iCrowdNewswire Jan 25, 2021 4:30 PM ET
“Global cocaine rapid test kit market is expected to register a significant CAGR of over 8% from 2020 to 2027”
The global cocaine rapid test kit market size was accounted for USD 317 million in 2020 and projected to grow at a significant CAGR of 8.1% during the forecast period 2021 to 2027 and expected to reach around USD 550 million by 2027. The increasing incidence of substance abuse among the young population across the world is a key factor to drive the market growth.
The global cocaine rapid test kit market is segmented into type, end-user, and geography. On the basis of type, the market is further classified into the urine, saliva, and other types of test kits. The urine segment held the largest market share in 2020 and projected to grow at the growth rate over the forecast period. The segment growth is attributed to the increasing use of urine test kit due to reliable and time-efficient testing features.