The
Technavio has announced its latest market research report titled Safes and Vaults Market by Product, End-user, and Geography - Forecast and Analysis 2020-2024
The safes and vaults market is poised to grow by USD 2.09 billion between 2020-2024, progressing at a CAGR of over 6% during the forecast period.
The number of prescription drug-related thefts has increased considerably. Drug burglaries involve the theft of drugs, especially opioids, such as oxycodone, morphine, hydrocodone, and other high-strength pain relievers, mostly by medical professionals who intend to gain profits by selling the drugs in the black market. Safe storage of drugs like opioids is heavily promoted by the governing bodies of several countries to prevent illegal use. For instance, controlled drugs and related wastes in Australia must be stored in safes and vaults incorporated with alarms, video monitoring systems, seismic detectors, and locking mechanisms with dual authorization. Moreover, medical marijuana and marijuana-infused products are stored in safes and vaults as per the mandatory rule from The state of Massachusetts in the US. The demand for safes and vaults is increasing to store prescription drugs and other high-value medicines, which in turn, will boost the market growth.