Narcotics Scanner Market Expected to Reach $12.59 Billion by 2030-Allied Market Research

According to a recent report published by Allied Market Research, titled, “Narcotics Scanner Market by End Use, Technology, and Product: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global narcotics scanner market was valued at $6.89 billion in 2020, and is projected to reach $12.59 billion by 2030, registering a CAGR of 6.6%. Asia-Pacific was the highest revenue contributor, accounting for $2.42 billion in 2020, and is estimated to reach $4.27 billion by 2030, with a CAGR of 6.3%. North America is estimated to reach $4.57 billion by 2030, at a significant CAGR of 7.8%.

The growth of the global narcotics scanner market is driven by surge in consumption of drugs and related materials across the globe and modernization of the law enforcement agencies in developing countries. Growing requirement for improved security against the narcotics threats by using smart technologies is the key factor that is expected to fuel the growth of the narcotics scanner market during the forecast period. In 2020, by considering the end use of the narcotics scanner, airport segment garnered the leading market share. Moreover, ion mobility spectrum technology is expected to witness a leading market growth and dominate the market share during the forecast period.

In addition, market participants are entering into long term agreements and contracts with end users such as law enforcement agencies to gain competitive advantage in the global market. Asia-Pacific dominated the narcotics scanner market in 2020. The U.S., Germany, China, and India are expected to be the emerging countries in the global narcotics scanner market. The global narcotics scanner market is a fairly fragmented market with several number of players operating in the global market. Majority of the market participants are strategically involved in agreement, contract, expansion, merger, and product launch activities.

The spread of the COVID-19 pandemic has negatively impacted the global narcotics scanners market. Overall, drug supply and trafficking proved to be resilient to COVID-19-related change. In all regions, the quantities of drugs seized decreased significantly during the second quarter of 2020, but resumed at the same or even increased levels soon after. The demand for narcotics scanner is directly associated with adoption of smart technologies for detection of the narcotic materials across the globe.

Key Findings Of The Study

• By end use, the airport segment is expected to register significant growth during the forecast period.
• By technology, ion mobility spectrum technology segment is projected to lead the global market in terms of market share by the end of the forecast period.
• By product, the fixed segment is projected to lead the global market, in terms of market share, by the end of the forecast period.
• By region, Asia-Pacific dominated the global narcotics scanner market in 2020 in terms of market share.

Key players operating in the global narcotics scanner market 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.