Portland, OR, Nov. 02, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global narcotics scanner market generated $6.89 billion in 2020, and is expected to generate $12.59 billion by 2030, witnessing a CAGR of 6.6% from 2023 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in cases of smuggling worldwide and surge in alcohol and drug consumption drive the growth of the global narcotics scanner market. However, prohibition of drug tests at workplaces in some countries hinders the market growth. On the other hand, technological advancements and agreements & contracts with law enforcement and military agencies present new opportunities in the next few years.
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Covid-19 Scenario of Narcotics Scanner Market:
- Owing to lockdown restrictions during the Covid-19 pandemic, there were commute restrictions, weak financial performance of leading players, and reduced demand. This impacted the overall revenue of the narcotics scanners market.
- Private and commercial security industries were affected severely by the pandemic. There had been a decline in investments initially. This affected the demand for narcotics scanners.
- Manufacturers and suppliers of narcotics scanners utilized in law enforcement applications faced challenges in continuing their operations. However, the market is expected to recover soon.
The report offers detailed segmentation of the global narcotics scanner market based on end use, technology, product, and region.
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Based on end use, the airport segment contributed to the highest share in 2020, accounting for more than two-fifths of the total share, and is projected to maintain its leadership status during the forecast period. Moreover, this segment is expected to manifest the fastest CAGR of 7.4% from 2023 to 2030. The report also analyzes the segments including railways, seaports, and others.
Based on technology, the ion mobility spectrum technology segment accounted for the highest share in 2020, contributing to around two-fifths of the total share of the global narcotics scanner market, and is projected to maintain its dominant share during the forecast period. In addition, this segment is expected to register the largest CAGR of 7.4% from 2023 to 2030. The report also discusses the segments including infrared spectroscopy and others.
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Based on region, Asia-Pacific held the largest share in 2020, accounting for more than one-third of the total share. However, North America is estimated to portray the highest CAGR of 7.8% during the forecast period.
Leading players of the global narcotics scanner market analyzed in the research include Astrophysics Inc., Aventura Technologies, Inc., Bruker Corporation, FLIR Systems Inc., Klipper Enterprises, Nuctech Company Ltd., OSI Systems, Inc., Smiths Group PLC, Thermo Fisher Scientific Inc., and Viken Detection.
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