NEWARK, Del, Jan. 02, 2024 (GLOBE NEWSWIRE) -- In 2023, the point-of-care fentanyl test kits market is expected to be worth US$ 105.4 million. The market is expected to reach US$ 180.9 million by 2033, expanding at a 5.5% CAGR throughout the forecast period. The prevalence of fentanyl abuse continues to rise, contributing to the global opioid crisis. Fentanyl is highly potent and often mixed with other illicit drugs, increasing the risk of overdose. The need for rapid and accurate fentanyl testing at the point of care is escalating, creating a favorable market environment for point-of-care fentanyl test kits.
Governments and regulatory authorities are implementing stricter control measures and regulations to address the fentanyl crisis. These measures emphasize the importance of fentanyl testing, particularly in emergency settings, addiction treatment centers, and law enforcement agencies. The market for point-of-care fentanyl test kits is expected to benefit from these regulatory efforts.
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The focus on harm reduction strategies and overdose prevention is increasing globally. Point-of-care fentanyl test kits play a crucial role in these initiatives by enabling individuals to test their substances for the presence of fentanyl and make informed decisions about drug use. The market is expected to benefit from the expanding harm reduction programs and the recognition of the importance of fentanyl testing in reducing overdose risks.
Continued research and development efforts in the field of fentanyl testing are driving technological innovations in point-of-care test kits. Manufacturers are focusing on enhancing the sensitivity, specificity, and ease of use of fentanyl test kits. The market outlook is positive as these advancements lead to the development of more accurate, reliable, and cost-effective test kits.
Key Takeaways from the Point-of-care fentanyl test kits Market:
- The point-of-care fentanyl test kits industry in the United States is predicted to reach US$ 61.8 million by 2033, increasing at a 6.0% CAGR.
- The point-of-care fentanyl test kits industry in the United Kingdom is estimated to reach a market value of US$ 10.0 million, expanding at a CAGR of 6.2% by 2033.
- During the forecast period, the point-of-care fentanyl test kits industry in China is expected to reach a market value of US$ 11.1 million, securing a 5.9% CAGR.
- The point-of-care fentanyl test kits industry in Japan is predicted to reach US$ 8.2 million by 2033, increasing at a 5.8% CAGR.
- During the forecast period, the point-of-care fentanyl test kits industry in South Korea is expected to reach a market share of US$ 6.1 million, securing a 5.6% CAGR.
- With a CAGR of 5.2% from 2023 to 2033, the Drug of Abuse is expected to dominate the point-of-care fentanyl test kits industry.
- With a CAGR of 5.7% from 2023 to 2033, the forensic laboratories is expected to dominate the point-of-care fentanyl test kits industry.
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How Does the Competition Look in the Point-of-care Fentanyl Test Kits Market?
The point-of-care fentanyl test kits sector is a very competitive one, with many firms fighting for market share. Several significant participants in this industry comprise BTNX Inc., The Bunk Police, NarcCheck, DanceSafe & SD Biosensor Inc.
The major companies are spending in research & development efforts to create innovative and inventive care with enhanced effectiveness, dependability, and affordability. They are also focusing on expanding their products related to point-of-care fentanyl test kits and strengthening their distribution methods in order to fulfil shifting consumer expectations.
Tactical alliances and partnerships with other companies are becoming more common in the industry, allowing parties to leverage one another's strengths and expand their market influence.
Leading firms use consolidation and mergers to strengthen their market position and gain entry into new markets. The sector is expanding significantly in developing economies, particularly in India and China.
To boost their presence in these regions, major companies are expanding their distribution networks and building regional manufacturing sites. They are also concentrating on offering cost-effective applications to customers in these markets in order to get a competitive advantage.
Key Players in the Point-of-Care Fentanyl Test Kits Market Industry
- BTNX Inc.
- Canadian Research Chemicals Inc.
- The Bunk Police
- DanceSafe
- Microgenics Corporation
- NarcCheck
- Opioid Crisis Response Network (OCRN)
- SD Biosensor, Inc.
- Toronto Research Chemicals Inc.
- Wondfo
- Carolina Liquid Chemistries Corp.
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Segmentation Analysis of the Point-of-Care Fentanyl Test Kits Market
By Application:
- Drug of Abuse
- Analgesic Application
By End User:
- Hospitals
- Diagnostics Laboratories
- Forensic Laboratories
- Cancer Research Institutes
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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- Point-of-Care Diagnostics Market is expected to grow at a CAGR of 6.8%. The market value is projected to increase from US$ 38.7 Billion in 2023 to US$ 74.8 Billion by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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