by The global Narcotics Scanner Market is estimated to be valued at US$ 2374.72 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Narcotics scanners are used for identifying the presence of drugs or explosives being illegally smuggled across the borders. These scanners use advanced technologies such as computed tomography, millimeter wave technology, and Raman spectroscopy for detection. Computed tomography scanners generate 3D images of objects to detect threat materials that may be concealed inside. Millimeter wave scanners detect molecular characteristics of drugs and explosives to identify their presence. Raman spectroscopy identifies the molecular fingerprint of chemicals for screening. Narcotics scanners provide non-intrusive and quick screening of people and cargo at airports, sea ports, railway stations, and border checkpoints. Their ability to screen large flows of people and goods without hampering mobility makes them useful for security agencies worldwide.
Market key trends:
One of the key trends in the narcotics scanner market is growing utilization of terahertz technology. Terahertz waves have the ability to penetrate nonmetallic and non-polar materials like clothes, shoes, and packaging. This allows terahertz scanners to detect drugs concealed under layers. Terahertz scanners also work faster than other technologies. Leading players are increasingly integrating terahertz technology into their scanners to improve detection capabilities. Additionally, there is a rising demand for portable handheld scanners for flexible on-field operations. Players are focusing on developing more compact scanners with rechargeable battery capacity for law enforcement authorities.
Porter’s Analysis
Threat of new entrants: Low cost of entry and availability of advanced technology can lure new players in this market. However, presence of stringent government regulations and extensive capital requirements pose a significant entry barrier.
Bargaining power of buyers: Buyers have high bargaining power in this market due to availability of substitutes. Buyers can easily switch to alternative scanning products if prices are not competitive.
Bargaining power of suppliers: Technology providers and component manufacturers have moderate bargaining power. Suppliers have capabilities to integrate latest technologies to gain competitive edge.
Threat of new substitutes: Medium threat from alternative scanning products like handheld chemical analyzers and contraband detectors. However, narcotics scanners offer real-time detection with high accuracy.
Competitive rivalry: High rivalry among existing players. Key players differentiate their offerings based on technology, efficiency, and price.
Key Takeaways
The Global Narcotics Scanner Market Size is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing drug trafficking and rising security concerns at airports, cargo and transportation hubs.
Regional analysis: North America holds the major share in narcotics scanner market owing to large number of airports and stringent security regulations in the region. Asia Pacific is expected to grow at fastest pace during the forecast period due to emergence of new economies and expansion of air passenger traffic in China and India.
Key players operating in the narcotics scanner market are ThermoFisher Scientific Inc., OSI Systems Inc., Bruker Corporation, FLIR Systems Inc. Key players are focusing on developing advanced AI and IoT integrated products to detect wide range of narcotics with high accuracy.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
