The global counterfeit drug detection devices market is set for steady growth in the coming decade, projected to reach a market value of US$ 1,615.6 Million by 2034. This upward trajectory signifies a compound annual growth rate (CAGR) of 3.3% from 2024 onwards, reflecting an increasing emphasis on safeguarding the global pharmaceutical supply chain.
Counterfeit drugs pose a significant threat to public health, with potentially harmful consequences for consumers. In response, counterfeit drug detection devices play a critical role in identifying and combating this issue. These devices offer a reliable and efficient method to verify the authenticity and composition of medications, ensuring patient safety and maintaining consumer trust in the pharmaceutical industry.
Counterfeit pharmaceuticals are inferior and fraudulent drugs; this is a global problem. Anticounterfeit medication detection devices are medical gadgets that are designed to detect counterfeit pharmaceutical packaging, labeling, and chemical composition. The World Health Organization defines a counterfeit drug as any pharmaceutical product that has been intentionally mislabeled about its origin or identity.
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Competitive Landscape in the Counterfeit Drug Detection Device Market:
The counterfeit drug detection device market is fairly fragmented. While a few reputed companies have a significant share of the market demand, newer players and small-scale players also have the potential to thrive.
Technologically advancing the products, to keep the product line moving, is given priority by market players. Geographical expansion is also given significance by market players.
Recent Developments in the Counterfeit Drug Detection Device Market
- In February 2022, the AD Minidose U9 RAIN RFID was launched by Avery Dennison Smartrac
for enhanced RFID applications in the healthcare sector. - In August 2021, Vestcom was acquired by Avery Dennison Corporation.
- In December 2021, Stratio, Inc., with the help of South Korea’s National IT Industry Promotion Agency (NIPA) launched an AI-enabled imaging solution. It is designed to detect infringements at border checkpoints.
- In September 2021, the Fluoride ISE was introduced by Metrohm for the detection of, as the name suggests, fluoride.
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Key Companies in the Counterfeit Drug Detection Device Market:
- Spectris
- Spectral Engines Oy
- Consumer Physics
- Olympus Corporation
- Stratio, Inc.
- Rigaku Corporation
- Thermo Fisher Scientific, Inc
- GAO RFID
- Cellular Bioengineering, Inc
- Metrohm AG
Key Segments:
By Product:
- Counterfeit Chemical Composition Detection Devices
- Ultraviolet/Vis Devices
- Infrared & Near Infrared Spectroscopy Device
- Raman Spectrometers
- XRD & XRF Spectroscopy Devices
- Counterfeit Packaging & Labelling Detection Devices
- RFID Analyzer
- Scanning & Imaging Systems
- Others
By Modality:
- Portable Devices
- Hand-held Devices
- Bench-top Devices
By End User:
- Pharmaceutical Companies
- Drug Testing Laboratories
- Research Organization
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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