Narcotics Scanner Market Growth Analysis 2023-2027: Illegal Drug Trafficking Expected To Be Major Driver As Per The Business Research Company's Narcotics Scanner Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 23, 2023 (GLOBE NEWSWIRE) -- In a recent report on the global narcotics scanner market by The Business Research Company, the narcotics scanner market size has seen a substantial rise from $6.36 billion in 2022 to $7.02 billion in 2023, indicating a compelling Compound Annual Growth Rate (CAGR) of 10.4%. The narcotics scanner market is poised for continuous expansion, with projections estimating a market size of $9.5 billion by 2027, reflecting a CAGR of 7.9%. The primary driving force behind this narcotics scanner market growth is the escalating issue of illegal drug trafficking on a global scale.
Illegal Drug Trade Fuels Market Expansion
Illegal drug trafficking, a prevalent challenge worldwide, is a key catalyst propelling the growth of the narcotics scanner market. With the global black market dedicated to the cultivation, manufacture, distribution, and sale of prohibited drugs, the need for effective countermeasures is paramount. Narcotics scanners, designed for law enforcement, correctional, and customs use, are pivotal in screening and checkpoint operations. These devices can swiftly detect major classes of narcotics, including opiates, cocaine- and amphetamine-based drugs, playing a crucial role in combating the illegal drug trade.
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Market Dynamics and Fragmentation
The global narcotics scanner market exhibits a fragmented landscape, with a few major players dominating the market. The top ten competitors accounted for 19.0% of the total narcotics scanner market in 2022. Leidos Holdings, Inc. leads with a 5.5% market share, followed by OSI Systems Inc., Smiths Group plc, Tsinghua Tongfang Co., Ltd, and others. The fragmentation is attributed to the presence of numerous small players in different geographies.
Innovation Drives Competition
Major companies in the narcotics scanner market are focusing on innovation, particularly in the realm of artificial intelligence (AI). AI-based cargo scanners, incorporating advanced scanning systems and algorithms, have emerged as a competitive edge. For instance, Vehant Technologies launched the AI-based cargo scanner, KritiScan 150180D, in December 2021. Equipped with a high load capacity conveyor system and adaptable AI/ML-based algorithm, it automates the detection of dangerous, prohibited, and contraband goods, including narcotics.
Segmentation and Opportunities
The global narcotics scanner market is segmented by product type (Handheld Scanner, Tabletop Scanner, Walkthrough Scanner), technology (Ion Mobility Spectrum Technology, Contraband Detection Equipment, Videoscope Inspection System, Infrared Spectroscopy), and end-user (Airport, Sea Port, Railway Terminal, Law Enforcement, Defense and Military, Other End-Users). The tabletop scanner segment presents a lucrative opportunity, expected to garner $1,296.7 million in global annual sales by 2027.
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Strategic Approaches and Future Outlook
Market players are adopting diverse strategies to stay competitive, including strategic acquisitions, securing new contracts, and upgrading products and solutions. The report offers valuable insights for players seeking to capitalize on the burgeoning narcotics scanner market and navigate the evolving landscape effectively.
As the narcotics scanner market continues to thrive, businesses can leverage this comprehensive report to make informed decisions, identify growth opportunities, and stay ahead of the competition. With strategic insights into market trends, player dynamics, and technological advancements, this report serves as a blueprint for businesses aiming to enhance their presence in the global narcotics scanner market.
Narcotics Scanner Global Market Report 2023 by The Business Research Company provides insights on the narcotics scanner market size, narcotics scanner market segments, narcotics scanner market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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