In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
July 2020: Lifeloc Technologies introduced LT7 and LX9 breathalyzers, which were approved by US DOT/NHTS as user-friendly breath alcohol testers, designed mainly for law enforcement and workplace markets.
August 2019: Y Combinator company invested in SannTek Labs to work on a new kind of Breathalyzer which is capable of detecting blood alcohol levels. It can also determine the type of cannabis a person has consumed within the past 3 to 4 hours.
The global breath analyzer market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030, which can be accounted to the rising alcohol and drug abuse cases, stringent government laws related to drug abuse, and growing use of breath analyzer to detect various diseases. As per the reports of WHO, consumption of alcohol contributes to 3 million deaths every year throughout the world. In general, harmful use of alcohol is responsible for 5.1% of the global burden of disease. In addition, the increasing number of road accidents caused by drug usage and drunk driving is projected to increase the demand for breath analyzers. Breath analyzer devices are also gaining importance owing to the rising demand at the workplace for effective BAC (blood alcohol content) levels and its non-invasive nature, which in turn is anticipated to drive market growth in the coming years.
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Based on technology, the global breath analyzer market is segmented into fuel cell, semiconductor oxide sensor, and others. The fuel cell-based breath analyzers segment is evaluated to hold the largest share in the market as these devices offer an extremely high level of reliability, accuracy, and sensitivity. Along with this, fuel cell-based breath analyzers are also highly recommended as handheld alcohol testers for both professional and personal use. Moreover, on the basis of end users, the law enforcement agencies segment is expected to grab the highest share in the market owing to the stringent safety laws associated with drug abuse, and increase in evident testing associated with alcohol use. Additionally, by application, the segment for alcohol testing is assessed to acquire the largest market share in the forecast period, which can be credited to the rising consumption of drugs and alcohol around the world.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing spending by governmental and non-governmental agencies on improving healthcare infrastructure in the region. Apart from this, presence of large youth population in the region is also expected to contribute to the market growth. Market growth in the region can also be attributed to the growing number of road accidents caused by drug abuse. As per the data of India’s Ministry of Road Transport and Highways, cases of drunk driving and drunk driving-related accidents increased in 2019 as compared to 2018. 12,256 road accidents occurred in 2019 which were related to drunk driving, against 12,000 such cases reported in 2018. In 2019 alone, around 3,000 people lost their lives in road accidents that were related to drunk driving, while 6,675 people were left injured in such accidents. Furthermore, the market in North America is evaluated to occupy the largest share over the forecast period, ascribing to the adoption of the most advanced technology in the pharmaceutical industry, accompanied by the presence of leading healthcare service providers in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share attributing to the rising demand for alcohol testing devices to lower the risk of accidents caused by alcohol consumption.
The global breath analyzer market is further classified on the basis of region as follows:
Our in-depth analysis of the global breath analyzer market includes the following segments:
Ans: Rising cases of alcohol and drug abuse and increasing usage of breath analyzers for detection of several diseases like asthma and tuberculosis are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Ans: Breath analyzers may sometimes provide inaccurate results failing to distinguish alcohol from any other chemical compounds, which is estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the rise in consumption of alcohol and drugs within the region.
Ans: The major players dominating the breath analyzer market Drägerwerk AG & Co. KGaA, Lifeloc Technologies, BACtrack, Inc., Quest Products, Inc., Akers Biosciences Inc., Intoximeter Inc., and others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by technology, application, end-user, and by region.
Ans: With respect to application, the alcohol testing segment holds the largest share in the market owing to the rise in alcohol consumption and strict government laws about drug abuse.