According to a new market research report by Future Market Insights, the global cotinine screening devices market was valued at ~US$ 375 Mn in 2018, and is expected to increase at a CAGR of ~5% during the forecast period of 2019-2029. The report scrutinizes the cotinine screening devices market and provides critical insights for the forecast period of 2019-2029. As per the findings of the report, the global cotinine screening devices market is projected to experience a significant growth over the forecast period, which will be set in motion by a slew of factors such as growing focus on ‘value-driven’ healthcare services and high demand for effective screening techniques.
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Stakeholders are leveraging newer technologies to offer non-invasive diagnosis, reliability of the screening devices, as well as testing at desired location, in an attempt to align with the trend of convenience, according to the FMI analyst.
Developing Markets to Reflect New Growth Possibilities
Regions such as North America and Europe are expected to hold prominent market share in terms of value. However, developing markets are expected to project lucrative growth in the global cotinine screening devices market in the forecast period of 2019-2029. The exponential rise in workplace screening is one of the key drivers laying new growth alleys for manufacturers of cotinine screening devices to reap benefits from. The economic and technological parity of developing regions with the developed ones is another chief factor estimated to generate steady sales revenue for market players of cotinine screening devices.
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Furthermore, rising level of awareness and adoption of products useful in smoking cessation programs is further upholding the lucrativeness of developing markets such as China, India and Brazil. The factors such as growing prevalence of smoking, screening employees for illicit drugs, sporting events, and deciding the health plan premium are anticipated to surge the sales of cotinine screening devices in developing counties.
The burgeoning middle-class population along with multiple compliances created for recruitment in the armed forces are anticipated to increase the potential use cases of cotinine screening devices in 2019 and beyond. The contract manufacturing services available in developing markets coupled with cheap labor force are expected to boost the investment and attractiveness quotient of developing countries, making them no less than hotbeds of opportunities for growth.
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End Users to Show Marked Preferences for Cassettes
By device type, the cassettes are expected to hold prominent value shares of the global cotinine screening devices market. This has majorly resulted from the cost effectiveness, ease of screening, quick detection, and portability of these compact cotinine screening devices. The report features the prominent players in the cotinine screening devices market, whose success has been riding on their strong portfolios and regional presence.
The global cotinine screening devices market is significantly consolidated with a chunk of players commanding prominent shares of the market. These players are offering cotinine screening devices under their popular brands such as Accutest®, ALERE ISCREEN®, Reditest®, QuickProfile™, NicCheck™ I, DrugCheck® SalivaScan™, TobacAlert®, among others. Mergers and acquisitions will remain one of the key part of the growth & expansion strategies of cotinine screening devices market players, with an extensive emphasis on creating newer business models as well as distribution channels.