticipated to expand at compound annual growth rate of 7.1% during the forecast period.
The global market for breathalyzer is expected to reach significant valuation by the end of 2024 by expanding at a compound annual growth rate of 8.1% over the period 2017-2024. Factors such as increasing alcohol and drug abuse cases across the globe are anticipated to drive the demand for alcohol detection breathalyzer and will further drive the growth of breathalyzer market by noteworthy revenue by the end of 2024.
In the regional segment, North America represented the largest market in breathalyzer in 2016 and is expected to dominate the market by holding largest market share in terms of revenue in breathalyzer market between 2017 and 2024. Rising number of drunk and drive cases is estimated to drive the market growth of breathalyzer in North America region. After North America, Europe grabbed the second largest market in breathalyzer due to growing popularity and rising demand for personal breathalyzers. Further, China and Japan are the dominating regions in Asia Pacific owing to the mandatory usage of drugs and alcohol testing devices in transportation and mining among other sectors.
Government Regulations to Boom the Market
Huge adoption of breathalyzer from various sectors for testing alcohol or drug abuse is one of the factors bolstering the growth of breathalyzer market. Factors such as these combined with growing awareness for drug testing is expected to benefit the expansion of breathalyzer market. Further, rising stringent regulations for alcohol testing during driving is believed to supplement the growth of the breathalyzer market globally.
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However, high cost and lack of awareness regarding breathalyzer is likely to inhibit the growth of the breathalyzer market in the near future.
The report titled “Breathalyzer Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the breathalyzer market in terms of market segmentation by technology, by application, by distribution channel, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the breathalyzer market which includes company profiling of Alcolizer, Breathalyzer.net, Alcolock, Intoximeters, Lifeloc Technologies, Quest Products, BACtrack, AlcoHawk and DriveSafe.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the breathalyzer market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Source: MarketersMedia
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